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7400 S Phillips Ave 15 Unit Apartment Building $975,000 ($65,000/Unit) 9.68% Cap Rate Chicago, IL 60649
Investment Highlights
- 15 units: 8 two-bedroom/one-bathroom, 3 three-bedroom/onebathroom, 4 four-bedroom/two-bathroom
- Premium corner building location
- Favorable unit mix enables strategic rent increases
- Strong cash flow with immediate income
- In-unit washer and dryer connections
- Benefits from South Shore's ongoing revitalization
Executive Summary
7400 S Phillips Avenue presents a prime 15-unit multifamily opportunity in Chicago’s South Shore neighborhood, offering an attractive unit mix and strong in-place income. The building features 4 spacious 4-bed/2-bath units, 3 large 3-bed/1-bath units, and 8 well-appointed 2-bed/1-bath apartments, catering to families and working professionals seeking quality housing near the lakefront and public transit.
The property is supported by individually metered utilities, with each unit equipped with its own furnace, water heater, and electrical panel, along with major mechanical improvements and copper plumbing throughout. With three additional units roughed-in and permits in place, the asset offers clear upside through completion and rent growth
The property is supported by individually metered utilities, with each unit equipped with its own furnace, water heater, and electrical panel, along with major mechanical improvements and copper plumbing throughout. With three additional units roughed-in and permits in place, the asset offers clear upside through completion and rent growth
Property Facts
| Price | $975,000 | Apartment Style | Low-Rise |
| Price Per Unit | $65,000 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.23 AC |
| Cap Rate | 9.68% | Building Size | 17,616 SF |
| No. Units | 15 | No. Stories | 3 |
| Property Type | Multifamily | Year Built | 1920 |
| Property Subtype | Apartment | Opportunity Zone |
Yes
|
| Zoning | 10 | ||
| Price | $975,000 |
| Price Per Unit | $65,000 |
| Sale Type | Investment |
| Cap Rate | 9.68% |
| No. Units | 15 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.23 AC |
| Building Size | 17,616 SF |
| No. Stories | 3 |
| Year Built | 1920 |
| Opportunity Zone |
Yes |
| Zoning | 10 |
Amenities
Unit Amenities
- Air Conditioning
- Heating
- Kitchen
- Refrigerator
- Oven
- Range
- Tub/Shower
Site Amenities
- 24 Hour Access
- Tenant Controlled HVAC
- Trash Pickup - Curbside
- Walk-Up
- Smoke Detector
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+1 | 8 | $1,300 | - |
| 3+2 | 3 | $1,600 | - |
| 4+2 | 4 | $1,900 | - |
Walk Score®
Very Walkable (81)
Property Taxes
| Parcel Number | 21-30-115-013-0000 | Improvements Assessment | $58,784 |
| Land Assessment | $12,636 | Total Assessment | $71,420 |
Property Taxes
Parcel Number
21-30-115-013-0000
Land Assessment
$12,636
Improvements Assessment
$58,784
Total Assessment
$71,420
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7400 S Phillips Ave
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