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31 Units :: 4.66% Assumable Debt 7816 S Cornell Ave 31 Unit Apartment Building $2,975,000 ($95,968/Unit) 10.60% Cap Rate Chicago, IL 60649
INVESTMENT HIGHLIGHTS
- Assumable Financing Option w/ 4.66% Interest Rate
- Newly Renovated Kitchen & Baths
- 10.60% In-Place Cap Rate
- Newer Boiler, Windows, Roof & Electric
- Thirty-One (31) 2Bd/1Ba Units
EXECUTIVE SUMMARY
Kiser Group is pleased to exclusively present the sale of 7816 S. Cornell, a thirty-one (31) unit courtyard building located in Chicago's historic South Shore neighborhood. Situated on a quiet, tree-lined street, the property is located nearby South Shore's commercial corridor, giving residence easy access to numerous grocers, restaurants, and transportation.
7816 S. Cornell is boasts a desirable unit mix, consisting of entirely 2 Beds/1 Baths. With the building recently being renovated in 2018, each apartment features updated quality finishes, including stainless steel appliances, resurfaced hardwood floors, as well as updated bathrooms. Furthermore, recent improvements include a new central boiler, windows, electric, an updated silver-coated roof, and an on-site laundry facility.
This building offers a potential investor an opportunity to acquire a stable, cash-flowing asset at an in-place cap rate of over 10%. With the potential to raise rents to market rates, as well as generate parking income from the back lot, there is additional opportunity to achieve a proforma cap rate of over 12%.
ASSUMABLE FINANCING: Buyer has the option to assume the current loan, approximate terms are:
- $2,097,780
- 4.66% Fixed Until July, 1, 2029
7816 S. Cornell is boasts a desirable unit mix, consisting of entirely 2 Beds/1 Baths. With the building recently being renovated in 2018, each apartment features updated quality finishes, including stainless steel appliances, resurfaced hardwood floors, as well as updated bathrooms. Furthermore, recent improvements include a new central boiler, windows, electric, an updated silver-coated roof, and an on-site laundry facility.
This building offers a potential investor an opportunity to acquire a stable, cash-flowing asset at an in-place cap rate of over 10%. With the potential to raise rents to market rates, as well as generate parking income from the back lot, there is additional opportunity to achieve a proforma cap rate of over 12%.
ASSUMABLE FINANCING: Buyer has the option to assume the current loan, approximate terms are:
- $2,097,780
- 4.66% Fixed Until July, 1, 2029
PROPERTY FACTS Under Contract
| Price | $2,975,000 | Apartment Style | Low-Rise |
| Price Per Unit | $95,968 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.32 AC |
| Cap Rate | 10.60% | Building Size | 29,640 SF |
| No. Units | 31 | No. Stories | 3 |
| Property Type | Multifamily | Year Built | 1921 |
| Property Subtype | Apartment | Opportunity Zone |
Yes
|
| Zoning | RT-4 - Residential Two-Flat, Townhouse and Multi-Unit District | ||
| Price | $2,975,000 |
| Price Per Unit | $95,968 |
| Sale Type | Investment |
| Cap Rate | 10.60% |
| No. Units | 31 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.32 AC |
| Building Size | 29,640 SF |
| No. Stories | 3 |
| Year Built | 1921 |
| Opportunity Zone |
Yes |
| Zoning | RT-4 - Residential Two-Flat, Townhouse and Multi-Unit District |
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 2+1 | 31 | - | 800 |
1 1
Walk Score®
Very Walkable (80)
PROPERTY TAXES
| Parcel Number | 20-25-324-023-0000 | Improvements Assessment | $167,748 |
| Land Assessment | $17,700 | Total Assessment | $185,448 |
PROPERTY TAXES
Parcel Number
20-25-324-023-0000
Land Assessment
$17,700
Improvements Assessment
$167,748
Total Assessment
$185,448
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31 Units :: 4.66% Assumable Debt | 7816 S Cornell Ave
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