Marcus & Millichap is pleased to present 7845-7859 South Avalon Avenue, a 54-unit mixed-use property located in the Avalon Park/Greater Grand Crossing neighborhood of Chicago. This vintage building is configured in an "S" shape and features courtyard apartments that back up to a corridor-style, mixed-use portion. In total, the property consists of 24 studio units (approximately 475 to 500 square feet), seven one-bedroom/one-bathroom units (approximately 550 to 700 square feet), 17 two-bedroom/one-bathroom units (approximately 700 to 850 square feet) and six commercial spaces (approximately 1,800 to 3,000 square feet). Each apartment features individual HVAC units and the building features newer hot water heaters and copper plumbing throughout. This investment allows a new investor the opportunity to acquire a vintage mixed-use property and achieve a double-digit cash-on-cash return on day one. Additional value and cash-flow for a new owner can be obtained through leasing of recently-vacated commercial space.
This neighborhood is bordered by Chatham to the west, South Shore to the east, Woodlawn to the north and Calumet Heights/Burnside to the south. Situated at the corner of 79th Street and Avalon Avenue, the subject property is approximately nine miles south of the Downtown Chicago Loop. Residents are able to commute to the Loop via the 79th Street Metra Station (Metra Electric Line) which is located approximately three blocks west of the property or Interstate-94 (Dan Ryan Expressway) which is approximately one and one-half miles west.
