6724-6734 S Chappel Ave - Apartments FOR SALE


Chicago, IL 60649- South Chicago
$4,500,000 USD
312-477-0197
6724-6734 S Chappel Ave, Chicago, IL for Sale
$4,500,000 USD
Apartments - FOR SALE
1/10
null | 7.28% Cap Rate

6724-6734 S Chappel Ave
Chicago, IL 60649
South Chicago


HIGHLIGHTS

  • High Curb Appeal Vintage Courtyard.
  • Desirable Jackson Park Highlands Location.
  • Attractive Unit Mix with Studio, 1 and 2 Bedroom Layouts.
  • On Site Laundry.
  • Strong In Place Occupancy.
  • Assumable Mortgage - 3.21%, ~$2,650,000 Balance, 2029 Maturity.

OVERVIEW

Interra Realty has been exclusively engaged to market 6724-34 S. Chappel Avenue, Chicago, for sale. The subject investment property is a 44 unit, courtyard style, multifamily asset in the Jackson Park Highlands submarket of South Shore. The property offers an attractive and diverse unit mix ranging from large studio to two-bedroom apartments. The property also features a large central lobby, on site laundry and recently installed steam boiler. Current ownership has modernized a portion of units to include subway tile backsplashes, stainless steel appliances and new cabinetry in kitchens and as well as subway tile shower surrounds and new vanities in bathrooms. The turnover of legacy units has translated to into substantial rent roll growth. A new investor has the opportunity to continue the demonstrated value add strategy and acquire a high curb appeal multifamily asset in a Chicago submarket that has experienced strong appreciation and rent growth. The offering presents investors with a mix of stability, as the property is currently 95% occupied as well as operational upside. In addition, the property features an attractive assumable mortgage with an approximate balance of ~$2,650,000 3.21% rate and 3/1/2029 maturity. The assumption would entail a 1% fee + legal review fees.

FOR SALE DETAILS

PRICE

$4,500,000 USD

PRICE/SF

$154 USD /SF

# OF UNITS

44

PRICE/UNIT

$102,273

CAP RATE

7.28%

% LEASED

-

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Mid-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

4

YEAR BUILT

1922

PARKING SPACES

-

LAND DETAILS

LAND ACRES

0.34 AC

LAND SF

14,810 SF

ZONING

RM-5, Chicago

APN/PARCEL ID

20-24-400-014-0000

ASK ABOUT THIS PROPERTY

Lucas FrymanInterra RealtyMore Info
312-477-0197

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Lucas FrymanInterra RealtyMore Info
312-477-0197

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.