Multi-Family•Low-Rise/Garden•For Sale

7201 S Vincennes Ave.

7201-07 S Vincennes Avenue, Chicago, Illinois 60621

Sale Price $1,049,000
Sale Type Investment
Zoning B3-2
Bldg Type Multi-Tenant
Year Renovated 2019
Stories 4
Cap Rate 8.01%
Vacancy 95%
Gross Bldg 23,000 SqFt
Land Area .2 Acres
Project Size 21
Net Op Inc $83,993.75
Market Chicago
Sub-Market Greater Grand Crossing
Excellent stabilized+value-add investment property in Greater Grand Crossing 1.5 blocks west of I-90/94 in the Grand Crossing neighborhood of Chicago
  • 9 2 bed / 1 bath units, 9 1 bed / 1 bath units, and three commercial spaces
  • ~15 of 18 apartments have been updated / renovated since Summer 2017
  • Two of the retail spaces have long-term tenants, while the third was rehabbed to vanilla box condition and asking $1200/month
  • Property has been stabilized and apartments are fully-occupied
  • On-site janitor/handyman has occupied one unit long-term
  • Paper Street Realty currently manages & can be retained
  • Most recent 2 bed / 1 bath lease of $1044 was through the CHA voucher program
  • 3 of 4 porches are new. 4th is in good condition
  • Boiler is in average to good condition
  • Roof was certified for at least 5 more years
  • Double-pane windows throughout
  • Plumbing is generally galvanized with copper horizontals / in-unit
  • Tuckpointing and parapet walls are generally in good condition
5/14/2019 3:16:43 PM 5/22/2019 4:40:28 PM
Gene Hart
Investment Sales and Leasing Broker
33 Realty

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