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$1,400,000

7763 S South Shore Drive
Chicago, Illinois 60649

Closed / MLS #11013926 / Multiple Family / South Shore
Listing information updated 6/27/2023 at 10:43am
7763 S. South Shore Drive is an absolutely beautiful twenty-two (22) unit property located just off of Chicago's lake front on the historic South Shore Drive. Situated directly on Rainbow Beach Park, renters have access to all of the Parks amenities along with incredibly easy transportation to and from Chicago's downtown via CTA bus stop directly in front of the property. Additionally, the property also sits just north of Chicago's South Works Site - the 415 acre former US Steel site slated for development, and just south of the future Presidential Library, which has recently began construction. 7763 S. South Shore Drive has an incredibly desirable unit mix comprised of both one and two bedroom apartments. Currently, the building consists of seventeen (17) 2b/1ba units and five (5) 1b/1ba units. All of which, however, are incredibly spacious, boast hardwood flooring and an abundance of natural light, and also include both living and dining rooms. Additional improvements to the building consist of, but not limited to, a modern Smith central boiler serviced by Hollub, an updated and code compliant exterior porch, newer windows, along with a silver coated roof. Additionally, the building is equipped with a laundry facility in the basement, as well as a parking lot in the rear (which is currently not being capitalized on). Throughout the years, 7763 S. South Shore Drive has been extremely well maintained. This investment presents an investor with a unique and incredibly rare opportunity to acquire a stabilized and strong cash flowing asset along Chicago's lake front. Furthermore, simply by converting either the living or dining room into an additional bedroom presents a significant value add opportunity. Additionally, through improved leasing and management and stabilizing rents to market rate levels, an investor can realize a cap rate over 12%. ASSUMABLE FINANCING: Buyer has the option to assume the current loan, approximate terms are: - $1,100,000 - 5.08% - 6 Years Remaining
Water Front:
No
Square Feet:
N/A
Acreage:
0.31
Built:
1917
Parking Spaces:
8
Stories:
3
Current Net Income:
$155,974
Unit 1:
4 room(s) / 1 bed(s) / 1 bath(s)
Unit 2:
5 room(s) / 2 bed(s) / 1 bath(s)
Tax Amount:
$23,931
Tax Year:
2021
Zip Code:
60649
City:
Chicago
County:
Cook

Listing Office: Kiser Group Realty Inc

Listing Office Phone: 773.293.5000

Disclaimer: The data relating to real estate for sale on this website comes courtesy of Midwest Real Estate Data, LLC as distributed by MLS GRID. Real estate listings held by brokerage firms other than @properties are marked with the Broker Reciprocity thumbnail logo and detailed information about them includes the name of the listing brokers. Properties displayed may be listed or sold by various participants in the MLS. Based on information submitted to the MLS GRID as of 6/27/2023 at 10:43am. All data is obtained from various sources and may not have been verified by broker or MLS GRID. Supplied Open House Information is subject to change without notice. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information. Some listings have been excluded from this website.

South Shore

South Shore, IL

Once a vacation destination for Chicago’s elite, the South Shore has become an increasingly popular place to call home. Located on Chicago’s scenic lakefront, the neighborhood’s beautiful beaches, plentiful green space and easy access to downtown via Lake Shore Drive are attracting a new gener...

Metra

Metra
Metra Electric South Chicago Branch line at Cheltenham Metra
$230,714
Average Sale Price
116
Average Days On The Market
93%
Sales Prices VS. List Price
Data represents the community area’s average over the past 12 months. All information deemed reliable, but not guaranteed.
Map of 7763 S South Shore Drive, Chicago, IL 60649
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7763 S South Shore Drive, Chicago, IL 60649 is a multiple family which sold for $1,400,000. This multiple family has been listed on @properties Christie's International Real Estate since March 8th, 2021 and was built in 1917. The nearest transit stops include Cheltenham Metra Metra Metra Electric South Chicago Branch line.

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