NOT LISTED FOR SALE
18 Beds
18 Baths
-- Sq Ft
1923 Built

Last Sold September 13, 2024

Last sale price $873,000

120 Days on Market

About This Home

As of September 2024

7363 S. Coles is an incredibly Beautiful (9) unit property located in Chicago's South Shore neighborhood. Right off of Lake Michigan and Rainbow Beach Park, the building sits within walking distance of an abundance of public transportation options. Additionally, for quick and convenient transportation, the asset is nearby to Chicago's Lake Shore Drive which provides tenants easy access to Chicago's downtown in roughly fifteen minutes. 7363 S. Coles is currently comprised of nine (9) spacious 2b/1ba units. All units feature hardwood flooring throughout as well as updated tiling and fixtures in the bathroom. Furthermore, additional improvements to the building consist of but are not limited to, updated electric, an updated and newly coated roof, and laundry available to all tenants. Given the location and quality of the units, there is an incredibly large demand for apartments such as these. 7363 S. Coles presents an investor with a unique opportunity to acquire a strong, positive cash-flowing building with an in-place cap rate of over 8.2%. Given the quality of the units coupled with the prime location, by releasing and increasing rents to levels already being achieved in the building, an investor could further improve cash returns.

Last Agent to Sell the Property

Aaron Sklar

Kiser Group Realty Inc License #475161507 Listed on: 02/21/2024

Co-Listed By

Noah Birk

Kiser Group Realty Inc License #475125864

Last Buyer's Agent

Lavisse Smith

Oliveros Realty Company License #475173745

Property Details

Home Type

  • Multi-Family

Est. Annual Taxes

  • $10,490

Year Built

  • Built in 1923

Home Design

  • Garden Apartment

Bedrooms and Bathrooms

  • 18 Bedrooms
  • 18 Bathrooms

Additional Features

  • 3-Story Property
  • Lot Dimensions are 55' x 110'
  • Radiator

Listing and Financial Details

  • Tenant pays for electricity

Community Details

Overview

  • 9 Units

Building Details

  • Electric Expense $1,200
  • Fuel Expense $12,000
  • Insurance Expense $5,922
  • Maintenance Expense $2,500
  • Manager Expense $6,299
  • Other Expense $2,500
  • Trash Expense $1,500
  • Water Sewer Expense $4,000
  • Operating Expense $48,411
  • Gross Income $132,600
  • Net Operating Income $80,059

Property Details

Home Type

Multi-Family

Est. Annual Taxes

$10,490

Year Built

Built in 1923

Lot Details

0

Listing Details

  • Property Type: Commercial Sale
  • Property Type: Multi Family 5+
  • Property Sub-Type: Garden Complex
  • Stories: 3
  • Year Built: 1923
  • Built Before 1978 (Y/N): Yes
  • Information: List Broker Must Accompany,48-Hr Notice Required
  • Estimated Age: Older
  • ResoPropertyType: CommercialSale
  • Special Features: None
  • Property Sub Type: MultiFamily

Interior Features

  • Total Bathrooms: 18
  • Total Bedrooms: 18
  • Room: 0
  • Room: 0
  • Room: 0

Exterior Features

  • List Price: 975000

Utilities

  • Heat/Ventilation: Radiators

Condo/Co-op/Association

  • Manager Expense: 6299

Fee Information

  • Trash Expense: 1500
  • Water Sewer Expenses: 4000
  • Janitor Expense: 2000

Lot Info

  • Additional Parcels: No
  • Lot Dimensions: 55' X 110'

Rental Info

  • Tenant Pays: Electricity
  • Board Number: 8

Multi Family

  • Net Operating Income: 80059
  • Fuel Expense: 12000
  • Insurance Expense: 5922
  • ElectricExpense: 1200
  • GrossIncome: 132600
  • Maintenance Expense: 2500
  • NumberOfUnitsTotal: 9
  • OperatingExpense: 48411
  • Type Multi-Family: Garden Complex

Tax Info

  • Tax Annual Amount: 10490
  • Tax Year: 2022

Range of Values:

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Average Value
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List Price
Sold Price
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Home Values in the Area

Source: Public Records

Average Home Value in this Area





Source: Public Records

Property History

Date Event Price List to Sale Price per Sq Ft
09/13/2024 09/13/24 Sold $873,000 -10.5% --
06/21/2024 06/21/24 Pending -- -- --
02/21/2024 02/21/24 For Sale $975,000 -- --
Source: Midwest Real Estate Data (MRED)

Tax History Compared to Growth

Source: Public Records

Agents Affiliated with this Home

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Map

Source: Midwest Real Estate Data (MRED)

MLS Number: 11986316

Midwest Real Estate Data (MRED)