NOT LISTED FOR SALE

7628 S Phillips Ave Chicago, IL 60649

South Shore Neighborhood
18 Beds
6 Baths
-- Sq Ft
6,534 Sq Ft Lot

Last Sold August 01, 2023

Last sale price $455,000

11 Days on Market

About This Home

As of August 2023

7628 S. Phillips is a six (6) unit center entrance walk-up building in Chicago's historic South Shore neighborhood. Over the past year, South Shore has seen a resurgence in new developments due to its proximity to Lake Michigan, as well as Chicago's downtown, most notably with the construction of the Obama Presidential Library. Conveniently located blocks away from the CTA bus line at Windsor Park, the property sits on a quiet tree-lined street composed of community outreach programs and single-family homes. 7628 S. Phillips has a desirable unit mix consisting solely of six (6) 3Bd/1Ba units. All of the units are equipped with spacious floorplans and hardwood flooring. Recent improvements to the building include, but are not limited to, a newer roof, updated electric, and individual furnaces & hot water tanks 7628 S. Phillips offers an investor the opportunity to acquire a positive, cash-flowing asset. From day one, the asset's next owner will realize a cap rate over 10% and a cash return of nearly 18.5%. Furthermore, through cosmetic updates and raising rents to levels already being achieved, an investor could achieve a cap rate of 12.23% and a cash return of over 27%.

Last Agent to Sell the Property

Aaron Sklar

Kiser Group Realty Inc License #475161507 Listed on: 03/16/2023

Co-Listed By

Noah Birk

Kiser Group Realty Inc License #475125864

Last Buyer's Agent

Aaron Sklar

Kiser Group Realty Inc License #475161507 Listed on: 03/16/2023

Property Details

Home Type

  • Multi-Family

Est. Annual Taxes

  • $4,223

Year Built

  • Built in 1928

Lot Details

  • 6,534

Home Design

  • Garden Apartment

Bedrooms and Bathrooms

  • 18 Bedrooms
  • 6 Bathrooms

Additional Features

  • 3-Story Property
  • Lot Dimensions are 55' x 124'
  • Floor Furnace

Listing and Financial Details

  • Tenant pays for electricity, heat, hot water

Community Details

Overview

  • 6 Units

Building Details

  • Electric Expense $181
  • Insurance Expense $3,000
  • Maintenance Expense $2,450
  • Manager Expense $3,861
  • Other Expense $1,500
  • Trash Expense $2,931
  • Water Sewer Expense $10,000
  • Operating Expense $29,646
  • Gross Income $81,276
  • Net Operating Income $47,567

Property Details

Home Type

Multi-Family

Est. Annual Taxes

$4,223

Year Built

Built in 1928

Lot Details

0

Listing Details

  • Property Type: Commercial Sale
  • Property Type: Multi Family 5+
  • Property Sub-Type: Garden Complex
  • Stories: 3
  • Year Built: 1928
  • 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: 6
  • Total Bedrooms: 18
  • Room: 0
  • Room: 0
  • Room: 0

Exterior Features

  • List Price: 475000

Utilities

  • Heat/Ventilation: Individual Furnaces

Condo/Co-op/Association

  • Manager Expense: 3861

Fee Information

  • Trash Expense: 2931
  • Water Sewer Expenses: 10000
  • Janitor Expense: 1500

Lot Info

  • Additional Parcels: No
  • Lot Dimensions: 55' X 124'

Rental Info

  • Tenant Pays: Electricity, Heat, Hot Water
  • Board Number: 8

Multi Family

  • Net Operating Income: 47567
  • Insurance Expense: 3000
  • ElectricExpense: 181
  • GrossIncome: 81276
  • Maintenance Expense: 2450
  • NumberOfUnitsTotal: 6
  • OperatingExpense: 29646
  • Type Multi-Family: Garden Complex

Tax Info

  • Tax Annual Amount: 4223
  • Tax Year: 2021

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
08/01/2023 08/01/23 Sold $455,000 -4.2% --
03/28/2023 03/28/23 Pending -- -- --
03/16/2023 03/16/23 For Sale $475,000 -- --
Source: Midwest Real Estate Data (MRED)

Tax History Compared to Growth

Source: Public Records

Agents Affiliated with this Home

  • A

    Seller's Agent in 2023

    Aaron Sklar

    Kiser Group Realty Inc

    Section Image

  • N

    Seller Co-Listing Agent in 2023

    Noah Birk

    Kiser Group Realty Inc

    Section Image
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Map

Source: Midwest Real Estate Data (MRED)

MLS Number: 11738712

Midwest Real Estate Data (MRED)
Illinois Cook County Chicago 60649 South Shore

7628 S Phillips Ave, Chicago, IL

This home is located at 7628 S Phillips Ave, Chicago, IL 60649 since 16 March 2023. This property was built in 1928. 7628 S Phillips Ave is a home located in Cook County with nearby schools including Bradwell Community Arts & Sci Elementary School and St Philip Neri Elementary School.

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