NOT LISTED FOR SALE

Estimated Value: $706,000

9 Beds
8 Baths
-- Sq Ft
0.76 Acres

Last Sold November 19, 2021

Last sale price $580,000

Est. 22% increase in value since last sale

Current estimated payment $3,971/month

141 Days on Market

About This Home

As of November 2021

We are pleased to present 7708 S Cornell an 8-unit multifamily property located in the South Shore neighborhood of Chicago, IL. This property is located in a federal qualified opportunity zone and consist of (3) two-bedroom, one bath units, (3) one-bedroom, one bath units and (2) studios, one bath units. New developments in South Shore are underway due to its proximity to Lake Michigan, as well as Chicago's Downtown. The South Shore neighborhood, has direct access to the Chicago Skyway. The subject property is 11.6 miles South West of Midway International Airport and 10 miles from Chicago's central business district. This property gives an investor the opportunity to acquire a well-maintained asset and achieve above average returns from day one. Please Contact Listing agent for more detailed Financials and Offering Memorandum!

Last Agent to Sell the Property

Travis Montgomery

Keller Williams ONEChicago License #475184338 Listed on: 04/05/2021

Keller Williams ONEChicago

Co-Listed By

Kelly Rich

Kale Realty License #475162425

Last Buyer's Agent

Sanina Ellison

Re-CHRG Inc License #471018328

Property Details

Home Type

  • Multi-Family

Est. Annual Taxes

  • $4,601

Year Built

  • Built in 1964

Lot Details

  • 0.76

Bedrooms and Bathrooms

  • 9 Bedrooms
  • 8 Bathrooms

Additional Features

  • 3-Story Property
  • Additional Parcels
  • Baseboard Heating

Listing and Financial Details

  • Tenant pays for varies by tenant

Community Details

Overview

  • 8 Units

Building Details

  • Electric Expense $779
  • Fuel Expense $4,502
  • Insurance Expense $3,600
  • Maintenance Expense $1,600
  • Other Expense $2,000
  • Trash Expense $1,378
  • Water Sewer Expense $2,615
  • Operating Expense $27,417
  • Gross Income $80,100
  • Net Operating Income $48,678

Property Details

Home Type

Multi-Family

Est. Annual Taxes

$4,601

Year Built

Built in 1964

Lot Details

0

Listing Details

  • Property Type: Commercial Sale
  • Property Type: Multi Family 5+
  • Property Sub-Type: Flats
  • Stories: 3
  • Year Built: 1964
  • Built Before 1978 (Y/N): Yes
  • Information: List Broker Must Accompany
  • Estimated Age: Older
  • ResoPropertyType: CommercialSale
  • Special Features: None
  • Property Sub Type: MultiFamily

Interior Features

  • Total Bathrooms: 8
  • Total Bedrooms: 9
  • Room: 0
  • Room: 0
  • Room: 0

Exterior Features

  • List Price: 587000

Utilities

  • Heat/Ventilation: Baseboard

Fee Information

  • Trash Expense: 1378
  • Water Sewer Expenses: 2615
  • Janitor Expense: 2400

Lot Info

  • Additional Parcels: Yes
  • Lot Dimensions: 3300

Rental Info

  • Tenant Pays: Varies by Tenant
  • Board Number: 8

Multi Family

  • Net Operating Income: 48678
  • Fuel Expense: 4502
  • Insurance Expense: 3600
  • ElectricExpense: 779
  • GrossIncome: 80100
  • Maintenance Expense: 1600
  • NumberOfUnitsTotal: 8
  • OperatingExpense: 27417
  • Type Multi-Family: Flats

Tax Info

  • Tax Annual Amount: 4600.66
  • Tax Year: 2019

Ownership History

Date Name Owned For Owner Type

Purchase Details

Listed on
Apr 5, 2021
Closed on
Nov 15, 2021
Sold by
Rich Ventures Llc
Bought by
Housing Opportunities For Women Inc
Seller's Agent
Travis Montgomery
Keller Williams ONEChicago
Buyer's Agent
Sanina Ellison
Re-CHRG Inc
List Price
$587,000
Sold Price
$580,000
Premium/Discount to List
-$7,000
-1.19%
Current Estimated Value
$706,000

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Estimated Appreciation
$126,000
Original Mortgage
$469,600
Outstanding Balance
$430,665
Interest Rate
3.05%
Mortgage Type
Commercial

Purchase Details

Closed on
Mar 8, 2017
Sold by
First Midwest Bank
Bought by
Rich Ventures Llc

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$196,000
Interest Rate
3.88%
Mortgage Type
Commercial

Purchase Details

Closed on
Jun 24, 1997
Sold by
Beverly Trust Company
Bought by
Standard Bank & Trust Co and Trust #15633

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$160,000
Interest Rate
8.25%
Mortgage Type
Construction
Source: Public Records

Range of Values:

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Average Value
Not Available
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

Purchase History

Date Buyer Sale Price Title Company
Housing Opportunities For Women Inc $580,000 Chicago Title
Rich Ventures Llc $245,000 First American Title
Standard Bank & Trust Co $195,000 --
Source: Public Records

Mortgage History

Date Status Borrower Loan Amount
Open Housing Opportunities For Women Inc $469,600
Previous Owner Rich Ventures Llc $196,000
Previous Owner Standard Bank & Trust Co $160,000
Source: Public Records

Property History

Date Event Price List to Sale Price per Sq Ft
11/19/2021 11/19/21 Sold $580,000 -1.2% --
08/24/2021 08/24/21 Pending -- -- --
04/05/2021 04/05/21 For Sale $587,000 -- --
Source: Midwest Real Estate Data (MRED)

Tax History Compared to Growth

Source: Public Records

Tax History

Year Tax Paid Tax Assessment Tax Assessment Total Assessment is a certain percentage of the fair market value that is determined by local assessors to be the total taxable value of land and additions on the property. Land Improvement
2024 $3,220 -- -- --
2023 $3,128 $15,207 $2,970 $12,237
2022 $3,128 $15,207 $2,970 $12,237
2021 $3,058 $15,206 $2,970 $12,236
2020 $5,101 $22,899 $2,970 $19,929
2019 $4,601 $22,899 $2,970 $19,929
2018 $4,523 $22,899 $2,970 $19,929
2017 $4,797 $22,283 $2,475 $19,808
2016 $4,463 $22,283 $2,475 $19,808
2015 $4,083 $22,283 $2,475 $19,808
2014 $4,134 $22,283 $2,475 $19,808
2013 $4,053 $22,283 $2,475 $19,808
Source: Public Records

Agents Affiliated with this Home

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Map

Source: Midwest Real Estate Data (MRED)

MLS Number: 11043121

Midwest Real Estate Data (MRED)

APN: 20-25-316-027-0000