A
Seller's Agent in 2023
Aaron Sklar
Kiser Group Realty Inc
7763 S Shore Dr Chicago, IL 60649
South Shore Neighborhood
39
Beds
22
Baths
--
Sq Ft
0.31
Acres
Highlights
- 0.31 Acre Lot
- 5-minute walk to Cheltenham Station
- 4-minute walk to Rainbow Beach Park
- Central Heating
About This Home
As of May 20237763 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
Last Agent to Sell the Property
Aaron Sklar
Kiser Group Realty Inc License #475161507 Listed on: 03/08/2021
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: 03/08/2021
Property Details
Home Type
- Multi-Family
Est. Annual Taxes
- $23,931
Year Built
- Built in 1917
Lot Details
- 0.31 Acre Lot
- Lot Dimensions are 100' x 137'
Parking
- 6 to 12 Parking Spaces
Home Design
- Garden Apartment
Interior Spaces
- 3-Story Property
Bedrooms and Bathrooms
- 39 Bedrooms
- 22 Bathrooms
Utilities
- Central Heating
- Radiator
Listing and Financial Details
- Tenant pays for electricity
Community Details
Overview
- 22 Units
Building Details
- Electric Expense $2,741
- Fuel Expense $6,521
- Insurance Expense $7,000
- Maintenance Expense $7,750
- Manager Expense $11,926
- Other Expense $5,000
- Trash Expense $4,185
- Water Sewer Expense $12,629
- Operating Expense $85,482
- Gross Income $251,064
- Net Operating Income $155,974
Create a Home Valuation Report for This Property
The Home Valuation Report is an in-depth analysis detailing your home's value as well as a comparison with similar homes in the area
Home Values in the Area
Average Home Value in this Area
Property History
| Date | Event | Price | Change | Sq Ft Price |
|---|---|---|---|---|
| 05/23/2023 05/23/23 | Sold | $1,400,000 | -9.7% | -- |
| 02/13/2023 02/13/23 | Pending | -- | -- | -- |
| 01/31/2023 01/31/23 | Price Changed | $1,550,000 | -3.1% | -- |
| 12/14/2022 12/14/22 | Price Changed | $1,600,000 | -3.0% | -- |
| 10/14/2022 10/14/22 | Price Changed | $1,650,000 | 0.0% | -- |
| 10/14/2022 10/14/22 | For Sale | $1,650,000 | -10.8% | -- |
| 07/12/2022 07/12/22 | Pending | -- | -- | -- |
| 05/16/2022 05/16/22 | Price Changed | $1,850,000 | 0.0% | -- |
| 05/16/2022 05/16/22 | For Sale | $1,850,000 | -3.9% | -- |
| 04/06/2022 04/06/22 | Pending | -- | -- | -- |
| 03/09/2022 03/09/22 | Price Changed | $1,925,000 | 0.0% | -- |
| 03/09/2022 03/09/22 | For Sale | $1,925,000 | +37.5% | -- |
| 08/04/2021 08/04/21 | Off Market | $1,400,000 | -- | -- |
| 08/02/2021 08/02/21 | Pending | -- | -- | -- |
| 06/23/2021 06/23/21 | Off Market | $1,400,000 | -- | -- |
| 03/08/2021 03/08/21 | For Sale | $1,750,000 | -- | -- |
Source: Midwest Real Estate Data (MRED)
Tax History Compared to Growth
Agents Affiliated with this Home
-
-
N
Seller Co-Listing Agent in 2023
Noah Birk
Kiser Group Realty Inc
Map
Source: Midwest Real Estate Data (MRED)
MLS Number: 11013926
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