NOT LISTED FOR SALE

7816 S Cornell Ave Chicago, IL 60649

South Shore Neighborhood
62 Beds
31 Baths
-- Sq Ft
1921 Built

Last Sold June 14, 2019

Last sale price $2,727,000

32 Days on Market

About This Home

As of June 2019

Kiser Group is pleased to exclusively present for purchase, 7816 S. Cornell, a 31-unit courtyard building located in Chicago's historic South Shore neighborhood. 7816 S. Cornell is fully occupied and comprised entirely of 2Bd/1Ba units, all completely rehabbed in 2018. Each apartment features condo-quality finishes with stainless-steel appliances and granite counter-tops. The building has a brand new boiler(2018), newer windows, a newer roof, and newer electric as well as on-site laundry. 7816 S. Cornell presents an investor the opportunity to acquire a fully stabilized and cash-flowing asset. From day one, an investor will realize a cap rate of 9.23% and a cash-on-cash return of 17.58%. Through improved leasing and potentially raising rents to the highest market rates, 7816 S. Cornell's next owner has the opportunity to achieve a cap rate of 10.57% and a cash-on-cash return of 22.95%.

Last Agent to Sell the Property

Aaron Sklar

Kiser Group Realty Inc License #475161507 Listed on: 02/23/2019

Co-Listed By

Noah Birk

Kiser Group Realty Inc License #475125864

Last Buyer's Agent

Noah Birk

Kiser Group Realty Inc License #475125864

Property Details

Home Type

  • Multi-Family

Est. Annual Taxes

  • $21,243

Year Built

  • Built in 1921

Bedrooms and Bathrooms

  • 62 Bedrooms
  • 31 Bathrooms

Additional Features

  • 3-Story Property
  • Courtyard
  • Lot Dimensions are 120 x 116
  • Radiator

Listing and Financial Details

  • Tenant pays for electricity

Community Details

Overview

  • 31 Units

Building Details

  • Electric Expense $2,837
  • Fuel Expense $27,900
  • Insurance Expense $7,391
  • Maintenance Expense $9,000
  • Manager Expense $19,060
  • Other Expense $3,000
  • Trash Expense $2,400
  • Water Sewer Expense $20,925
  • Operating Expense $120,256
  • Gross Income $401,268
  • Net Operating Income $262,936

Property Details

Home Type

Multi-Family

Est. Annual Taxes

$21,243

Year Built

Built in 1921

Lot Details

0

Listing Details

  • Property Type: Commercial Sale
  • Property Type: Multi Family 5+
  • Property Sub-Type: Courtyard
  • Stories: 3
  • Year Built: 1921
  • Built Before 1978 (Y/N): Yes
  • Information: List Broker Must Accompany,48-Hr Notice Required,Non-Disclosure Agreement
  • Estimated Age: Older
  • ResoPropertyType: CommercialSale
  • Special Features: None
  • Property Sub Type: MultiFamily

Interior Features

  • Total Bathrooms: 31
  • Total Bedrooms: 62
  • Room: 0
  • Room: 0
  • Room: 0

Exterior Features

  • List Price: 2850000

Utilities

  • Heat/Ventilation: Radiators

Condo/Co-op/Association

  • Manager Expense: 19060

Fee Information

  • Trash Expense: 2400
  • Water Sewer Expenses: 20925
  • Janitor Expense: 6500

Lot Info

  • Additional Parcels: No
  • Lot Dimensions: 120 X 116

Rental Info

  • Tenant Pays: Electricity
  • Board Number: 8

Multi Family

  • Net Operating Income: 262936
  • Fuel Expense: 27900
  • Insurance Expense: 7391
  • ElectricExpense: 2837
  • GrossIncome: 401268
  • Maintenance Expense: 9000
  • NumberOfUnitsTotal: 31
  • OperatingExpense: 120256
  • Type Multi-Family: Courtyard

Tax Info

  • Tax Annual Amount: 21243
  • Tax Year: 2017

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
09/15/2019 09/15/19 Off Market $2,727,000 -- --
06/14/2019 06/14/19 Sold $2,727,000 -4.3% --
03/27/2019 03/27/19 Pending -- -- --
02/23/2019 02/23/19 For Sale $2,850,000 -- --
Source: Midwest Real Estate Data (MRED)

Tax History Compared to Growth

Source: Public Records

Agents Affiliated with this Home

  • A

    Seller's Agent in 2019

    Aaron Sklar

    Kiser Group Realty Inc

    Section Image

  • N

    Seller Co-Listing Agent in 2019

    Noah Birk

    Kiser Group Realty Inc

    Section Image
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Map

Source: Midwest Real Estate Data (MRED)

MLS Number: 10291987

Midwest Real Estate Data (MRED)

APN: 20253240230000

Illinois Cook County Chicago 60649 South Shore

7816 S Cornell Ave, Chicago, IL

This home is located at 7816 S Cornell Ave, Chicago, IL 60649 since 23 February 2019. This property was built in 1921. 7816 S Cornell Ave is a home located in Cook County with nearby schools including Mann Elementary School, Betty Shabazz Academy, and CICS Avalon.

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