$635,000 $3,409 est/mo Sourced by Back At You

7931 S Manistee Avenue,Chicago, IL 60617

Chicago IL, 60617

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Description

7931 S. Manistee is a seven (7) unit building in Chicago's historic South Shore neighborhood. Nestled on a one-way, tree lined street, the building sits within walking distance to an abundance of public transportation options, Lake Michigan, and Rainbow Beach Park. Over the past few years, South Shore has seen a wealth of new developments due to its proximity to Lake Michigan, the upcoming and developing Obama Presidential Library, along with $100 million project located at 79th & Exchange, Thrive Exchange, located just two (2) blocks away from the subject property. 7931 S. Manistee has an incredibly desirable unit mix comprised of seven (7) 3bd/1ba units. Each unit features hardwood floors and spacious floor plans with separate living and dining rooms. Recent improvements to the building include, but are not limited to: copper plumbing, modern boiler with R&D control system, an abundance of masonry & tuckpointing work, along with newer windows. 7931 S. Manistee presents an investor with the opportunity to acquire a stabilized, cash flowing building with a significant value-add component. At list price, the building performs at a 9.2% cap rate. However, solely by raising rents to current market rate levels, an investor could achieve an 11.37% cap rate and cash return of nearly 22%.

Details

MLS#11962843
Listing TypeFor Sale
StyleTown House
Sub-TypeResale
StatusActive
Year1926
Days On Site133
Listing Provided ByKiser Group Realty Inc | Aaron Sklar

Features

Story(s)3
Units7

Market Activity 60617

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Listings Checked: 4 minutes ago
StateIL
CountyCook
CityChicago
Zip Code60617
AreaCHI South Chicago
Listing VS Median (in 60617)
Price:
$635,000
low | high
Med:
$229,450
100% of Average
On Site:
133
low | high
Med:
238
55.882352941176% of Average
Sourced by Back At You
Listing Updated: May 21, 2024 at 7:29:25 PM PDT