7763 S South Shore Drive
Chicago, IL 60649

7763 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