60 Units | Fully Renovated

Overview

Highlights

• Fully Renovated
• Approximately $2,500,000 in Capital Improvements
• Unit Mix: (2) Studios & (58) 1 Bed 1 Bath with four types of floor plans
• Over 90% occupied
• Gated parking lot for up to 34 vehicles

Description

Jameson Commercial Real Estate has been exclusively engaged to market a recently renovated 60-unit apartment building at 3075 E. Cheltenham. This property is situated in the vibrant South Shore neighborhood of Chicago, a densely populated and culturally diverse area on the city’s south side. The building comprises four different floor plans, which are broken down into (2) studios and (58) one-bedroom one-bath units. The property was built in 1951 and has undergone a comprehensive transformation, featuring significant capital improvements including, but not limited to, new windows, doors, plumbing, electrical, and boiler systems. The parapet walls have also been extensively replaced, and the roof has been repaired to ensure the building's structural integrity. This property sits on a 27,400 sq ft lot with up to 34 exterior parking spots.

The market analysis indicates that there is a strong demand for affordable and quality housing in the area, and this property delivers and has the potential of being one of South Shore’s in-demand housing for local residences. 3075 E. Cheltenham is currently over 93% occupied and generates an annual gross income of approximately $746,946 and a net operating income (NOI) of $503,357, which represents an 8.12% cap rate on the asking price. This investment has a positive cash flow and a high return on investment. The cash flow after debt service is projected to be $136,882 and an estimated 15.73% total return in year one.

3075 E. Cheltenham allows an investor to purchase a fully renovated, well-maintained, and strategically located property in a growing neighborhood. There are several scenarios for value creation and appreciation, such as leveraging the property’s prime location, enhancing the property’s curb appeal and reputation, capitalizing on the market demand and rent growth, and benefiting from tax advantages and incentives of owning and operating a multi-family property in South Shore. This investment aims to offer the residents of the South Shore neighborhood a high-quality and cost-effective housing option while also providing a sustainable and profitable investment opportunity for the new owner.

Location

Located in the vibrant neighborhood of South Shore, this property offers a prime investment opportunity in the heart of Chicago's south side. The area is known for its cultural attractions, including the South Shore Cultural Center and Rainbow Beach Park, with easy access to Lake Michigan. The location is also conveniently situated near public transportation, with a CTA bus stop in front of the building and the South Shore Metra Trainline just two blocks away. This property is between two future developments: PsiQuantum Chicago Facility, a 300,000 SF quantum computer operations center, and a $100,000,000 redevelopment project called The Exchange led by Leon Walker of DL3 Realty at 79th Street and Exchange Ave. As a prospective Multifamily / High-Rise investor, this prime location presents the opportunity to capitalize on the area's appeal and contribute to its thriving community.

Contact Broker