Brian Mond and Joe Kahlhammer List a $2.2M Apartment Building in South Shore

Commercial real estate brokerage firm Essex Realty Group, Inc. has been selected to exclusively market 7748 S. Kingston Avenue, a 34-unit multifamily property located in Chicago’s rapidly growing South Shore neighborhood.

The property’s 34 units consist of studio, one-bedroom and two-bedroom apartments. The units feature hardwood floors, laminate countertops, and radiator heat. “This is a great opportunity for an investor to acquire an attractive, multifamily building in a rapidly growing market. The increase in local and national investor interest is a testament to the upside Chicago’s south side has,” said Essex Director Brian Mond.

Mond is heading the sale alongside Associate Joe Kahlhammer, who recently joined Mond’s team. The property is offered at $2,275,000, a list price that reflects a cap rate of 8.67%, and nearly $67,000 per unit. At 100% occupancy, the acquisition would allow an investor to operate the building as-is, or renovate apartments as tenants’ leases expire.

South Shore continues to see an increase in interest from investors. The area is slated to see several new developments in coming years. Most notably, developments from the Invest South/West initiative and Thrive Exchange. In fact, the site of the Thrive Exchange development is only a few blocks from the subject property. The plans for the development show 43 affordable workforce housing units, several retail units, and will be within walking distance to the new Metra electric line.