Essex Lists 58-Unit Portfolio in Greater Grand Crossing
Commercial real estate brokerage firm Essex Realty Group, Inc. has been selected to exclusively market two multifamily assets in the Greater Grand Crossing Neighborhood of Chicago. Located at 6800 S. Indiana Avenue and 6801-11 S. Michigan Avenue, respectively, the properties total 58 units.
6800 S. Indiana Avenue is a 16-unit, three-story, walk-up located on the corner of 68th and Indiana. The immaculately maintained yellow-brick property features one- and two-bedroom apartments. The building features secured entryways, coin-operated laundry, and 24-hour emergency maintenance.
6801-6811 S. Michigan Avenue, a 42-unit courtyard building, features studios, one- and two-bedroom apartments, the majority of which are one-bedrooms. The property features large layouts, windows, and closets. Each unit has radiator heating and a combination of carpeted and hardwood floors.
Both properties are in similar cosmetic condition and would benefit from updates. Both assets are currently renting below market, with room for rental increase on nearly all units.
According to Joe Kahlhammer, the broker leading the sales efforts, “this is a phenomenal opportunity for an investor to acquire an extremely well-maintained buildings in a prominent South Side location.” The properties are blocks from the 69th Street Red Line, and are within proximity to both the I-90 and I-94 expressways.
The portfolio is currently listed for $3,700,000, or as individual purchases for $1,100,000 (6800 S. Indiana Avenue), and $2,600,000 (6801-6811 S. Michigan Avenue), respectively.