Essex Brokers Team Up to List 6700 S. Constance Ave for Nearly $5M
Chicago-based multifamily brokerage firm Essex Realty Group, Inc. has been selected to exclusively market for sale 6700 South Constance Avenue, a 78-unit apartment building in Chicago’s historic Jackson Park Highlands district.
The vintage double courtyard building consists of 41 oversized studio and 37 large one-bedroom apartments. The units feature hardwood floors, white appliances, and laminate countertops. There is significant rental upside upon completion of light construction and leasing the building up at market rates. A major benefit to the property is that it is offered 100% vacant, giving a new owner the opportunity to begin construction on all 78-units right away.
“It is rare that we bring a vacant building to market. New owners have a unique opportunity to customize each unit to meet their vision and lease up the apartments, maximizing rental income in a thriving neighborhood,” said Essex Director Brian Mond.
Jordan Gottlieb and Brian Mond are heading the marketing efforts of the property, which is listed for $4,950,000; a price that reflects a 9.86% cap rate.
The property, which recently underwent over $1 million in cap-ex improvements, it located in Jackson Park Highlands, a district of the South Shore neighborhood with a rich history. Situated near the corner of S. Jeffrey Blvd and E. 67th Street, the property is a stone’s throw away from Jackson Park. The park is larger than Millennium and Grant Park combined, and features a full golf course, two basketball courts, football field, gymnasium, tennis courts, lagoon, Japanese garden, two harbors, a yacht club, two beaches, bathing pavilions, and a bird sanctuary.
The neighborhood and park’s endless options have been a major driver for resident’s and investor’s interest in the area, which has steadily increased over the years.
Please contact Essex to learn more about this excellent opportunity.