Essex Brokers Team Up to List 6700 S. Constance Ave for Nearly $5M

November 11, 2022

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.

Tagged in this post: Jordan Gottlieb, Brian Mond