Essex Realty Group, LLC. has been exclusively engaged to market for sale 7349 W 57th St, located just 13 miles southwest of downtown Chicago. This 17-unit apartment building features all 1-bedroom/1-bathroom units, with 15 of the 17 units recently rehabbed. The building operates with electric baseboard heat, significantly reducing operating expenses.
Current rents provide a strong 7.12% capitalization rate and a Gross Rent Multiplier (GRM) of 7.78, offering stable existing cash flow. It’s convenient location less than 5 miles from Midway Airport makes it appealing for tenants looking for easy access to transportation and downtown Chicago.
Situated about 13 miles southwest of downtown Chicago, Summit is a small suburban community covering just over two square miles. It is bordered by McCook to the west, Lyons to the north, and Bedford Park to the south. The village has a mix of residential, commercial, and industrial areas, with housing options that include single-family homes, townhouses, and apartment buildings.
Summit has several transportation options that provide easy access to Chicago and the surrounding areas. The Summit Metra Station on the Heritage Corridor Line offers direct service to downtown, while nearby expressways, including I-55 and I-294, facilitate regional travel. Chicago Midway International Airport is also a short drive away, offering domestic and international flight connections.
The community includes local parks, schools, and small businesses, as well as recreational spaces like Summit Park, which hosts events and activities. The village’s location and infrastructure support both residential and commercial development, making it a well-connected and functional suburb within the Chicago metropolitan area.
- Current / Forecasted Cap Rate – 7.12% / 7.78%
- Proximity to Transportation – Less Than 5 Miles From Midway Airport, 13 Miles Southwest of Downtown Chicago
- Significant Renovations – 15 of 17 Units Rehabbed
- Operational Efficiency – Electric Baseboard Heat Reduces Expenses
- Strong Cash Flow – Stable Income With Rental Upside Potential