Essex is pleased to market for sale 7450 S. Luella Ave., a seventeen (17) unit value-add property located in the South Shore neighborhood of Chicago. The property sits on the corner of E. 75th street & S. Luella avenue which is within close proximity to transportation, the lakefront and shopping centers. 7450 S. Luella is a two story brick building consisting of thirteen (13) studio apartment units and four (4) retail spaces on the ground level. The apartments are occupied by long term tenants. This value-add investment opportunity is the perfect match for a first time buyer or a seasoned investor interested in building their portfolio. The retail on the ground floor could be used as a building management office. Zoned C1-2 and in an Opportunity Zone.
The property is situated near the corner of S. Luella Ave., and E. 75th St., in Chicago’s historic South Shore neighborhood, only a 5 minute walk to South Shore’s Rainbow Beach. South Shore has multiple parks, community gardens and green space to offer it’s residents; It is no wonder this neighborhood is such a sought after area of Chicago. The eye catching architecture of this historic area highlights the prominence of the neighborhood. Chicago’s well known landmarks are scattered around this neighborhood drawing tourists in for a fun adventure. One of the largest science museums in the world, The Museum on Science & Industry (2. 5 miles), was the site of the 1893 World’s Columbian Exposition. South Shore Cultural Center, located at the corner of South Shore Drive & E. 71st St., is yet another Historic landmark of Chicago created & built in 1905 and originally designed as a country club. Now a cultural center, it includes a 65-acre park with a golf course, tennis courts, a bathing beach, horse stables, and an impressive building which is open to the public year round. The South Shore neighborhood of Chicago is home to historic landmarks as well as expansive parks and beaches along Lake Michigan’s coast. South Shore is a trending spot that is home to students, families, and delicious food and an eclectic art scene. South Shore is the birthplace of numerous celebrities, including a First Lady and music mogul. The residents of South Shore benefit greatly from its access to waterfront beaches, proximity to the University of Chicago campus, and Jackson Park.
The Jackson Park Highlands District is a historic area within the community. The South Shore Cultural Center resides in South Shore, and is home to a youth art school, reception ballroom, and a golf course. The center boasts a beach as well as nature center. Commuting in South Shore is easy by way of rail stations or Interstate 90.
Proposed sights: Tiger Woods PGA Golf Course (2021)
Obama Presidential Library (2024)
- 10.88% Cap Rate
- $39,705 / Per Unit
- Value-Add Investment
- Prime South Shore Location
- Under Market Rents: 22% Increase
- Newer Roof
- Long Term Tenants
- Opportunity Zone
- INVEST South/West selected Neighborhood
- Zoned C1-2