Essex Realty Group, LLC. has been exclusively engaged to market for sale 7631 W 63rd Pl, an 18-unit apartment building located just 13 miles southwest of downtown Chicago. The property offers a mix of four 1-bedroom/1-bathroom units, nine 2-bedroom/1-bathroom units, and five 3-bedroom/1-bathroom units. 12 of 18 units have been recently rehabbed, and the building operates efficiently with electric baseboard heat, lowering overall expenses.
Current rental rates deliver an attractive 7.71% capitalization rate and a Gross Rent Multiplier (GRM) of 7.74. With rents significantly below market, there’s immediate opportunity to boost rental income by nearly 20%. The building’s location less than 5 miles from Midway Airport adds convenience for tenants seeking affordable and accessible living.
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.
- Strong Unit Mix – 4 One-Bedroom, 9 Two-Bedroom, and 5 Three-Bedroom Units
- Current / Forecasted Cap Rate – 7.71% / 7.74%
- High Growth Potential – Existing Rents Nearly 20% Below Market
- Proximity to Transportation – Less Than 5 Miles From Midway Airport, 13 Miles Southwest of Downtown Chicago
- Substantial Renovations – 12 of 18 Units Rehabbed