Essex Realty Group, Inc. is proud to announce the closing of 7908-26 S. Ingleside Avenue, a 34 unit apartment building in Chicago’s Chatham neighborhood. The unit mix consists of fourteen (14) 1Bd/1Ba and twenty (20) 2Bd/1Ba units. The Property went under contract within two weeks of marketing.
7908-26 S. Ingleside Avenue gives an investor an opportunity to acquire a value-add multifamily property in a high-demand area of Chicago’s South Side. Current rents could be raised an estimated 10-15% as-is. Furthermore, by updating the units, a long-term investor could significantly increase their return on investment.
Located in the far Southeast Corner of Chicago, Chatham is one of the city’s 77 community areas and has a population of over 33,00 residents. The neighborhood has a Metra stop on the Metra Electric commuter rail line and a CTA Red Line station at 79th and 87th Street. Both stations are located within a mile of the Property making it an ideal location for commuters traveling to surrounding neighborhoods and downtown Chicago.
- Opportunity Zone Deal
- Long Term owner: under market rents
- Current GRM 3.65
- Actual Cap Rate 10.6%
- $30,882 Per Unit