RE Journals | 62-unit multifamily property in Chicago’s Grand Crossing seeks $5.3 million
Essex Realty Group has been exclusively engaged to market 6800 S. Dorchester Avenue on Behalf of NOVO Properties. The 62-unit apartment building, located in Chicago’s Grand Crossing neighborhood, is listed for $5,300,000.
More than $750,000 of capital improvements have gone into the building, including updates and repairs to the rear porches, a new roof in 2017, plus new copper plumbing and new electric service. Nearly half of the units have been renovated to include granite countertops, white kitchen cabinets, stainless steel appliances and baseboard heat. Currently the units are rented with below market rents and several different agencies subsidize rents. This provides an investor with the opportunity to acquire a well-maintained building in a rapidly changing area with value-add potential.
“The property located at 6800 S. Dorchester has undergone numerous renovations and still has a value-add component that makes it very intriguing,” said Brian Mond, director at Essex Realy, who along with associate Ben Bakula, are marketing the property for sale.
The property is located less than a mile from the future site of the Obama Presidential Center in Jackson Park and half a mile from the Stony Island Orange Line stop. Grand Crossing, like other South Side neighborhoods stocked with vintage mulifamily properties, has lately hit the radar of more East and West Coast investors.
“The building is located in an area that now calls itself the Dorchester Arts District because of its dedication to the arts and culture,” Mond said. “This area has some very cool public private partnership developments such as The Kenwood Garden Park which will be opening directly next door to 6800 S Dorchester, and the Dorchester Art & Housing Collaborativea partnership with Brinshore Development, the Rebuild Foundation founded by Theaster Gates, and the Chicago Housing Authority. I love what installation artist and U of C professor Theaster Gates has accomplished in a short amount of time in this pocket. I look forward to seeing this Arts District continue to grow and flourish.”