Attractive 1960's era, 32 unit brick building in great location in booming South Shore. Appealing unit mix of 5 studios, 9-1/1's, 15-2/1's and 3-3/1's. Roof, Porches, Masonry/Tuckpointing, and Electrical work done within last 5-8 yrs. Every unit updated with Bath and Kitchen reno during same period. Laundry in basement area and outdoor parking in rear for 16-20 cars. Located 1/2 block from Rainbow Beach Park and Rainbow Beach on the shore of beautiful Lake Michigan. The CTA 26, 6, 71, and N5 buses serve this location with both north and south bound stops at 78th and S. South Shore Dr, and the Metra Line (commuter rail) stop is just a short 2 block walk away. Less than 3 miles to world renowned University of Chicago, the new Obama Presidential Library, and the soon to be renovated Jackson Park Golf course, and less than 11 miles to the center of downtown Chicago. This property was in need of new management to stabilize rents, and they have just hired a new, top notch, management company.
Property Features
Bedrooms
Other Rooms
- Basement Features: Finished
Heating and Cooling
- Cooling Features: Window Unit(s)
- Fuel Expense: 17221
Bathrooms
Land Info
- Additional Parcels: No
- Lot Size Acres: 0.39
- Lot Size Dimensions: 135X125
- Lot Size Square Feet: 16875
Exterior and Lot Features
- Frontage Type: City Street
Rental Info
- Gross Income: 417816
- Gross Scheduled Income: 417816
- Tenant Pays: Electricity
Multi-Unit Info
- Number of Units: 32
- Bedrooms in Unit-1: 0
- Bedrooms in Unit-2: 1
- Bedrooms in Unit-3: 2
- Bedrooms in Unit-4: 3
- Bedrooms in Unit-5: 0
- Bedrooms in Unit-6: 0
- Bedrooms in Unit-7: 0
- Total Bathrooms in Unit-1: 1
- Total Bathrooms in Unit-2: 1
- Total Bathrooms in Unit-3: 1
- Total Bathrooms in Unit-4: 1
- Full Bathrooms in Unit-1: 1
- Full Bathrooms in Unit-2: 1
- Full Bathrooms in Unit-3: 1
- Full Bathrooms in Unit-4: 1
- Total Rooms in Unit-1: 3
- Total Rooms in Unit-2: 4
- Total Rooms in Unit-3: 5
- Total Rooms in Unit-4: 6
- Total Rooms in Unit-5: 0
- Total Rooms in Unit-7: 0
Homeowners Association
- Maintenance Expense: 3948
Other Property Info
- Annual Tax Amount: 37142
- Source Listing Status: Active
- County: Cook
- Current Use: Multi-Family
- Cap Rate: 7.36
- Directions: north or south on S. South Shore Drive to 78th St. Property is on the SE corner of 78th and S. South Shore Drive.
- Tax Year: 2022
- Other Expense: 14825
- Source Property Type: Commercial Sale
- Insurance Expense: 14398
- Area: CHI - South Shore
- Manager Expense: 19010
- Source Neighborhood: CHI - South Shore
- Parcel Number: 21304150280000
- Trash Expense: 3510
- Property Subtype: Multi Family 5+
Commercial Info
- Net Operating Income: 228014
- Operating Expense: 179246
Utilities
- Electric: Circuit Breakers
- Electric Expense: 7150
- Water Sewer Expense: 15096
Building and Construction
- Year Built: 1961
- Building Exterior Type: Brick, Concrete
- Construction Materials: Brick, Concrete
