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UPDATED:
01/31/2025 06:07 AM
Key Details
Property Type Commercial
Sub Type Multi Family 5+
Listing Status Active
Purchase Type For Sale
MLS Listing ID 12170537
Year Built 1903
Annual Tax Amount $16,516
Tax Year 2023
Lot Dimensions 49' X 126'
Property Description
We are pleased to present for sale 6557 S Minerva, a three-story 10-unit apartment building located in the East Woodlawn neighborhood of Chicago. The property is located ~six blocks west of the Jackson Park Golf Course and ~5 blocks south of The University of Chicago, in immediate proximity to the future Obama Presidential Library. The property experienced a complete gut rehab in 2004 deconverting unit count from 12 to 10 for multi-floor, condo-quality residences. The unit makeup is: five (5) 3 Bed/2 Bath & five (5) 2 Bed/2 Bath. All units feature hardwood flooring and tile throughout and modern kitchen features: granite countertops, modern cabinets, updated appliances, and dishwashers. The property also features copper plumbing, in-unit updated electric boxes, and in-unit laundry facilities From an economic perspective, the property features residents with below-market rental rates that allows a future operator to benefit from the opportunity to bring leases to market rental rates in a location that benefits from long-term economic improvement investment stability. In-place 7.8 cap rate and 10.9 cap rate with stabilized market rents. Listing broker has interest in the property.
Location
State IL
County Cook
Zoning MULTI
Interior
Cooling Central Air
Fireplace N
Exterior
View Y/N true
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Listed by Thomas Hart • 33 Realty