Address
7931 S Manistee Avenue, Chicago, IL
Price
$ 635,000
Property Attributes
- MLS#11962843
- TypeMulti-Family
- CountyCOOK
- CityChicago
- AreaCHI - South Chicago
- NeighborhoodSouth Chicago
- Zip60617
- Style
- Year Built1926
- Taxes$ 8342
- Price$ 635,000
- Bedrooms3
- Full Bathrooms0
- Half Bathrooms0
Data Source:
Midwest Real Estate Data (MRED)
Property Description
7931 S. Manistee is a seven (7) unit building in Chicago's historic South Shore neighborhood. Nestled on a one-way, tree lined street, the building sits within walking distance to an abundance of public transportation options, Lake Michigan, and Rainbow Beach Park. Over the past few years, South Shore has seen a wealth of new developments due to its proximity to Lake Michigan, the upcoming and developing Obama Presidential Library, along with $100 million project located at 79th & Exchange, Thrive Exchange, located just two (2) blocks away from the subject property. 7931 S. Manistee has an incredibly desirable unit mix comprised of seven (7) 3bd/1ba units. Each unit features hardwood floors and spacious floor plans with separate living and dining rooms. Recent improvements to the building include, but are not limited to: copper plumbing, modern boiler with R&D control system, an abundance of masonry & tuckpointing work, along with newer windows. 7931 S. Manistee presents an investor with the opportunity to acquire a stabilized, cash flowing building with a significant value-add component. At list price, the building performs at a 9.2% cap rate. However, solely by raising rents to current market rate levels, an investor could achieve an 11.37% cap rate and cash return of nearly 22%.
| Price History | |
|---|---|
| 2/28/2024 | Listed $635,000 |
General Features
| Year Built | 1926 |
|---|---|
| Tenant Pays | Electricity |
| Stories | 3 |
| Tax Year | 2022 |
| Gross Income | 101040 |
| County | Cook |
| Net Operating Income | 57236 |
| Operating Expense | 38752 |
| Insurance Expense | 3877 |
| Property Type | Commercial Sale |
| MaintenanceExpense | 2200 |
| Status | Active |
| Directions | From S South Shore Dr,turn West on 79th,then turn South on Manistee to 7931 |
| City | Chicago |
| Total Units | 7 |
| MLS Area | CHI - South Chicago |
| Street Name | Manistee |
| Tax Annual Amount | 8342 |
| Electric Expense | 512 |
| Fuel Expense | 8556 |
| Trash Expense | 2471 |
| Water Sewer Expense | 4695 |
| Additional Parcels Y/N | No |
| Days on Market | 63 |
| Standard Status | Active |
| Property Type | Multi Family 5+ |
Interior Features
| Street Suffix | Avenue |
|---|
Exterior Features
| Lot Dimensions | 50' X 124' |
|---|
Amenities
- Foreclosure
- Views
- Short Sale
- New Construction
- Adult 55+
- Lease To Own
- No HOA Fees
- Furnished
- Primary On Main
- Air Conditioning
- Seller Finance
- Green
- Fixer Upper
- Horse
- Golf
- Fireplace
- Deck
- Garage
- Basement
- Pool
Property vs Multi-Family Average in 60617
Price
Taxes
Visits
Year Built
