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$825,000
Est. payment /mo
UPDATED:
Key Details
Property Type Multi-Family
Sub Type Multi Family 5+
Listing Status Active
Purchase Type For Sale
MLS Listing ID 12479990
Maintenance Fees $6,000
Year Built 1926
Annual Tax Amount $15,000
Tax Year 2023
Lot Dimensions 5,232 SF
Property Sub-Type Multi Family 5+
Property Description
Essex has been exclusively engaged to market for sale a 12-unit multifamily building at 7150 S Cornell Ave. Located in the heart of South Shore, the property is a well maintained courtyard building that showcases true pride of ownership since acquiring. The property features six spacious studio apartments and six large one bedroom units, providing a strong unit mix for both stability and rent growth. 7150 S Cornell has benefited from significant recent improvements including but not limited to, a complete tear-off roof completed in 2022, the installation of a new 100-gallon hot water tank in 2022, and an upgraded 600-amp electrical service, all of which provide long-term durability and reduced capital expenditures. Each unit is equipped with gas-forced heating. Looking forward, there is additional upside for a new owner to add laundry facilities, storage units, and the potential to add two garden units, which would enhance both the property's income and its overall value. With its strong existing operations, and clear value-add opportunities, this presents an excellent investment opportunity in one of Chicago's most historic and accessible lakefront communities.
Location
State IL
County Cook
Area Chi - South Shore
Zoning MULTI
Interior
Cooling Window Unit(s)
Fireplace N
Building
Dwelling Type Multi Family 5+
Structure Type Brick
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Listed by Quinn Evans of Essex 312, LLC