Commercial > Multi-family / Apartments
Active
10/21/2024
List Price
$7,300,000$183/ft²
7270 South Shore Dr
Chicago, IL 60649
- -Bed
- -Bath
- 40,000ft²Living Area
- -Lot Size
- -Pool
- -Car
- 1970Year Built
- 50DOM
- 10Permits
7270 South Shore Dr, Chicago, IL 60649 is a 40,000 ft² multi-family/apartments property built in 1970 with 10 construction permits. This multi-family/apartments is currently on the market for $7,300,000, and it was last sold in 2022 for $4,900,000.
MLS Description
The listing agent's description. Original Listing
Pleased to present the multifamily property at 7270 S. South Shore Dr. This asset represents a compelling investment opportunity in a vibrant community. The subject property is a 53-unit multifamily elevator building with a rooftop space located in the heart of Chicago's tree-lined South Shore neighborhood. It is conveniently situated fifteen minutes from the Loop and one block from the Lakefront, offering easy access to Lake Shore Drive. The property underwent a comprehensive gut renovation in 2018 and provides excellent in-place cash flow with potential for value-add investors. The property sits on a 20,555 square foot parcel. Freddie Mac Assumable Loan: This property includes an assumable Freddie Mac loan, offering a loan assumption amount of $3,808,690 at a competitive interest rate of 3.12%, with a maturity date set for May 2027. This favorable financing structure enhances the property's investment appeal, reducing the need for new financing. Fully Renovated: The property was fully renovated in 2018, featuring new plumbing, electric, and tear-off roofs. All mechanicals, including copper plumbing, hot water tanks, boiler, and sewer line to the city, are new. Modern Amenities: The building includes stainless steel appliances, dishwashers, and new baths in all units. On-Site Management: There is a dedicated on-site building manager. Laundry Facilities: The building has ten credit card operable laundry machines. Common Areas: The property includes ample on-site office and maintenance space, three common bathrooms, and a 3,800 square foot penthouse common area lounge with a roof deck offering breathtaking lake views. Elevators: Two upgraded elevators (one passenger and one passenger/freight). Electrical Capacity: The property has high capacity electrical service with room for two additional electrical meters (1600A building and 400A elevators). Parking: There are 18 dedicated surface parking spots, with potential expansion up to 22 spots. Tenant Utilities: All units are electric, with tenants responsible for baseboard heat. Unit Mix: (9) Two-bedroom units (42) One-bedroom units (1) Studio unit Rooftop Space Investment Highlights: Location: Situated in the desirable South Shore neighborhood of Chicago, close to the Loop and Lakefront. Upside Potential: With the property's strong in-place cash flow and modern infrastructure, there is significant potential for value-add opportunities. On-Site Amenities: High-quality amenities and common areas enhance tenant satisfaction and retention. Parking and Utilities: Sufficient parking and tenant responsibility for electric baseboard heating contribute to operational efficiency. This multifamily property represents a robust investment opportunity with steady cash flow, potential for value addition, and a strategic location in one of Chicago's prominent neighborhoods.
Listing Agents
The listing agent for 7270 South Shore Dr is Anthony Hardy.
AH
Anthony Hardy
Keller Williams ONEChicago
License: 475139834
Phone: (312) 216-2422
Permits
7270 South Shore Dr has 10 permit records.
Permit History
10
Permits
Current Ownership
Information about the current owner(s).
Taxes Billed
Taxes billed in 2021$53,896.38From latest Total Assessed Value20.11%Total Assessed Value$268,020=Land+
Assessed Value$18,468Additions
Assessed Value$249,552
In 2021, taxes billed for 7270 South Shore Dr were $53,896.38, which is 20.11% from latest Total Assessed Value of $268,020.
Property History
7270 South Shore Dr has undefined property events records (listings, deeds, permits, tax, foreclosure, loan).
Property Events
Environment
Environmental factors around 7270 South Shore Dr
Hazard Risks
Tornado213Particulates128Hail124Wind120Carb Mono104Weather104Air Pollution102Ozone101Nat'l Avg100Lead57Earthquake43Hurricane15
12 hazards (Carbon Monoxide, Earthquake Risk, Hail Index, Tornado Index, Hurricane Index, Air Pollution Index, Ozone Index, Wind Index, Weather Risk, Lead Index, Particulate Matter, National Average) are above the national average around 7270 South Shore Dr.
Walkability Index
11 /20
Most Walkable
20-18
Very Walkable
17-15
Somewhat Walkable
14-10
Car Dependent
9-0
7270 South Shore Dr has a walkability score of 11 out of 20, which means that it is in a somewhat walkable area.
Temperature
Seasonal temperature sampled over multiple years
Winter
Average
Low
20°F
High
34°F
Summer
Average
Low
63°F
High
81°F
In the winter at 7270 South Shore Dr, temperatures range from 20.38°F to 34.29°F with an average of 27.34°F. In the summer, the temperature ranges from 62.82°F to 80.98°F with and average of 71.9°F.
School Information
Public/private schools serving 7270 South Shore Dr
Public Schools
Chicago Vocational Career Academy High School
Grades: 9-11
1.92 mi
F
Powell Paideia Community Academy Elementary School
Grades: KG-8
0.36 mi
C-
South Shore International College Prep High School
Grades: 12-12
0.91 mi
B-
* The school rating is based entirely on the test score performance of each school. It is based on a scale of A-F, A being best.
Nearby public schools serving 7270 South Shore Dr have ratings undefined, undefined, and undefined.
Neighborhood
This property is located in South Shore, Chicago, IL 60649.
Seasonal Housing units 60649
0%of housing is for seasonal rent.
Daytime Population for 60649
-29%of people during work hours.
Boundary map of South Shore.
Crime Index for 60649
178
178
The crime index in 60649 is 178, which is 1.8 times higher than national average.
Market Trends
Historical market data near 7270 South Shore Dr over selected time period.
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