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MLS Properties
22
7270 S South Shore Drive IL
$7,000,000 Sale
Listed 2 hours ago
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Key Facts
Key facts for 7270 S South Shore Drive IL
Property Type
Commercial
Parking
-
MLS #
12465084
Size
-
Basement
Unfinished
Listed on
-
Lot size
-
Tax
$34,443 /yr
Days on Market
-
Year Built
1970
Maintenance Fee
-
Description
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 venue located in the heart of Chicago's tree-lined South Shore neigh...borhood. 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. 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. Rooftop Master Lease Ownership will sign a master lease for 12-24 months at $4,050 per month for the rooftop space, which they are currently utilizing as storage and property management space. 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 (leased back at $4,050/month) 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, master-leased rooftop space, 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.
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Listing courtesy of: Keller Williams ONEChicago

Listings courtesy of MRED as distributed by MLS GRID.