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Mixed-Use

7901 - 7901 South Phillips Avenue

7901 S Phillips Ave, Chicago, IL 60617

Listing Price: $2,850,000

Cap Rate
8.02%
Number of Units
34
Occupancy
94.0%
Price/Unit
$83,824
Price/Gross SF
$106.36
Gross SF
26,795

Investment Overview

Marcus & Millichap is pleased to present this mixed-use opportunity in the South Shore neighborhood of Chicago, Illinois. The subject property consists of 15 Two-Bedroom/One-Bath units, 10 One-Bedroom/One-Bath units, Two Studios, and Seven Commercial spaces all occupied by three tenants. 16 of the apartments were gut renovated in the last 6 months and feature brand new stainless steel appliances, quartz countertops and updated bathroom vanities. The remaining 11 apartments are partially updated and feature granite counters, white appliances with oak cabinets, and older bathroom finishes. The asset is ideally located along a major retail corridor within blocks of Lake Michigan, numerous restaurants and stores, and multiple transit routes. Chicago Transit Authority (CTA) 79 bus stop is located directly next to the property, and the Cheltenham/79th Street Metra train stop is a 13-minute walk. Lake Michigan and Rainbow Beach Park are less than one mile from the building. Over the last few years, the booming South Shore neighborhood has been in high demand for developers, investors, and renters alike. The area has experienced strong appreciation due to its proximity to Lake Michigan, Hyde Park, The University of Chicago, the Obama Presidential Library and countless other attractions. There are also numerous CTA bus routes and Metra stops located throughout the neighborhood, making for easy an easy commute to and from downtown Chicago.

Investment Highlights

  • 60% of the building has been gut renovated in 2022-23 and features brand new windows, common areas, mechanicals, and 16 high-end apartments.
  • The remaining 40% consists of 11 moderately updated apartments.
  • Ideally located along main thoroughfare
  • Within close proximity to Lake Michigan, numerous restaurants and stores, and multiple transit routes

Exclusively Listed By

Financing By

Mixed-Use

7901 - 7901 South Phillips Avenue

Listing Price: $2,850,000

Cap Rate
8.02%
Number of Units
34
Occupancy
94.0%
Price/Unit
$83,824
Price/Gross SF
$106.36
Gross SF
26,795

Investment Highlights

  • 60% of the building has been gut renovated in 2022-23 and features brand new windows, common areas, mechanicals, and 16 high-end apartments.
  • The remaining 40% consists of 11 moderately updated apartments.
  • Ideally located along main thoroughfare
  • Within close proximity to Lake Michigan, numerous restaurants and stores, and multiple transit routes

Investment Overview

Marcus & Millichap is pleased to present this mixed-use opportunity in the South Shore neighborhood of Chicago, Illinois. The subject property consists of 15 Two-Bedroom/One-Bath units, 10 One-Bedroom/One-Bath units, Two Studios, and Seven Commercial spaces all occupied by three tenants. 16 of the apartments were gut renovated in the last 6 months and feature brand new stainless steel appliances, quartz countertops and updated bathroom vanities. The remaining 11 apartments are partially updated and feature granite counters, white appliances with oak cabinets, and older bathroom finishes. The asset is ideally located along a major retail corridor within blocks of Lake Michigan, numerous restaurants and stores, and multiple transit routes. Chicago Transit Authority (CTA) 79 bus stop is located directly next to the property, and the Cheltenham/79th Street Metra train stop is a 13-minute walk. Lake Michigan and Rainbow Beach Park are less than one mile from the building. Over the last few years, the booming South Shore neighborhood has been in high demand for developers, investors, and renters alike. The area has experienced strong appreciation due to its proximity to Lake Michigan, Hyde Park, The University of Chicago, the Obama Presidential Library and countless other attractions. There are also numerous CTA bus routes and Metra stops located throughout the neighborhood, making for easy an easy commute to and from downtown Chicago.

Exclusively Listed By

Financing By

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