ON MARKET – MULTI-FAMILY
1502-1510 E. 74th Street Chicago, IL 60619
NEIGHBORHOOD
South Shore
PRICE
$785,000
NUMBER OF UNITS
12
CAP RATE
9.48%
PROPERTY LISTED

Essex has been exclusively engaged to market for sale 1502-1510 E. 74th Street, a twelve unit (12) apartment building located in prime South Shore neighborhood. This property sits on the corner of 74th St. & Blackstone Ave., and within close proximity to shops & transportation on Stony Island Ave., a block east.

1502 E. 74th St. is a three (3) story brick corridor property consisting of twelve (12) one (1) bedroom apartments with vintage Chicago layouts. The current renters have an average lease of 5 years and the building is 100% occupied.
The offering presents the multi-family investor with a stable 12-unit property with many modern improvements and attractive cash flows. The property has seen great improvements including new roof layer in 2016, all windows replaced for new aluminum, as well as updated bathrooms. Landlord paid heat. Coin operated laundry machines located in the basement.

LOCATION DETAILS

The property is situated near the corner of S. Stony Island Ave and E. 74th St., in Chicago's historic South Shore neighborhood. It is only a 15 minute walk to South Shore's Rainbow Beach. Surrounded by multiple CTA bus routes, Metra Station, & iconic highway, Lake Shore Drive, this property makes transit to downtown a breeze. The eye catching architecture of this historic area highlights the prominence of the neighborhood. Chicago’s well known landmarks are scattered around this neighborhood drawing tourists in for a fun adventure. One of the largest science museums in the world, The Museum on Science & Industry (2. 5 miles), was the site of the 1893 World’s Columbian Exposition. South Shore encompasses Rainbow Beach, which provides access to Lake Michigan for residents and visitors alike. Jackson Park, the Museum of Science and Industry and The University of Chicago are all located within four miles of South Shore.

HIGHLIGHTS
  • Turn-Key Investment
  • Cap Rate: 8.85%
  • GRM: 6.9
  • Prime South Shore Location
LISTING BROKER
Brian Mond
Director
312.662.9590