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$3,300,000
Est. payment /mo
0.28 Acres Lot
UPDATED:
Key Details
Property Type Multi-Family
Sub Type Multi Family 5+
Listing Status Active
Purchase Type For Sale
MLS Listing ID 12525661
Maintenance Fees $12,000
Year Built 1898
Annual Tax Amount $52,726
Tax Year 2024
Lot Size 0.280 Acres
Lot Dimensions 75x175
Property Sub-Type Multi Family 5+
Property Description
Presenting 7200-02 S. Stony Island Avenue, a 24-unit multifamily investment opportunity located in the rapidly appreciating South Shore neighborhood of Chicago. This stately brick walk-up offers a highly desirable unit mix of twelve (12) spacious 2 bed / 1 bath and twelve (12) 1 bed / 1 bath apartments. The property has been meticulously maintained with significant capital improvements, blending modern upgrades with timeless vintage character. Each unit features expansive floor plans, large living rooms, generous bedroom sizes, and abundant natural light. Interior renovations include condo-quality finishes such as stainless steel appliances, in-unit laundry, updated kitchens and baths, and beautifully refinished hardwood flooring. All apartments are equipped with individual HVAC and hot water tanks, reducing owner operating costs. Building-level improvements include updated electrical and plumbing systems, a newer steel rear porch, extensive masonry and tuckpointing work, freshly painted exterior, keyless entry and intercom system installed, new wrought iron gate, security cameras, new doors throughout, and freshly updated interior hallways. South Shore continues to benefit from transformative public and private investment, including the nearby Obama Presidential Center and major infrastructure upgrades. Since ownership acquired the property, beyond the capital improvements, they have increased the current rents significantly. 7200-02 S. Stony Island offers investors the opportunity to acquire a stabilized, cash-flowing asset in its current condition. A new owner can realize modest rent increases and achieve a 7.42 cap rate, providing strong cash-on-cash returns for years to come.
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 Harrison Cohen of Triton Realty Group LLC
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