7658 South Marquette AvenueChicago, IL 60649Price: $825,000

  • Price: $825,000
  • 217 Days on Market
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Federal 30-year interest rate: 6.77% last updated on Feb 15, 2024
* All Figures are estimates. Check with your bank or proposed mortgage company for actual interest rates.
This product uses the FRED® API but is not endorsed or certified by the Federal Reserve Bank of St. Louis.
  • 1922Year Built

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7658 S. Marquette is a beautiful thirteen (13) unit walk-up building located in Chicago's historic South Shore Neighborhood, just a few blocks from Lake Michigan and directly adjacent to Myra Bradwell Elementary School. Additionally, the building sits on an incredibly quiet and redeveloping block in one of Chicago's federally recognized Opportunity Zones. 7658 S. Marquette has an incredibly desirable unit mix consisting of all larger units. Currently, the building consists of two (2) 1b/1ba units and eleven (11) 2b/1ba units. All, but two (2), of the units have been extensively gut renovated with new kitchens, baths, resurfaced hardwood floors, new fixtures, cabinets, and boast an open-style layout. Additional improvements to the building consist of, but are not limited to, new copper plumbing in all supply lines (2014), significant masonry work and tuck pointing (2014), a new 600 Amp electric service along with units being rewired and outlets added (2014), new porches, as well as a newer rubber roof. 7658 S. Marquette presents an investor with a unique opportunity to acquire a stabilized, cash flowing asset. From day one, a new owner will realize an in place cap rate of 8.16% as well as an in place cash-on-cash return over 11%. Additionally, there is a significant value add component by converting the remaining 1b/1ba to 2b/1ba. Furthermore, solely by improved leasing and management and stabilizing rents to market rate levels, an investor could achieve a cap rate over 11%.

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Listed by Aaron Sklar and Noah Birk of Kiser Group Realty Inc

Based on information submitted to MRED  as of February 21, 2024 . All data is obtained from various sources and has not been, and will not be, verified by broker or MRED.   All information should be independently reviewed and verified for accuracy.  Properties may or may not be listed by the office/agent presenting the information. NOTICE: Many homes contain recording devices, and buyers should be aware they may be recorded during a showing.

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