7658 South Marquette AvenueChicago, IL 60649Sale Price: $725,000

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%.