7931 South Manistee AvenueChicago, IL 60617Price: $635,000

  • Price: $635,000
  • 127 Days on Market
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Federal 30-year interest rate: 7.02% last updated on May 16, 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.
  • 1926Year Built

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7931 S. Manistee is a seven (7) unit building in Chicago's historic South Shore neighborhood. Nestled on a one-way, tree lined street, the building sits within walking distance to an abundance of public transportation options, Lake Michigan, and Rainbow Beach Park. Over the past few years, South Shore has seen a wealth of new developments due to its proximity to Lake Michigan, the upcoming and developing Obama Presidential Library, along with $100 million project located at 79th & Exchange, Thrive Exchange, located just two (2) blocks away from the subject property. 7931 S. Manistee has an incredibly desirable unit mix comprised of seven (7) 3bd/1ba units. Each unit features hardwood floors and spacious floor plans with separate living and dining rooms. Recent improvements to the building include, but are not limited to: copper plumbing, modern boiler with R&D control system, an abundance of masonry & tuckpointing work, along with newer windows. 7931 S. Manistee presents an investor with the opportunity to acquire a stabilized, cash flowing building with a significant value-add component. At list price, the building performs at a 9.2% cap rate. However, solely by raising rents to current market rate levels, an investor could achieve an 11.37% cap rate and cash return of nearly 22%.

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Listed by Aaron Sklar of Kiser Group Realty Inc

Based on information submitted to MRED  as of May 22, 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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