7700 S. Saginaw
Chicago, IL 60649
N/A
Sale Price
Property Details
| Price Summary | N/A |
| Number Of Units | 12 |
| Close Date | 05/2023 |
Property Description
Kiser Group is pleased to exclusively present for purchase 7700 S. Saginaw, a unique and turnkey twelve (12) unit apartment building in Chicago's historic and booming South Shore neighborhood. Over the past year, South Shore has seen a resurgence in new developments due to its proximity to Lake Michigan, as well as Chicago’s downtown, most notably with the construction of the Obama Presidential Library. Furthermore, the building sits just two blocks away from the Metra Train Station and walking distance to South Shore’s Rainbow Beach.
7700 S. Saginaw is solely comprised of twelve (12) spacious 2Bd/1Ba units. All twelve (12) units have been renovated with newer hardwood floors, newer bathrooms and kitchens, and individual furnace/hot water tanks. Furthermore, each unit boasts nearly 1,200 square feet of living space and consists of, both, a formal living and dining room, as well as a sunroom adjacent to the living room creating an even larger open living space. Additional improvements to the building include, but are not limited to, an exterior porch system (2017), newly replaced window lintels (2018), new windows, tuckpointing, as well as an abundance masonry work.
7700 S. Saginaw presents an opportunity for an investor to acquire a stabilized, cash flowing asset. From day one, Saginaw's next owner will realize an in-place cap rate above 10% along with a 20.73% cash return. Given the sheer size and quality of the units coupled with its location, current rents are roughly 20% below market. Solely by stabilizing the buildings rent roll and bringing current rents to market rate, there is an opportunity to achieve north of an 11.6% cap rate.
Location Description
South Shore
Highlights
- Gut Renovated
- Individual Furnaces & Hot Water Tanks
- All 2Bd/1Ba Jumbo Units w/ Living and Dining Rooms
- Significant Room to Increase Rents
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| 0.5 Miles | 1 Miles | 1.5 Miles | |
|---|---|---|---|
| Total households | 5,282 | 14,242 | 27,050 |
| Total population | 12,653 | 34,624 | 67,176 |
| Population white | 0.6% | 1.5% | 4.4% |
| Population black | 97.3% | 95.8% | 90.3% |
| Population hispanic | 1.0% | 2.6% | 7.4% |
| Population asian | 0.1% | 0.1% | 0.1% |
| Population pacific islander | 0.0% | 0.1% | 0.1% |
| Population american indian | 0.5% | 0.2% | 0.2% |
| Population other | 0.6% | 1.4% | 3.9% |
| Persons per household | 2.4 | 2.4 | 2.5 |
| Average household income | $34,993 | $40,750 | $42,196 |
| Average house value | $206,938 | $205,140 | $198,742 |
| Average age | 33.6 | 36.5 | 35.8 |
| Average age male | 27.8 | 32.4 | 31.6 |
| Average age female | 35.2 | 38.4 | 38.4 |