Asking Price: $425,000
Building Size: 6,900 SQ FT
Cost per Square Foot: $61.59
Kiser Group pleased to exclusively offer for purchase 7940 S. Elizabeth, a center-entranced six (6) unit walk-up in the Gresham neighborhood of Chicago’s south west side. The subject site sits roughly half a block away from Gresham’s 79th Street corridor, across from a Walgreens and mass public transit. Within a two (2) block radius, tenants of 7940 S. Elizabeth have access to three (3) different public transportation stops.
7940 S. Elizabeth has a unique unit mix and strong rental base which is comprised solely of six (6) spacious, jumbo 3b/1ba units. Furthermore, all of the units feature a large living room in the front and a formal dining room adjacent to the kitchen, both of which can be used or converted to an additional bedroom. Additionally, each of the units boasts roughly 1,200 square feet of living space and are equipped with newly varnished hardwood flooring throughout. Recent capital improvements to the building consist of, but not limited to: a new 400amp electric service, new windows, a new tear-off roof, updating copper plumbing (horizontals), as well as updated and renovated units. Currently, the building is 100% occupied and all of the tenants are subsidized through Chicago Housing. Furthermore, there is a four (4) car garage which can be used to generate additional income, as well as a laundry facility containing washers and dryers in the basement.
7940 S. Elizabeth provides an investor with a rare opportunity to acquire a stabilized, violation-free, strong cash flowing asset in Chicago’s desirable pocket of Gresham. From day one, a new owner will capitalize on an incredibly strong, subsidized tenant base, and will realize an in place cap rate of 12% and a cash-on-cash return of roughly 29%.
Key Points: New Electric (400amp Service) Updated Plumbing Renovated Units 100% Occupied 12.06% Cap at List Price