Asking Price: $550,000
Building Size: 20,000 SQ FT
Cost per Square Foot: $27.50
Kiser Group is pleased to exclusively present for purchase, 8125 S. Cottage Grove, a twenty (20) unit mixed-use property located in Chicago's historic Chatham neighborhood. The subject property sits off Cottage Grove and is conveniently situated just blocks from both bus stations as well as two of Chicago’s Metra Stations. Additionally, the property sits three blocks from Chatham Shopping District at 85th/Cottage Grove.
The subject site is currently comprised of twenty (20) total units, made up of four (4) retail store fronts, four (4) 0b/1ba studio apartments, and twelve (12) spacious 1b/1ba apartment units. Over the past five years, the site has gone through a significant renovation. Recent improvements to the building consist of, but not limited to: all new copper plumbing and water lines, a new 400amp service along with all units rewired, new boiler and hot water tank, along with reinsulating all gas lines. Furthermore, each of the sixteen (16) residential units have been updated with new fixtures, as well.
8125 S. Cottage Grove presents an investor with a rare opportunity to acquire a stabilized, strong cash flowing asset with plenty of value add components in Chicago’s desirable pocket of Chatham. From day one, a new owner will capitalize on an incredibly strong, and long term tenant base, and will realize an in place cap rate of over 11%. Furthermore, should a new operator decide to stabilize and raise rents to market rate levels, there is an opportunity to achieve a cash-on-cash return of 43.84% and a cap rate nearly 16%.
Key Points: 11.38% Cap Rate at List Price New Boiler and Hot Water Tank New and Updated Copper Plumbing New Electric Service Value Add Opportunity