34-unit mixed-use property in Chicago's South Shore neighborhood. The Subject property is a three-story, masonry, corner building that is four blocks away the South Shore Cultural Center, South Shore Golf Course and five blocks from the shores of Lake Michigan. There are 20 Studios and 7 1bed/1bath units. Ownership acquired the Property in July-2016. Since acquisition, ownership has fully renovated 13 of of the apartment units and continues to renovate units as tenant move-outs occur. Additionally, ownership is in the process of getting the second of two small (800-SF), vacant commercial spaces rent-ready. Lastly, much of the heavy-lifting was completed by the seller, including full tuck pointing, all new lintels throughout the building, along with a new roof and new rear porch systems. The property is 88% occupied. Currently, there are a total of four vacant units - two residential apartments and the two small commercial units. All apartment units feature hardwood floors, with tile in the kitchens and baths. Each apartment is separately heated by way of baseboard units. The building has a central hot water tank, located in the building basement area. There are several large, clean, dry basement areas that provide investors with a great opportunity to add value in the form of tenant amenities, such as storage units and laundry facilities. The rear of the property contains a loading/parking area as well as 6 individual garages.
Atlas Asset Management Realty LLC
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|Price Reduced from $1,595,000 to $1,545,000|
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Listing information last updated on March 31st, 2020 at 8:21pm CDT.