Ridgeland Ave

Description:

The Neistat Group and Jameson Commercial are pleased to present the exclusive sale of 7800 S Ridgeland, a thirteen (13) unit property in Chicago’s hottest rental market, South Shore. Located three (3) miles from the University of Chicago / Hyde Park and nine (9) miles from Downtown, the location has easy access to I90, I94, and Dusable Lake Shore Drive.

Purchased in 2015, 7800 S Ridgeland in 2015, the current owners did an extensive rehab, costing close to $600,000 ($50,000 per unit). These improvements consist of but are not limited to a new roof, individual gas furnaces and hot water tanks, copper plumbing, and new electrical. In addition, the owners have meticulously kept the building; as recently as 2021, tuck pointed the entire western wall and chimney.

7800 S Ridgeland is the true definition of a Turnkey asset with long-term tenants and under-market rents. An investor is acquiring this asset with the opportunity to increase to NOI and capitalize on a solid tenant base. Additionally, with the Obama Presidential Library breaking ground and announcing a $61M entertainment studio half (.5) a mile west, the neighborhood is slated further to appreciate.

Property on the SW corner of 78th and Ridgeland