7270 South South Shore Drive

Highlights:

• All-Electric Building: With tenant-paid electric baseboard heating, operational costs for the owner are minimized. This setup enhances the property's profitability and simplifies utility management.
• Parking: The property includes 18 dedicated surface parking spaces with the potential to expand to 22, offering tenants convenience in a city setting.
• Assumable Financing: The property benefits from an assumable loan with a balance of $3,808,690, locked in at a low 3.12% interest rate, reducing the equity requirement and making financing favorable for prospective investors.
• Prime Location: The property is situated in the vibrant South Shore neighborhood of Chicago, just a 15-minute drive from the Loop and only a block away from the Lakefront, providing tenants with easy access to Lake Shore Drive.
• Elevator Service: The building is serviced by two upgraded elevators, one for passengers and one for freight, enhancing tenant convenience and supporting maintenance needs.
• Rooftop Space: The property features a 3,800-square-foot penthouse common area lounge with a rooftop deck offering breathtaking views of Lake Michigan, a standout feature for attracting tenants and event use.

Description:

The Midwest Investment Advisors with KW Commercial and Keller Williams ONEChicago are pleased to present the multifamily property at 7270 S. South Shore Dr. This asset represents a compelling investment opportunity in a vibrant community. The subject property is a 53-unit multifamily elevator building with a rooftop venue located in the heart of Chicago’s tree-lined South Shore neighborhood. It is conveniently situated fifteen minutes from the Loop and one block from the Lakefront, offering easy access to Lake Shore Drive. The property underwent a comprehensive gut renovation in 2018 and provides excellent in-place cash flow with potential for value-add investors. The property sits on a 20,555 square foot parcel.

Freddie Mac Assumable Loan:
This property includes an assumable Freddie Mac loan, offering a loan assumption amount of $3,808,690 at a competitive interest rate of 3.12%, with a maturity date set for May 2027. This favorable financing structure enhances the property's investment appeal, reducing the need for new financing.

Fully Renovated: The property was fully renovated in 2018, featuring new plumbing, electric, and tear-off roofs. All mechanicals, including copper plumbing, hot water tanks, boiler, and sewer line to the city, are new.
Modern Amenities: The building includes stainless steel appliances, dishwashers, and new baths in all units.
On-Site Management: There is a dedicated on-site building manager.
Laundry Facilities: The building has ten credit card operable laundry machines.
Common Areas: The property includes ample on-site office and maintenance space, three common bathrooms, and a 3,800 square foot penthouse common area lounge with a roof deck offering breathtaking lake views.
Elevators: Two upgraded elevators (one passenger and one passenger/freight).
Electrical Capacity: The property has high capacity electrical service with room for two additional electrical meters (1600A building and 400A elevators).
Parking: There are 18 dedicated surface parking spots, with potential expansion up to 22 spots.
Tenant Utilities: All units are electric, with tenants responsible for baseboard heat.

Unit Mix:
- (9) Two-bedroom units
- (42) One-bedroom units
- (1) Studio units
- Rooftop Space

Investment Highlights:
Location: Situated in the desirable South Shore neighborhood of Chicago, close to the Loop and Lakefront.
Upside Potential: With the property’s strong in-place cash flow and modern infrastructure, there is significant potential for value-add opportunities.
On-Site Amenities: High-quality amenities and common areas enhance tenant satisfaction and retention.
Parking and Utilities: Sufficient parking and tenant responsibility for electric baseboard heating contribute to operational efficiency.

This multifamily property represents a robust investment opportunity with steady cash flow, potential for value addition, and a strategic location in one of Chicago’s prominent neighborhoods.