6933 S Washtenaw

Description:

 

6933 S Washtenaw Ave | Chicago, IL 60629
Three-Unit Multifamily | Fully Rehabilitated | Turnkey Cash Flow
(Chicago Lawn / Lithuanian Plaza / Marquette Park)

 

Building Overview

 

The property encompasses a Gross Building Area (GBA) of 4,503 SF and a Net Rentable Area (NRA) of 4,351 SF, offering a highly efficient layout with minimal common space. This strong ratio of rentable-to-gross square footage underscores the asset’s functionality and maximization of income-producing space, an important factor for investors focused on long-term cash flow stability.

 

Investment Highlights


Turnkey 3-unit brick multifamily, fully rehabbed with comprehensive 2023 capital upgrades (envelope, MEPs, and site).
Institutional-style systems: forced-air HVAC (hot/cold) in all units.
Clean metering: 3 separate gas meters; 4 electric meters (including house).
Parking: 3 surface spaces (currently vacant, not leased).
Laundry: communal coin-operated washer/dryer (owner-owned).
Zoning: RS-3 (buyer to verify).
Location: across from McKay Elementary (CPS); one block to Marquette Park Golf Course & Driving Range.


Capital Expenses (2023 Unless Noted)


HVAC: All furnaces and compressors replaced (2023).
Water/Hot Water: All tanks replaced (2023).
Boilers: All replaced (2023).
Plumbing: Full replacement with copper water lines, cast-iron main, and 2″ PVC range line (2023).
Electrical: Full replacement (2023).
Roof: New roof installation (2023).
Windows: First- and second-floor windows replaced (2023).
Façade: Front façade refreshed; side façades recently performed (2023).
Site & Landscaping: New hardscape and turf grass installation (2023).


 

Unit Program & Interiors


Unit 1 (First Floor): 2 bedrooms with closets, separate living & dining, rehabbed kitchen with stainless appliances & ~7-ft island, HVAC forced hot/cold.
Unit 2 (Second Floor): 2 bedrooms with closets, separate living & dining, rehabbed kitchen with stainless appliances & ~7-ft island, HVAC forced hot/cold, large balcony.


 

 


Lower Level: Dedicated HVAC, compressor, and water tank/meters (2023). Currently unfinished, it presents an opportunity for a future finished unit with forced hot/cold air; projected rent of ~$1,350/month, for the 1,018 SF unit.


 

Utilities, Meters & Site


Gas: 3 meters (1 per unit).
Electric: 4 meters (3 units + house).
Water/Hot Water: All tanks replaced 2023; lower level with dedicated tank.
Parking: 3 outdoor spaces (not leased). Can add to annual income $75/vehicle
Laundry: Coin-op washer/dryer, owner-owned.


 

Location & Connectivity


Community: Chicago Lawn / Marquette Park submarket on Chicago’s Southwest Side.
Transit: Multiple CTA bus routes (#67, #63, #49, #94) with Orange Line rail connections (Western, Kedzie, Midway stations). ~20–25 minutes Midway-to-Loop.
Air: Chicago Midway International Airport nearby.
Recreation: Marquette Park with lagoon, 9-hole golf course, and driving range.


 

Retail, Grocers & Daily Needs


Target – 7100 S Cicero Ave (with CVS Pharmacy).
Pete’s Fresh Market – 5838 S Pulaski Rd.
Jewel-Osco – 5320–5324 S Pulaski Rd.
ALDI – 6025 S Western Ave.
Food 4 Less – 7030 S Ashland Ave.


 

Neighborhood Demand & Rent Positioning


Citywide Rents: Chicago asking rent (Zillow ZORI, July 31, 2025): $2,331 (+6.3% YoY).
Submarket Comps: Rehabbed 2BR units in area asking $1,350–$1,700. Subject’s current rents ($1,500 / $1,575) are market-competitive.


 

Forward-Looking Rent Context


National Trendlines: Zillow (July 2025) reports national rents +2.6% YoY; multifamily +2.1%. Forecast: ~1% growth in 2025.
Chicago Momentum: Apartment List reports Chicago median rent up ~4% YoY.
Implication: Neighborhood rents expected stable-to-slightly rising, with upside for renovated units near retail and transit.


 

Submarket & Pipeline Notes


Ford City Mall Area: $150M proposed industrial-campus redevelopment (~913k SF) under review.


 

 


79th Street Corridor: City-led revitalization with retail upgrades and small-business activity.


 

Education & Community


Directly across: McKay Elementary School (CPS).
Community anchors: Multiple houses of worship nearby.


 

Income Potential


Rehabbing the lower level may bring ~$1,300/mo which already includes new HVAC for forced air cooling and heating and new water tank
New lease may be increased to $1,700/mo given the rents for rehabbed units


 

 

For further information or to discuss this opportunity in more detail, please contact me:

 

Manny Regalado

Senior Commercial Director | KW Commercial

312.216.2422 (o)

312.730.2029 (c)

mregalado@kwcommercial.com

2211 N Elston Ave, Suite 400

Chicago, IL, 60614


- Lithuanian Plaza, Chicago




Fully Rehabilitated, Turnkey Asset (2023 Upgrades): Comprehensive renovation completed in 2023—including full replacement of HVAC systems, furnaces, compressors, hot water tanks, plumbing, electrical, roof, façade, windows, and site/landscaping—delivering an institutional-quality, low-maintenance investment with predictable operational performance.


Efficient 3-Unit Multifamily with Additional Value-Add: The building offers 4,503 SF GBA / 4,351 SF NRA, maximizing rentable space, and includes an unfinished 1,018 SF lower-level unit already equipped with dedicated HVAC and water tank—representing a material upside opportunity with projected rent of ~$1,350/mo upon finishing.


High-Quality Unit Program: First and second-floor units feature rehabbed kitchens with stainless steel appliances, ~7-ft islands, separate living/dining rooms, full HVAC, updated interiors, and strong layouts ideal for long-term tenancy and market-rate rent growth.


Strong Rent Positioning & Growth Outlook: Current rents at $1,500 and $1,575 align with submarket comparables ($1,350–$1,700). Rent growth remains stable-to-rising in the area, supported by Chicago’s 4% YoY median rent increase and neighborhood demand drivers.


Clean & Separate Utilities: Each unit benefits from separate gas meters (3 total) and separate electric meters (4 total including house meter). All hot water tanks replaced in 2023, reducing landlord expense exposure and supporting efficient tenant utility billing.


Additional Income Potential: Three surface parking spaces (currently not leased) can generate an additional ~$225/mo ($75/vehicle). Coin-operated laundry (owner-owned) offers additional passive income.


Prime Southwest Side Location Across from McKay Elementary: Directly across the street from a major CPS school and one block from Marquette Park’s lagoon, golf course, and driving range—anchoring long-term tenant demand and neighborhood stability.


Excellent Transportation & Midway Access: Strong connectivity via CTA bus routes (#67, #63, #49, #94) with direct links to Orange Line stations (Western, Kedzie, Midway). Midway Airport is minutes away—ideal for workers in transportation, logistics, and airport employment sectors.


Surrounded by High-Demand Retail & Daily Needs: Immediate proximity to major retailers including Target, ALDI, Jewel-Osco, Pete’s Fresh Market, and Food 4 Less—enhancing renter desirability and reducing resident turnover.


Strategic Positioning Near Growth Corridors: Benefits from ongoing Southwest Side revitalization, including the proposed $150M Ford City Mall industrial campus redevelopment (~913k SF) and upgrades along the 79th Street Corridor, supporting long-term rent appreciation and value stability.