Property Overview
Interra Realty has been exclusively engaged to present for sale 7147-49 S. Constance Ave. The subject property is a 13 unit building featuring (6) 1 BD/1 BA units and (7) 2 BD/1 BA Units located in Chicago's historic South Shore neighborhood. The building has been pridefully maintained and managed and is being offered for sale for the first time since 2007.
The building present qualified investors with the opportunity to acquire a stabilized asset with strong upside in NOI by bringing rents to market levels through cosmetic upgrades of the units. The average 1 BD Rent is $687 and the average 2 BD Rent is $851
A new buyer has the opportunity to take advantage of below market rents and capitalize on strong leasing momentum in the neighborhood. With high in place occupancy, the offering presents a mix of stability and operational upside.
Highlights
- Desirable Unit Mix: (6) 1 BD/1 BA & (7) 2 BD/1 BA units
- First time being offered for sale since 2007
- Significant value add opportunity through increasing rental rates to market
levels - Average 1 BD Rent: $687/Average 2 BD Rent: $851
- Brand new hot water tanks
- Laundry room on-site