7156-58 S. Rhodes Ave. & 7556 S. Eberhart Ave.

Property Overview

Interra Realty has been exclusively engaged to market a two property portfolio at 7156-78 S. Rhodes Avenue and 7556-58 S. Eberhart Avenue in Chicago's historic Grand Crossing neighborhood. The subject investment properties total 16 units with 8 units in each building.

The properties offer an attractive unit mix of 2 Bed/1 Bath and 3 Bed/1 Bath apartments. The property at 7156-58 S. Rhodes features new electrical service, a newer steam boiler, two newer hot water storage tanks, copper plumbing and a newer tear off roof. The property at 7556-58 S. Eberhart features new electrical service, individual boilers supplying heat to each unit (tenant paid), two newer hot water storage tanks, copper plumbing and a newer tear off roof.

Both buildings feature updated finishes throughout with granite countertops, modern cabinetry, newer flooring, and newer appliances. A qualified investor has the opportunity to acquire a stabilized, cash flowing asset producing double digit cap rate returns. 

Highlights

  • Portfolio of two properties/Must be sold together
  • Desirable Unit Mix (13 2BD/1 BA & 3 3BD/1BA)
  • Recently updated electrical, plumbing/boiler, and tear off roofs Strong in place rents
  • Upgraded finishes throughout (Granite counter tops, modern cabinetry, newer flooring, newer appliances.)
7156-58 S. Rhodes Ave.
  • Desirable Unit Mix (All 2BD/1 BA Floorplans)
  • Newer Electrical Service to Building (400 AMPs) and Units (100 Amps)
  • Newer Boiler (2016), New Hot Water Tanks (2023), Tear Off Roof (2016)
  • Upgraded Finishes in 6/8 Units (Granite Counter Tops and Modern Cabinetry, Newer Flooring, Newer Appliances)
7556-58 S. Eberhart Ave.
  • Desirable Unit Mix: (5) 2 BD/1 BA & (3) 3 BD/1 BA
  • Individual Tenant Paid Heat – Baseboard Hot Water
  • Two (2) 75 Gallon Hot Water Storage Tanks (2017)
  • 6/8 Units Feature Updated Kitchen (Granite Counter Tops, Newer Cabinetry, Newer Appliances, Dishwashers) & Bathrooms (Newer Vanities and Tile Surrounds)

Key Details

Sale Price
$1,475,000
Number of Units
Sixteen (16)
Submarket
Grand Crossing
Cap Rate
10.89%