Interra Realty has been exclusively engaged to market 7156-78 S. Rhodes Avenue, Chicago, for sale. The subject investment property is an 8-unit, walk-up style, multifamily asset in the historic Grand Crossing neighborhood.
The property offers an attractive unit mix of all two-bedroom and one-bathroom apartments. The property features new electrical service, a newer steam boiler, two newer hot water storage tanks, copper plumbing, and a newer tear-off roof. Six of eight units feature market-leading finishes including granite countertops, newer cabinetry, newer bathroom tile surrounds and vanities in addition to updated flooring. A new buyer may elect to continue with renovation of the other two units in order to achieve higher rental rates in line with other updated units at the property.
A new investor has the opportunity to acquire a fully occupied, recently improved property with an in place of cap rate of over 10% in addition to a healthy cash-on-cash return.
- Desirable Unit Mix (All 2BD/1 BA Floorplans)
- Newer Electrical Service to Building (400 AMPs) and Units (100Amps)
- 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)