Property Overview
Interra Realty has been exclusively engaged to market 8031-35 S. Phillips Avenue for sale. The subject investment property is a jumbo (6) unit, walk-upstyle, multifamily asset in the historic South Chicago neighborhood.
The property offers an extremely attractive unit mix of (5) three bedroom/2 bath and (1) four bedroom/2 bath apartments. The property features a newer steam boiler, two hot water storage tanks, and copper plumbing. Units feature granite countertops, newer cabinetry, newer bathroom tile surrounds and vanities in addition to updated flooring.
A new investor has the opportunity to acquire a fully occupied, recently improved property with a strong in-place cap rate of over 9.5% in addition to a healthy cash-on-cash return.
Highlights
- Highly Desirable Unit Mix: (5) 3 BD/2 BA and (1) 4 BD/2 BA
- Units have been updated with granite countertops, newer cabinetry, updated flooring.
- Newer steam boiler installed in Approx. 2016. Updated windowsthroughout.
- Extremely Spacious Units with strong in-place rents.
- 5-car garage located in rear of property (Not Currently in Use)
Key Details
Sale Price:
$500,000
Number of Units
Six (6)
Transaction Date
2023
Submarket
South Chicago
