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Crandon Avenue Apartments 7308 S Crandon Ave 34 Unit Apartment Building $2,756,942 CAD ($81,087 CAD/Unit) 10.11% Cap Rate Chicago, IL 60649
INVESTMENT HIGHLIGHTS
- 10% Cap Rate
- Tenant Paid Utilites - Electric Heat
- Newer Roof and Porches
- Seven (7) 1Bd/1Ba, Twenty (20) Studios, and Seven (7) Commercial Storefronts
- Updated Kitchens & Baths w/ Hardwood Floors Throughout
- Newer Vinyl Windows | Significant Rental Upside
EXECUTIVE SUMMARY
Kiser Group is pleased to exclusively offer for purchase the sale of 7308 S. Crandon Ave, a thirty-four (34) unit mixed-use building located in Chicago’s South Shore neighborhood. The property is ideally positioned just 0.3 miles from the South Shore Metra Station, offering tenants convenient access to downtown Chicago and the lakefront. This location also benefits from proximity to Jackson Park and the future Obama Presidential Center, enhancing long-term neighborhood appeal.
7308 S. Crandon Ave features a unit mix of twenty (20) studios, seven (7) 1Bd/1Ba apartments, and seven (7) commercial storefronts. The residential units are equipped with electric baseboard heating, newer vinyl flooring, and individual in-unit breaker boxes. Recent capital improvements include a new hot water heater, contributing to reduced maintenance costs and operational efficiency.
This asset presents investors with a compelling opportunity to acquire a stabilized property with immediate cash flow and significant upside. The building currently operates at a 10% cap rate, with the potential to achieve a 12.06% cap rate through improved management and leasing strategies.
7308 S. Crandon Ave features a unit mix of twenty (20) studios, seven (7) 1Bd/1Ba apartments, and seven (7) commercial storefronts. The residential units are equipped with electric baseboard heating, newer vinyl flooring, and individual in-unit breaker boxes. Recent capital improvements include a new hot water heater, contributing to reduced maintenance costs and operational efficiency.
This asset presents investors with a compelling opportunity to acquire a stabilized property with immediate cash flow and significant upside. The building currently operates at a 10% cap rate, with the potential to achieve a 12.06% cap rate through improved management and leasing strategies.
PROPERTY FACTS
| Price | $2,756,942 CAD | Building Class | C |
| Price Per Unit | $81,087 CAD | Lot Size | 0.29 AC |
| Sale Type | Investment | Building Size | 34,000 SF |
| Cap Rate | 10.11% | Average Occupancy | 100% |
| No. Units | 34 | No. Stories | 3 |
| Property Type | Multifamily | Year Built | 1923 |
| Property Subtype | Apartment | Parking Ratio | 0.18/1,000 SF |
| Apartment Style | Low-Rise | ||
| Zoning | R3, Chicago | ||
| Price | $2,756,942 CAD |
| Price Per Unit | $81,087 CAD |
| Sale Type | Investment |
| Cap Rate | 10.11% |
| No. Units | 34 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.29 AC |
| Building Size | 34,000 SF |
| Average Occupancy | 100% |
| No. Stories | 3 |
| Year Built | 1923 |
| Parking Ratio | 0.18/1,000 SF |
| Zoning | R3, Chicago |
AMENITIES
UNIT AMENITIES
- Heating
- Kitchen
- Refrigerator
- Oven
- Range
SITE AMENITIES
- 24 Hour Access
- Controlled Access
- Recycling
- Walk-Up
- Smoke Detector
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| Studios | 20 | - | 500 |
| 1+1 | 7 | - | 600 |
1 1
Walk Score®
Very Walkable (85)
PROPERTY TAXES
| Parcel Number | 20-25-218-017-0000 | Improvements Assessment | $211,099 CAD |
| Land Assessment | $17,100 CAD | Total Assessment | $228,199 CAD |
PROPERTY TAXES
Parcel Number
20-25-218-017-0000
Land Assessment
$17,100 CAD
Improvements Assessment
$211,099 CAD
Total Assessment
$228,199 CAD
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Crandon Avenue Apartments | 7308 S Crandon Ave
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