7270 South South Shore Drive

Chicago, IL 60649

$7,300,000
Price
28
Beds
20
Baths
Sq. Ft.
/ Sq. Ft.
Sq. Ft.
per Sq. Ft.

Description

Pleased to present the multifamily property at 7270 S. South Shore Dr. This asset represents a compelling investment opportunity in a vibrant community. The subject property is a 53-unit multifamily elevator building with a rooftop space located in the heart of Chicago's tree-lined South Shore neighborhood. It is conveniently situated fifteen minutes from the Loop and one block from the Lakefront, offering easy access to Lake Shore Drive. The property underwent a comprehensive gut renovation in 2018...Pleased to present the multifamily property at 7270 S. South Shore Dr. This asset represents a compelling investment opportunity in a vibrant community. The subject property is a 53-unit multifamily elevator building with a rooftop space located in the heart of Chicago's tree-lined South Shore neighborhood. It is conveniently situated fifteen minutes from the Loop and one block from the Lakefront, offering easy access to Lake Shore Drive. The property underwent a comprehensive gut renovation in 2018 and provides excellent in-place cash flow with potential for value-add investors. The property sits on a 20,555 square foot parcel. Freddie Mac Assumable Loan: This property includes an assumable Freddie Mac loan, offering a loan assumption amount of $3,808,690 at a competitive interest rate of 3.12%, with a maturity date set for May 2027. This favorable financing structure enhances the property's investment appeal, reducing the need for new financing. Fully Renovated: The property was fully renovated in 2018, featuring new plumbing, electric, and tear-off roofs. All mechanicals, including copper plumbing, hot water tanks, boiler, and sewer line to the city, are new. Modern Amenities: The building includes stainless steel appliances, dishwashers, and new baths in all units. On-Site Management: There is a dedicated on-site building manager. Laundry Facilities: The building has ten credit card operable laundry machines. Common Areas: The property includes ample on-site office and maintenance space, three common bathrooms, and a 3,800 square foot penthouse common area lounge with a roof deck offering breathtaking lake views. Elevators: Two upgraded elevators (one passenger and one passenger/freight). Electrical Capacity: The property has high capacity electrical service with room for two additional electrical meters (1600A building and 400A elevators). Parking: There are 18 dedicated surface parking spots, with potential expansion up to 22 spots. Tenant Utilities: All units are electric, with tenants responsible for baseboard heat. Unit Mix: (9) Two-bedroom units (42) One-bedroom units (1) Studio unit Rooftop Space Investment Highlights: Location: Situated in the desirable South Shore neighborhood of Chicago, close to the Loop and Lakefront. Upside Potential: With the property's strong in-place cash flow and modern infrastructure, there is significant potential for value-add opportunities. On-Site Amenities: High-quality amenities and common areas enhance tenant satisfaction and retention. Parking and Utilities: Sufficient parking and tenant responsibility for electric baseboard heating contribute to operational efficiency. This multifamily property represents a robust investment opportunity with steady cash flow, potential for value addition, and a strategic location in one of Chicago's prominent neighborhoods.
  1. Listed by Anthony Hardy • Keller Williams ONEChicago
  2. Listed by Travis Montgomery • Keller Williams ONEChicago

Property Details for 7270 South South Shore Drive

Area
CHI - South Shore
Num of Interior Fireplaces
1
Zoning
MULTI
LISTING UPDATED: 10/22/2024 03:04 AM

Property Details for 7270 South South Shore Drive

StatusNew
MLS #12193235
Days on Market2
Taxes$34,443 / year
HOA Fees-
Condo/Co-op Fees-
Compass TypeMulti Family
MLS TypeMulti Family 5+ / Multi Family 5+-Other
Year Built1970
Lot Size0.47 AC / 20,521 SF
CountyCook County

Building Information for 7270 South South Shore Drive

Stories5Residences52Year Built1970Building Size-Lot Size0.47 AC / 20,521 SF

Property Information for 7270 South South Shore Drive

General Information
Addtl Parking Information
  • Outdoor Parking: 19-30 Spaces
Location and General Information
  • Information: 48-Hr Notice Required
Taxes and HOA Information
  • Additional Parcels: No
Property Information
Interior Features
  • Air Conditioning: Exhaust Fan
  • Electric: Over 600 Amps
  • # Of Washers: 5
  • Basement Description: Unfinished
  • Heat/Ventilation: Electric,Baseboard,Separate Per Unit
  • # Of Refrigerators: 52
  • Misc Inside: Atrium,Common Meeting Room/s,Elevator/s Freight,Elevator/s Passenger
  • # Of Dryers: 4
  • # Of Dishwashers: 52
  • Num of Baths: 20.0
Property/Lot Information
  • Tenant Pays: Electricity, Heat
  • Built Before 1978: Yes
  • Approximate Age: Older
  • Multi-Family Type: Other
  • Lot Dimensions: 110X186
  • Lot Size Square Feet: 20521.0
  • Stories: 5
  • Exterior Building Type: Brick
  • Construction: Brick
  • Roof Structure: Flat
  • Building Area Total: 40000
  • # Of Ranges: 52
Property and Assessments
  • Public Document Count: 0
  • Photos Count: 17
Miscellaneous
  • Current Use: Multi-Family
Virtual Tour/Additional Media
  • Virtual Tour: None
  • Virtual Tour YN: No
Multi Family
Multi-Family Information
  • Number Of Units Total: 52
Income & Expenses
  • Electric Expense: $.00
  • Fuel Expense: $.00
  • Gross Income: $.00
  • Gross Scheduled Income: $.00
  • Insurance Expense: $.00
  • Maintenance Expense: $.00
  • Expense Year: 2024
  • Janitor Expense: 0
  • Total Monthly Income: 0
  • Net Operating Income: $.00
  • Operating Expense: $.00
  • Other Expense: $.00
  • Trash Expense: $.00
  • Water Sewer Expense: $.00
Unit 1
  • Unit Type Baths Total: 1
  • Unit Type Beds Total: 0
  • Unit Type Type: Unit 1
  • Unit Type Units Total: 1
Unit 2
  • Unit Type Baths Total: 1
  • Unit Type Beds Total: 1
  • Unit Type Type: Unit 2
  • Unit Type Units Total: 10
Unit 3
  • Unit Type Baths Total: 1
  • Unit Type Beds Total: 2
  • Unit Type Type: Unit 3
  • Unit Type Units Total: 9
Unit 4
  • Unit Type Beds Total: 0
  • Unit Type Type: Unit 4
  • Unit Type Units Total: 0
Unit 5
  • Unit Type Beds Total: 0
  • Unit Type Type: Unit 5
  • Unit Type Units Total: 0
Unit 6
  • Unit Type Beds Total: 0
  • Unit Type Type: Unit 6
  • Unit Type Units Total: 0
Unit 7
  • Unit Type Beds Total: 0
  • Unit Type Type: Unit 7
  • Unit Type Units Total: 0

Property History for 7270 South South Shore Drive

DateEvent & SourcePriceAppreciation
DateEvent & SourcePrice

For completeness, Compass often displays two records for one sale: the MLS record and the public record.

Public Records for 7270 South South Shore Drive

Taxable ValueLand$13,851Additions$187,166Total$201,017
Tax Record2022$41,346 ($3,445 / month)
Home Facts
Lot Size20,555 SqFtStyleMulti-Family Res (5+ Units)CountyCOOKAPN21-30-107-024

Schools near 7270 South South Shore Drive

This home is within Chicago Public Schools.
Rating
School
Type
Grades
Distance
Public - PK to 8
Public - 9 to 12
Public - 9 to 12
Public - 9 to 12
Rating
School
Distance
Powell Elementary Paideia Community Academy
PublicPK to 8

Excel Academy - Woodlawn HS
Public9 to 12

South Shore Intl Col Prep High School
Public9 to 12

School ratings and boundaries are provided by GreatSchools.org and Pitney Bowes. This information should only be used as a reference. Proximity or boundaries shown here are not a guarantee of enrollment. Please reach out to schools directly to verify all information and enrollment eligibility.

Similar Homes

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7270 South South Shore Drive is a multi-family home for sale in Chicago, IL 60649. This property was listed for sale on October 21, 2024 by Keller Williams ONEChicago, it's currently listed at $7,300,000. It has been on the market for a total of 2 days and was last sold on March 9, 2022. This listing's school district is Chicago Public Schools. Nearby schools include Powell Elementary Paideia Community Academy, Chicago Vocational Career Academy High School and Excel Academy - Woodlawn HS. 7270 South South Shore Drive is a 28-bed, 20-bath, multi-family home built in 1970.

No guarantee, warranty or representation of any kind is made regarding the completeness or accuracy of descriptions or measurements (including square footage measurements and property condition), such should be independently verified, and Compass expressly disclaims any liability in connection therewith. Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions. Offers of compensation are subject to change at the discretion of the seller. No financial or legal advice provided. Equal Housing Opportunity.

Listing Courtesy of Keller Williams ONEChicago

Based on information from one of the following Multiple Listing Services: Midwest Real Estate Data LLC (\"MRED\"), MRED PLN GRID, Northwest Indiana REALTORS® Association and NorthWest Illinois Alliance of REALTORS. Information being provided is for the visitor’s personal, noncommercial use and may not be used for any purpose other than to identify prospective properties visitor may be interested in purchasing. The data contained herein is copyrighted by Midwest Real Estate Data LLC (\"MRED\"), MRED PLN GRID, Northwest Indiana REALTORS® Association and NorthWest Illinois Alliance of REALTORS is protected by all applicable copyright laws. Any dissemination of this information is in violation of copyright laws and is strictly prohibited. Property information referenced on this web site comes from the Internet Data Exchange (IDX) program of the MLS. This web site may reference real estate listing(s) held by a brokerage firm other than the broker and/or agent who owns this web site. For the avoidance of doubt, the accuracy of all information, regardless of source, is deemed reliable but not guaranteed and should be personally verified through personal inspection by and/or with the appropriate professionals. Based on information submitted to the MLS GRID as of 10/22/2024 03:04 AM. All data is obtained from various sources and may not have been verified by broker or MLS GRID. Supplied Open House Information is subject to change without notice. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.