7301 South Michigan Avenue

Chicago, IL 60619

$685,000
Price
12
Beds
Sq. Ft.
/ Sq. Ft.
Sq. Ft.
per Sq. Ft.

Description

Everybody wants Chatham, but only a few properties come up for sale that are in the heart of Chatham between State and King Drive. This 8-unit gem has been owned by one family since 1956. Has spacious units with dining rooms and large kitchens. There are 4 - 2 bedroom units and 4- 1bdrm units. Most units have dining rooms. Not found in the average commercial buildings. This property was built for family living. Has 4 car garage and ample rear yard for those lazy summer outdoor activities. Let's talk......Everybody wants Chatham, but only a few properties come up for sale that are in the heart of Chatham between State and King Drive. This 8-unit gem has been owned by one family since 1956. Has spacious units with dining rooms and large kitchens. There are 4 - 2 bedroom units and 4- 1bdrm units. Most units have dining rooms. Not found in the average commercial buildings. This property was built for family living. Has 4 car garage and ample rear yard for those lazy summer outdoor activities. Let's talk... This is a great building for a family or for an investor looking to get maximum return on investment. Cause everybody want to live in a community that shows the pride of ownership. Let's be clear, the current rents do not reflect earning potential because of long term tenants. The heirs have decided to give another owner the experience and pleasure of Chatham ownership. A Quiet block, close to schools, shopping and transportation. This is the heart of Chatham. A great place to raise a family or spend your retirement. No problem getting good tenants in this area. Come and see why Chatham is the most desirable far southside community in Chicago. This is an area with long term tenants and owners where neighbors really know each other. Buyers must be pre-qualified. No offer accepted without lender approval . This is not your typical apartment building. This property has been lovingly cared for by one family for more than sixty years. Roof was recently re-coated as part of regular maintenance program. Got a big family? This building is the answer to a prayer. This could be your ticket to generational wealth building.
  1. Listed by Joyce Gibson • J.A. Gibson & Associates, Ltd.

Property Details for 7301 South Michigan Avenue

Area
CHI - Greater Grand Crossing
Township
Hyde Park
Zoning
MULTI
LISTING UPDATED: 01/30/2025 03:23 PM

Property Details for 7301 South Michigan Avenue

StatusActive
MLS #12192590
Days on Market105
Taxes$9,327 / year
HOA Fees-
Condo/Co-op Fees-
Compass TypeMulti Family
MLS TypeMulti Family 5+ / Corridor-Interior Entrance
Year Built1925
Lot Size0.17 AC / 7,500 SF
CountyCook County

Building Information for 7301 South Michigan Avenue

Stories2Residences8Year Built1925Building Size-Lot Size0.17 AC / 7,500 SF

Property Information for 7301 South Michigan Avenue

General Information
Addtl Parking Information
  • Indoor Parking: 1-5 Spaces
Location and General Information
  • Frontage Type: City Street
  • Information: List Broker Must Accompany
Taxes and HOA Information
  • Additional Parcels: No
Property Information
Interior Features
  • Air Conditioning: None
  • Electric: Circuit Breakers, Service - 101 to 200 Amps
  • # Of Washers: 1
  • Basement Description: Unfinished
  • Heat/Ventilation: Central Bldg Heat
  • # Of Refrigerators: 8
  • # Of Dryers: 1
  • # Of Dishwashers: 0
  • Num of Baths: 8.0
Exterior Features
  • Building Unit Info: No Units Furnished,Smoke/Alarm Detector
Utilities / Equipment
  • Utilities: Sanitary Sewer, Water-Municipal
Property/Lot Information
  • Built Before 1978: Yes
  • Approximate Age: Older
  • Multi-Family Type: Corridor-Interior Entrance,Flats
  • Lot Dimensions: 60X125
  • Stories: 2
  • Exterior Building Type: Brick
  • Construction: Brick
  • Roof Type: Rubber
  • Fire Protection: Fire Extinguisher/s
  • Roof Structure: Flat
  • Foundation Details: Concrete Perimeter
  • # Of Ranges: 8
  • Conversion: N
Property and Assessments
  • Possible Use: Condominium
  • Buyer Financing: Conventional
  • Public Document Count: 0
  • Photos Count: 1
  • Deconversion: N
Miscellaneous
  • Current Use: Multi-Family
  • Land Amenities: Curbs and Gutters
  • Location: Corner
Virtual Tour/Additional Media
  • Virtual Tour: None
  • Virtual Tour YN: No
Multi Family
Multi-Family Information
  • Number Of Units Total: 8
Income & Expenses
  • Electric Expense: $4,320.00
  • Fuel Expense: $5,700.00
  • Gross Income: $49,200.00
  • Gross Scheduled Income: $49,200.00
  • Insurance Expense: $4,230.00
  • Maintenance Expense: $2,500.00
  • Manager Expense: $.00
  • Electric Expense Source: Owner Projection
  • Known Encumbrances: None Known
  • Expense Year: 2023
  • Total Annual Expense Source: Owner Projection
  • Fuel Expense Source: Owner Projection
  • Insurance Expense Source: Owner Projection
  • Janitor Expense: 4800
  • Manager Expense Source: AC
  • Other Expense Source: Owner Projection
  • Repairs-Decor Expense Source: Owner Projection
  • Trash Expense Source: Owner Projection
  • Total Monthly Income: 4100
  • Water Expense Source: Owner Projection
  • Net Operating Income: $23,354.00
  • Operating Expense: $25,846.00
  • Other Expense: $3,600.00
  • Trash Expense: $3,600.00
  • Water Sewer Expense: $3,600.00
Unit 1
  • Unit Type Baths Total: 1
  • Unit Type Beds Total: 2
  • Unit Type Type: Unit 1
  • Unit Type Units Total: 2
Unit 2
  • Unit Type Baths Total: 1
  • Unit Type Beds Total: 2
  • Unit Type Type: Unit 2
  • Unit Type Units Total: 2
Unit 3
  • Unit Type Baths Total: 1
  • Unit Type Beds Total: 1
  • Unit Type Type: Unit 3
  • Unit Type Units Total: 2
Unit 4
  • Unit Type Baths Total: 1
  • Unit Type Beds Total: 1
  • Unit Type Type: Unit 4
  • Unit Type Units Total: 2
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 7301 South Michigan Avenue

DateEvent & SourcePriceAppreciation
DateEvent & SourcePrice

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

Public Records for 7301 South Michigan Avenue

Taxable ValueLand$5,313Additions$38,894Total$44,207
Tax Record2022$9,093 ($758 / month)
Home Facts
Stories2Lot Size9,660 SqFtStyleMulti-Family Res (5+ Units)Year Built1925CountyCOOKAPN20-27-114-033

Schools near 7301 South Michigan Avenue

This home is within Chicago Public Schools.
Rating
School
Type
Grades
Distance
Public - PK to 8
Charter - 6 to 12
Public - 9 to 12
Charter - 9 to 12
Rating
School
Distance
Gary Comer College Prep
Charter6 to 12

Englewood STEM High School
Public9 to 12

YCCS-Progressive Leadership Acad
Charter9 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.

Neighborhood Map and Transit

Similar Homes

Sorry, we can't find any similar homes at this time. Please check back later.

Similar Sold Homes

Sorry, we can't find any similar sold homes at this time. Please check back later.

7301 South Michigan Avenue is a multi-family home for sale in Chicago, IL 60619. This property was listed for sale on October 19, 2024 by J.A. Gibson & Associates, Ltd., it's currently listed at $685,000. This listing's school district is Chicago Public Schools. Nearby schools include Dr. Martin Luther King, Jr. Academy of Social Justice, Gary Comer College Prep and Englewood STEM High School. 7301 South Michigan Avenue is a 12-bed, 8-bath, multi-family home built in 1925.

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 J.A. Gibson & Associates, Ltd.

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 01/30/2025 03:23 PM. 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.