Greater Grand Crossing neighborhood 27 unit opportunity. Building consists of 8 studios, 9 one bedrooms, 5 two bedrooms, and 5 retail spaces. Currently listed around an 8% CAP rate, a new investor can raise rents with unit improvements and/or rent out two vacant retail spaces and improve the CAP rate north of 10%. Capital improvements in new porch, boiler (2014), hot water heater (2016), storage tank (2019), R&D controls (2014), and newer windows/electric. Most heavy lifting complete, so more cosmetics to raise the rents and improve cash flow. Area seeing a number of improvements. Easy access to city and highways.
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For more information about 7451 S Vernon, Chicago, IL 60619 contact Corcoran Urban Real Estate.
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Listing provided by Triton Realty Group LLC
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