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3064 E 79th Street, Chicago, IL 60649
$950,000
3064 E 79th Street, Chicago, IL 60649View this property at 3064 E 79th Street, Chicago, IL 60649
3064 E 79th StreetChicagoIL60649
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Property Description
3064 E. 79th is an incredibly spacious (9) unit property located in Chicago's South Shore neighborhood. Right off of Lake Michigan and Rainbow Beach Park, the building sits within walking distance of an abundance of public transportation options. Additionally, for quick and convenient transportation, the asset is nearby to Chicago's Lake Shore Drive which provides tenants easy access to Chicago's downtown in roughly fifteen minutes. 3064 E. 79th is currently comprised of nine (9) Oversized 2b/1ba units. The units all feature hardwood flooring throughout and updated tiling in the kitchen. Furthermore, additional improvements to the building consist of but are not limited to, updated electric, newer windows, an updated and newly coated roof, separate and individual HVAC furnaces, and a paved parking lot in the rear. Given the location and size of the units, there is an incredibly large demand for apartments such as these. 3064 E. 79th presents an investor with a unique opportunity to acquire a strong, positive cash flowing building with an in-place cap rate of over 8.2%. Given the quality of the units coupled with the prime location, by releasing and increasing rents to levels already being achieved in the building, an investor could increase the cap rate to just under 10.00%.
Full Property Details
Full Property Details for 3064 E 79th St
General
- Price: $950,000
- HOA FEE: $3,525
- Taxes: $8,742 (2022)
- Status: Active
- Type: Commercial
- MLS ID: 11986480
- Updated: 2/27/2024
- Added to Site: 71 day(s) ago
Location
- Area: CHI - South Chicago
- County: Cook
- Driving Directions: From S South Shore Dr, turn west on to 79th St to building
Heating & Cooling
- Heating Type: Individual Furnaces
Utilities
- Trash: 1500
Structural Information
- Stories/Levels: 3
- Year Built: 1923
- Built Before 1978: Yes
Lot Features
- Lot Dimensions: 46' x 115'
Financial Considerations
- Maint. Fee: $3,525
- Insurance Fee: $3,045
- Operating Expenses: $33,793
- Other Fee: $3,080
- Assessment Year: 1923
- Tax Amount: $8,742
- Tax Year: 2022
- Tenant Pays: Electricity, Heat
- Pays Electric: 1200
- Pays Trash: 1500
Disclosures and Reports
- Property ID: 21304170230000
Listed by Kiser Group Realty Inc
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Schools
Schools serving 3064 E 79th St
School District:Chicago Public Schools
Rating | Name | Grades | Distance |
---|---|---|---|
7511 S South Shore Dr, Chicago, IL 60649 | PK-8 | 0.7 mi | |
2100 E 87th St, Chicago, IL 60617 | 9-12 | 1.6 mi |
Disclaimer: School ratings provided by
GreatSchools. Ratings are on a scale of 1-10.
Learn more about GreatSchools ratings.
School attendance boundaries provided by Pitney Bowes and are for reference only. Contact the school directly to verify enrollment eligibility.
Price & Sales History for 3064 E 79th St
Date
Details
Price
Change
Source
2/21/2024
Listed
$950,000
—
MLS
Disclaimer: Historical sales information is derived from public records provided by the county offices. Information is not guaranteed and should be independently verified.
Estimate the Cost
Estimate the Cost for 3064 E 79th St
3064 E 79th Street, Chicago, IL 60649 (MLS# 11986480) is a Commercial property. 3064 E 79th Street is currently listed for $950,000 and was received on February 21, 2024. Want to learn more about 3064 E 79th Street? Do you have questions about finding other Commercial real estate for sale in South Chicago? You can browse all South Chicago real estate or contact a Coldwell Banker agent to request more information.