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7658 S Marquette Avenue, Chicago, IL 60649
$725,000
7658 S Marquette Avenue, Chicago, IL 60649View this property at 7658 S Marquette Avenue, Chicago, IL 60649
7658 S Marquette AvenueChicagoIL60649
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Property Description
7658 S. Marquette is a beautiful thirteen (13) unit walk-up building located in Chicago's historic South Shore Neighborhood, just a few blocks from Lake Michigan and directly adjacent to Myra Bradwell Elementary School. Additionally, the building sits on an incredibly quiet and redeveloping block in one of Chicago's federally recognized Opportunity Zones. 7658 S. Marquette has an incredibly desirable unit mix consisting of all larger units. Currently, the building consists of two (2) 1b/1ba units and eleven (11) 2b/1ba units. All, but two (2), of the units have been extensively gut renovated with new kitchens, baths, resurfaced hardwood floors, new fixtures, cabinets, and boast an open-style layout. Additional improvements to the building consist of, but are not limited to, new copper plumbing in all supply lines (2014), significant masonry work and tuck pointing (2014), a new 600 Amp electric service along with units being rewired and outlets added (2014), new porches, as well as a newer rubber roof. 7658 S. Marquette presents an investor with a unique opportunity to acquire a stabilized, cash flowing asset. From day one, a new owner will realize an in place cap rate of 8.16% as well as an in place cash-on-cash return over 11%. Additionally, there is a significant value add component by converting the remaining 1b/1ba to 2b/1ba. Furthermore, solely by improved leasing and management and stabilizing rents to market rate levels, an investor could achieve a cap rate over 11%.
Full Property Details
Full Property Details for 7658 S Marquette Ave
General
- Sold For: $725,000
- Taxes: $9,176 (2021)
- Status: Closed
- Type: Commercial
- MLS ID: 11838227
- Added to Site: 196 day(s) ago
Location
- Area: CHI - South Shore
- County: Cook
- Driving Directions: From Exchange Ave, turn west on to 76th St, left on to Saginaw, then left on 77th St to listing
Heating & Cooling
- Heating Type: Radiators
Structural Information
- Stories/Levels: 3
- Year Built: 1922
- Built Before 1978: Yes
Lot Features
- Lot Dimensions: 60' x 99'
Financial Considerations
- Operating Expenses: $66,603
- Assessment Year: 1922
- Tax Amount: $9,176
- Tax Year: 2021
- Tenant Pays: Electricity
Disclosures and Reports
- Property ID: 21303120310000
Listed and Sold by Kiser Group Realty Inc
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Schools
Schools serving 7658 S Marquette Ave
School District:Chicago Public Schools
Rating | Name | Grades | Distance |
---|---|---|---|
7736 S Burnham Ave, Chicago, IL 60649 | PK-8 | 0.1 mi | |
2100 E 87th St, Chicago, IL 60617 | 9-12 | 1.4 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 7658 S Marquette Ave
Date
Details
Price
Change
Source
2/29/2024
Sold
$725,000
-12.12%
MLS
12/01/2023
Price Reduced
$825,000
-5.71%
MLS
7/20/2023
Listed
$875,000
—
MLS
Disclaimer: Historical sales information is derived from public records provided by the county offices. Information is not guaranteed and should be independently verified.
7658 S Marquette Avenue, Chicago, IL 60649 (MLS# 11838227) is a Commercial property that was sold at $725,000 on February 29, 2024. Want to learn more about 7658 S Marquette Avenue? Do you have questions about finding other Commercial real estate for sale in South Shore? You can browse all South Shore real estate or contact a Coldwell Banker agent to request more information.