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7931 S Manistee Avenue, Chicago, IL 60617
$635,000
7931 S Manistee Avenue, Chicago, IL 60617View this property at 7931 S Manistee Avenue, Chicago, IL 60617
7931 S Manistee AvenueChicagoIL60617
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Property Description
7931 S. Manistee is a seven (7) unit building in Chicago's historic South Shore neighborhood. Nestled on a one-way, tree lined street, the building sits within walking distance to an abundance of public transportation options, Lake Michigan, and Rainbow Beach Park. Over the past few years, South Shore has seen a wealth of new developments due to its proximity to Lake Michigan, the upcoming and developing Obama Presidential Library, along with $100 million project located at 79th & Exchange, Thrive Exchange, located just two (2) blocks away from the subject property. 7931 S. Manistee has an incredibly desirable unit mix comprised of seven (7) 3bd/1ba units. Each unit features hardwood floors and spacious floor plans with separate living and dining rooms. Recent improvements to the building include, but are not limited to: copper plumbing, modern boiler with R&D control system, an abundance of masonry & tuckpointing work, along with newer windows. 7931 S. Manistee presents an investor with the opportunity to acquire a stabilized, cash flowing building with a significant value-add component. At list price, the building performs at a 9.2% cap rate. However, solely by raising rents to current market rate levels, an investor could achieve an 11.37% cap rate and cash return of nearly 22%.
Full Property Details
Full Property Details for 7931 S Manistee Ave
General
- Price: $635,000
- HOA FEE: $2,200
- Taxes: $8,342 (2022)
- Status: Active
- Type: Commercial
- MLS ID: 11962843
- Updated: 2/27/2024
- Added to Site: 109 day(s) ago
Location
- Area: CHI - South Chicago
- County: Cook
- Driving Directions: From S South Shore Dr, turn West on 79th, then turn South on Manistee to 7931
Heating & Cooling
- Heating Type: Radiators
Utilities
- Trash: 2471
Structural Information
- Stories/Levels: 3
- Year Built: 1926
- Built Before 1978: Yes
Lot Features
- Lot Dimensions: 50' x 124'
Financial Considerations
- Maint. Fee: $2,200
- Insurance Fee: $3,877
- Operating Expenses: $38,752
- Other Fee: $1,500
- Assessment Year: 1926
- Tax Amount: $8,342
- Tax Year: 2022
- Tenant Pays: Electricity
- Pays Electric: 512
- Pays Trash: 2471
Disclosures and Reports
- Property ID: 21311070140000
Listed by Kiser Group Realty Inc
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Schools
Schools serving 7931 S Manistee Ave
School District:Chicago Public Schools
Rating | Name | Grades | Distance |
---|---|---|---|
7736 S Burnham Ave, Chicago, IL 60649 | PK-8 | 0.3 mi | |
2100 E 87th St, Chicago, IL 60617 | 9-12 | 1.2 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 7931 S Manistee Ave
Date
Details
Price
Change
Source
1/17/2024
Listed
$635,000
103.53%
MLS
10/10/2018
Sold
$312,000
—
Public Record
Disclaimer: Historical sales information is derived from public records provided by the county offices. Information is not guaranteed and should be independently verified.
Tax History
Tax History for 7931 S Manistee Ave
Year
Property Taxes
Change
Tax Assessment
Change
2022
$8,342
2%
$40,559
—
2021
$8,156
-10%
$40,559
—
2020
$9,028
11%
$40,527
—
2019
$8,142
2%
$40,527
—
2018
$8,005
3%
$40,527
12%
2017
$7,803
7%
$36,247
—
2016
$7,260
9%
$36,247
—
2015
$6,642
3%
$36,247
5%
2014
$6,429
2%
$34,650
—
2013
$6,302
1%
$34,650
—
2012
$6,218
—
$34,650
—
Disclaimer: Historical tax 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 7931 S Manistee Ave
7931 S Manistee Avenue, Chicago, IL 60617 (MLS# 11962843) is a Commercial property. 7931 S Manistee Avenue is currently listed for $635,000 and was received on January 17, 2024. Want to learn more about 7931 S Manistee Avenue? 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.