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6557 S Minerva AveChicago, IL 60637
6557 S Minerva Ave
Asset ClassMultifamily
Year Renovated2004
10-Unit Multi-Family Acquisition Opportunity
overview of deal

Overview

We are pleased to present for sale 6557 S Minerva, a three-story 10-unit apartment building

located in the East Woodlawn neighborhood of Chicago. The property is located ~six blocks

west of the Jackson Park Golf Course and ~5 blocks south of The University of Chicago, in

immediate proximity to the future Obama Presidential Library.

 

The property experienced a complete gut rehab in 2004 reducing unit count from 12 to 10

for six duplex and four simplex condo-quality residences. The apartment makeup is: five (5)

3 Bed/2 Bath, four (4) 2 Bed/2 Bath, and one (1) 2 Bed/1 Bath units. All units feature hardwood flooring and tile throughout and modern kitchen features: granite countertops, modern cabinets, updated appliances, common building hot water, and dishwashers. The property also features ~four pad parking spaces, copper plumbing, in-unit updated electric boxes, and in-unit laundry facilities.

 

From an economic perspective, the property features residents with below-market rental rates

that allows a future operator to benefit from the opportunity to bring leases to market rental

rates in a location that benefits from long-term economic improvement investment stability.

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Investment Highlights

  • 2004 True Gut-Renovation to Condo Quality: Electric, Plumbing, Windows, Joists/Hardwood Flooring, Sump Pumps, Masonry, Large Bedrooms/Closets
  • Desirable Unit Mix: (5) 3-Bed/2-Bath, (4) 2-Bed/2-Bath, and (1) 2-Bed/1-Bath - 6 Duplexes and 4 Simplexes
  • Unit Features: Individual HVAC, In-Unit Laundry, Granite Countertops, and Four-Appliance Kitchen Package
  • Location: Long-Term Hold Opportunity in East Woodlawn & Stabilized Cap Rate ~10-11%11%
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6557 S Minerva AveChicago, IL 60637

Sales Team

Gene HartCommercial Sales & Leasing Broker(219) 465-8584gene.hart@33realty.com
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Listing provided by Revere CRE