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6557 S Minerva AVE Chicago, IL 60637
UPDATED:
01/31/2025 06:07 AM
Key Details
Property Type Multi-Family
Sub Type Multi Family 5+
Listing Status Active
Purchase Type For Sale
MLS Listing ID 12170537
Maintenance Fees $7,000
Year Built 1903
Annual Tax Amount $16,516
Tax Year 2023
Lot Dimensions 49' X 126'
Property Sub-Type Multi Family 5+
Property Description
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 deconverting unit count from 12 to 10 for multi-floor, condo-quality residences. The unit makeup is: five (5) 3 Bed/2 Bath & five (5) 2 Bed/2 Bath. All units feature hardwood flooring and tile throughout and modern kitchen features: granite countertops, modern cabinets, updated appliances, and dishwashers. The property also features 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. In-place 7.8 cap rate and 10.9 cap rate with stabilized market rents. Listing broker has interest in the property.
Location
State IL
County Cook
Area Chi - Woodlawn
Zoning MULTI
Interior
Cooling Central Air
Fireplace N
Building
Dwelling Type Multi Family 5+
Level or Stories 3
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Listed by Thomas Hart • 33 Realty