7938 S Essex AVE Active Save Request In-Person Tour Request Virtual Tour
Chicago,IL 60617
Key Details
Property Type Multi-Family
Sub Type Multi Family 5+
Listing Status Active
Purchase Type For Sale
MLS Listing ID 12184850
Year Built 1929
Annual Tax Amount $5,028
Tax Year 2023
Property Description
Rare value-add multifamily investor opportunity in South Chicago. Bank appraised ARV 660K! This 6-unit property features 6 - newly framed 3 bedroom, 1 bath units. Rough plumbing, electric, framing and HVAC work have all been completed, with approved permits. The property is ready for drywall and finishes. The building's HVAC system has been completely modernized with **new energy-efficient Mitsubishi heat pumps and condensers** which are already installed. Electric upgrades include: **new conduit** throughout, electric panels installed in each unit, electric service upgrade from 200Amp to 800 Amp. Plumbing upgrades include: **new copper supply lines** throughout the entire property, **new PVC waste line** from 3rd floor to city main line, and *new high efficiency electric water heaters* for each unit and common area. All of the heavy lifting is done. High quality permitted rough rehab has been completed and this property is ready for an experienced investor to complete the project. This property works as a fix and flip or buy and hold. Market rent for 3 bedrooms is 1630+/mo. Projected monthly revenue: 9780/mo. Projected GRSS annual rental income: 117,000/yr
Location
State IL
County Cook
Area Chi - South Chicago
Interior
Cooling Central Air,Central Individual,Heat Pump
Building
Dwelling Type Multi Family 5+