6001 S Michigan Avenue, Chicago, IL 60637 - Property for Sale
Available For Sale - Multifamily
108,710 SF
|
Show Pricing $
View Photos (1)
AVAILABILITY DETAILS
- Size
- 108,710 SF
- Price/SF
-
Show Pricing $
- Listing ID
- SA509044
- Notes
- SVN Chicago Commercial presents the exclusive right to sell a portfolio of 103 units in Chicago’s Cook County Metro Southside. The portfolio known as Stony South Side is a mix of 37 Single Family Homes, 61 Apartment units and 5 Storefronts.
The apartment units are located in Seven- 2 Flats, Four- 3 Flats, One- 4 Flat, a 7-unit and a 10-unit apartment building, with an additional 19 condos located in a 37-unit condo building.
The Apartment Portfolio unit mix consists of:
9-1 bedroom | 1 bath averaging 506 SF, 24- 2 bedroom | 1bath units averaging 951 SF, 21- 3 bedroom | 1 bath units averaging 998 SF, 3- 4 bedroom | 2 bath units averaging 1,025 SF, 4 - 4 bedroom | 1 bath units averaging 1,294 SF and 5 ground-level storefronts averaging 1,078 SF
The 37 Single Family Rental unit mix consists of:
1- 5 bedroom | 1 bath unit of 2,025 SF, 6- 4 bedroom | 2 bath units averaging 1,483 SF, 11- 4 bedroom | 1 bath units averaging 1,491 SF, 1- 3 bedroom | 1.5 bath unit of 1,025 SF, 10- 3 bedroom | 1 bath units averaging 1,069 SF , 8- 2bedroom | 1 bath unit averaging 977 SF
The Portfolio Owner presently manages, repairs, and collects rents for all the units. Presently about 55 % of the units have affordable tenants in the units with different Chicago Housing Groups guaranteeing the rents (CHAC, HACC, Heartland, Catholic Charities, etc.).
A Buyer will need to be well qualified to be able to assume the present existing debt in place. The present loan has a 5.11 % interest rate, a 10-ten-year loan term that expires in 2029, with a 30-year amortization period with an approximate loan balance of $6,628,632. The Portfolio is being offered for purchase at $8,900,000 ($86,407 per unit) with present-in-place debt at 5.11 % interest well below present-day rising interest rates.
- Uses
- Multifamily
Other Availability in this Property
| Space/Suite | Square Feet | Type | Uses | Asking Rent/Price | ||
|---|---|---|---|---|---|---|
| 108,710 SF | Sale | Multifamily | Show Pricing $ | chevron_right | ||
| 108,710 SF | Sale | Multifamily | Show Pricing $ | chevron_right | ||
| 108,710 SF | Sale | Multifamily | Show Pricing $ | chevron_right | ||
| 108,710 SF | Sale | Multifamily | Show Pricing $ | chevron_right | ||
| 108,710 SF | Sale | Multifamily | Show Pricing $ | chevron_right | ||
| 108,710 SF | Sale | Multifamily | Show Pricing $ | chevron_right | ||
| 108,710 SF | Sale | Multifamily | Show Pricing $ | chevron_right | ||
| 108,710 SF | Sale | Multifamily | Show Pricing $ | chevron_right | ||
| 108,710 SF | Sale | Multifamily | Show Pricing $ | chevron_right | ||
| 108,710 SF | Sale | Multifamily | Show Pricing $ | chevron_right | ||
| 108,710 SF | Sale | Multifamily | Show Pricing $ | chevron_right | ||
| 108,710 SF | Sale | Multifamily | Show Pricing $ | chevron_right | ||
| 108,710 SF | Sale | Multifamily | Show Pricing $ | chevron_right | ||
| 108,710 SF | Sale | Multifamily | Show Pricing $ | chevron_right |
This information has been obtained from sources believed reliable. We have not verified it and make no guarantee, warranty or representation about it. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the property. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for you needs.
Listing provided courtesy of
Nicholas Manganais, SVN | Chicago Commercial
Nicholas Manganais, SVN | Chicago Commercial
