Kiser Group, Chicago’s leading mid-market commercial real estate brokerage firm, announced two Chicago property sales that closed in March and were valued at more than $7 million. They include a 164-unit high-rise along South Shore Drive overlooking Lake Michigan and a 10-unit walk-up apartment building in the diverse and sought-after neighborhood of Belmont Cragin.
7100 S. South Shore Drive – South Shore
Originally built in 1923 as a hotel, this 10-story apartment building in a prime South Shore location directly overlooks Lake Michigan, the historic South Shore Country Club and 64 acres of park space. It consists of 164 apartments, two commercial spaces totaling 4,500 square feet and an additional value-add commercial space. The unit mix includes 48 studios, 110 one-bedroom apartments and four two-bedroom apartments. The building’s two parking lots offer 28 parking spaces. The property sold for $6.75 million.
“It’s a core building within the South Shore sub-market” said Bill Baumann, senior managing director of Kiser Group, who represented the buyer and seller in the transaction. “The property offers many value-add opportunities including increasing revenue by re-developing a large, unoccupied commercial space on the west side of the building for office or retail use”.
Amenities include a large on-site management office, a tenant and visitor lounge in the lobby, a laundry room with six washers and six dryers and a fitness center for the tenants. Located within blocks of the South Shore Metra Line and Chicago bus lines, the property provides residents convenient access to downtown Chicago.
5255-57 W. Fletcher – Belmont Cragin
This 10-unit walk-up apartment building at 5255-57 W. Fletcher in Chicago’s Belmont Cragin neighborhood includes four two-bedroom units and six one-bedroom apartments, each with one bath. The fully occupied building has recently been upgraded with two new porches. Other recent improvements include new roof, tuck-pointing, windows, electrical service, hot water heaters and boilers. It sold for $750,000.
“The property has been held by the same owner for about 20 years, and the rents are significantly below market,” said Michael D’Agostino, managing director of Kiser Group, who represented both the buyer and seller in the transaction. “This stable, cash-flowing apartment building has been well-maintained. By bringing rents to market levels, the new owner can immediately increase cash flow.”
All the names of buyers and sellers involved in these transactions are not available at this time.
