About 3064 East 79th Street
3064 E. 79th is an incredibly spacious (9) unit property located in Chicago's South Shore neighborhood. Right off of Lake Michigan and Rainbow Beach Park, the building sits within walking distance of an abundance of public transportation options. Additionally, for quick and convenient transportation, the asset is nearby to Chicago's Lake Shore Drive which provides tenants easy access to Chicago's downtown in roughly fifteen minutes. 3064 E. 79th is currently comprised of nine (9) Oversized 2b/1ba units. The units all feature hardwood flooring throughout and updated tiling in the kitchen. Furthermore, additional improvements to the building consist of but are not limited to, updated electric, newer windows, an updated and newly coated roof, separate and individual HVAC furnaces, and a paved parking lot in the rear. Given the location and size of the units, there is an incredibly large demand for apartments such as these. 3064 E. 79th presents an investor with a unique opportunity to acquire a strong, positive cash flowing building with an in-place cap rate of over 8.2%. Given the quality of the units coupled with the prime location, by releasing and increasing rents to levels already being achieved in the building, an investor could increase the cap rate to just under 10.00%.
