7828 S. Essex, an incredibly spacious center entranced seven (7) unit walk-up building located in Chicago's South Shore neighborhood. Nestled away on a quiet, one-way, tree lined street, the building sits within walking distance to an abundance of public transportation and transit options. 7828 S. Essex has a desirable unit mix comprised of six (6) incredibly spacious 3b/2ba units, and one (1) 3b/1ba garden apartment. All of which, however, boast over 1, 500 square feet of living space. The units also contain hardwood flooring throughout and feature, both, separate living rooms and dining rooms. Further, the property is equipped with a newer roof. Given the location and sheer size of the units, there is an incredibly large demand (and under supply) for apartments such as these. Additionally, and although currently not in use, the building has a four (4) car garage and a laundry facility in the basement that could be used to generate additional income. 7828 S. Essex presents an investor a unique opportunity to acquire an incredibly strong, positive cash flowing asset with an in place cap rate of over 12%. Furthermore, solely through improved leasing and management and bringing the rents to levels already being achieved, a new owner has the ability to achieve a cap rate of nearly 14% and a cash return over 36%.
