For Sale
For Sale
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Year Built
1924
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Overview
Property on the SW corner of 78th and Ridgeland The Neistat Group and Jameson Commercial are pleased to present the exclusive sale of 7800 S Ridgeland, a thirteen (13) unit property in Chicago’s hottest rental market, South Shore. Located three (3) miles from the University of Chicago / Hyde Park and nine (9) miles from Downtown, the location has easy access to I90, I94, and Dusable Lake Shore Drive. Purchased in 2015, 7800 S Ridgeland in 2015, the current owners did an extensive rehab, costing close to $600,000 ($50,000 per unit). These improvements consist of but are not limited to a new roof, individual gas furnaces and hot water tanks, copper plumbing, and new electrical. In addition, the owners have meticulously kept the building; as recently as 2021, tuck pointed the entire western wall and chimney. 7800 S Ridgeland is the true definition of a Turnkey asset with long-term tenants and under-market rents. An investor is acquiring this asset with the opportunity to increase to NOI and capitalize on a solid tenant base. Additionally, with the Obama Presidential Library breaking ground and announcing a $61M entertainment studio half (.5) a mile west, the neighborhood is slated further to appreciate.
Property Details
Property on the SW corner of 78th and Ridgeland The Neistat Group and Jameson Commercial are pleased to present the exclusive sale of 7800 S Ridgeland, a thirteen (13) unit property in Chicago’s hottest rental market, South Shore. Located three (3) miles from the University of Chicago / Hyde Park and nine (9) miles from Downtown, the location has easy access to I90, I94, and Dusable Lake Shore Drive. Purchased in 2015, 7800 S Ridgeland in 2015, the current owners did an extensive rehab, costing close to $600,000 ($50,000 per unit). These improvements consist of but are not limited to a new roof, individual gas furnaces and hot water tanks, copper plumbing, and new electrical. In addition, the owners have meticulously kept the building; as recently as 2021, tuck pointed the entire western wall and chimney. 7800 S Ridgeland is the true definition of a Turnkey asset with long-term tenants and under-market rents. An investor is acquiring this asset with the opportunity to increase to NOI and capitalize on a solid tenant base. Additionally, with the Obama Presidential Library breaking ground and announcing a $61M entertainment studio half (.5) a mile west, the neighborhood is slated further to appreciate.
- Property TypeMulti-Family
- Submarket
- Year Built1924
- Sale Price$1,190,000
- Total Building Size12,800RSF
- Sale StatusAvailable
- Property ID2206238