Listing Description
- 8% Cap Rate - Condo Quality Finishes - Individual Furnaces & Hot Water Tanks - Complete Gut Renovation (2021) 6123 S. Prairie is a newly gut renovated eight (8) unit building located in the Washington Park neighborhood of Chicago's South Side. Sitting just three (3) blocks from Washington Park and bordering the prestigious Hyde Park community, the asset also sits just four (4) blocks away from the CTA Green Line 'El Station,' providing tenants easy, affordable, and quick transportation to and from Chicago's Downtown. 6123 S. Prairie is has an incredibly desirable unit mix comprised of four (4) 2Bd/1Ba and four (4) 3Bd/1Ba units. All of which, however, feature hardwood floors, new kitchens with stainless steel appliances and granite countertops, modern bathrooms with ceramic tile, and an abundance of natural light. Additionally, the building underwent a complete gut renovation in 2021, including, but not limited to, new electric service & wiring, copper plumbing, new porches, and individual HVAC units. 6123 S. Prairie provides an incredibly rare opportunity for an investor to acquire a true turn key investment in one of Chicago's most appreciating neighborhoods just outside of Hyde Park. From day one, a new investor will capitalize on an incredibly strong tenant base with an in place cap rate exceeding 8% with an abundance of value add opportunities. Solely by stabilizing the rent roll to what is currently being achieved in the building, there is an opportunity to attain nearly 9% cap rate and nearly an 11% cash on cash return.