7600 S. South Shore Drive and 7763 S. South Shore Drive, located in the South Shore neighborhood of Chicago have been listed for sale by Kiser Group’s Birk | Sklar team. The 61-unit multifamily portfolio, located along Lake Michigan on Chicago’s historic South Shore Drive, is offered at $4.65 million. Partners Noah Birk and Aaron Sklar are marketing the properties.
“People love to say an investment opportunity is rare. Well, this portfolio is just that,” said Sklar. “Where else can you buy this scale, on Lake Michigan in the South Shore market for under $5 million?”
The properties are within walking distance of Rainbow Beach on Lake Michigan, the future Barack Obama Presidential Center, Chicago’s South Works site and well connected to major thoroughfares.
“There’s only so much lakefront property available in Chicago,” said Birk. “Whenever we bring buildings to the market on South Shore Drive, the interest levels are always impressive”
7600 S. South Shore Drive comprises 39-units including three studios, 30 one-bedroom, one-bathroom units and six two-bedroom, one-bathroom units. Rents range between $550 to $1,062 per month. The multifamily asset is a century-old brick building that has been well maintained as offers residents large floor plans.
7763 S. South Shore Drive comprises 22-units including eight one-bedroom, one-bathroom units and 14 two-bedroom, one-bathroom units. Rents range between $720 to $1,065 per month.
“Lakefront property with healthy cash-flow and long-term appreciation potential is such a rare combination,” said Birk. “We anticipate interest from investors across the country.”