7150 S Cornell Ave

South Shore is bounded by 67th Street to the north, 79th Street to the south, Stony Island Avenue to the west and Lake Michigan to the east. The proximity to Lake Shore Drive and the South Shore Metra station makes this area accessible for downtown commuters. The beautiful architecture of the area highlights the prominence of the neighborhood. The neighborhood encompasses Rainbow Beach, which provides access to Lake Michigan for residents and visitors of South Shore. Jackson Park, the Museum of Science and Industry and The University of Chicago are all located within close proximity of South Shore. Several highly anticipated projects, including the Obama Presidential Center, which provides will provide a world-class museum and public gathering space for residents and tourists. According to an analysis by CoStar, the past 12 months have seen a record $103 million dollars in investment sales in the area. This is up from a long-term average of $36 million dollars. Further, an increase in renter demand has caused the average occupancy to reach a 20 year high.Essex has been exclusively engaged to market for sale a 12-unit multifamily building at 7150 S Cornell Ave. Located in the heart of South Shore, the property is a wellmaintained courtyard building that showcases true pride of ownership since acquiring. The property features six spacious studio apartments and six large onebedroom units, providing a strong unit mix for both stability and rent growth. 7150 S Cornell has benefited from significant recent improvements including but not limited to, a complete tear-off roof completed in 2022, the installation of a new 100-gallon hot water tank in 2022, and an upgraded 600-amp electrical service, all of which provide long-term durability and reduced capital expenditures. Each unit is equipped with gas-forced air heating and cooling. Looking forward, there is additional upside for a new owner to add laundry facilities, storage units, and the potential to add two garden units, which would enhance both the property’s income and its overall value. With its strong existing operations, and clear value-add opportunities, this presents an excellent investment opportunity in one of Chicago’s most historic and accessible lakefront communities.