7701 S Carpenter St

The subject property is located at 7701 S Carpenter Street in the Auburn Gresham neighborhood on Chicago’s South Side. Situated at the corner of 77th and Carpenter Streets, the building occupies an established residential setting near neighborhood commercial corridors and public transportation. The property benefits from proximity to 79th Street, Halsted Street, and Racine Avenue, providing access to retail, dining, and everyday services. Nearby CTA bus service along 79th and Halsted Streets connects residents to surrounding neighborhoods and the broader transit network, including the Red Line at 79th Street. Auburn Gresham is characterized by a mix of multifamily buildings and single-family homes, with parks, schools, and community institutions serving the surrounding residential population. The property’s location places residents within reach of neighborhood amenities while offering access to employment centers throughout Chicago. For investors, 7701 S Carpenter offers an established South Side residential location with access to commercial services and public transportation. These location attributes complement the building’s renovated condition and fully occupied rental profile.Essex Realty Group, LLC is pleased to present the opportunity to acquire 7701 S Carpenter Street, a fully occupied, six-unit multifamily building located in the Auburn Gresham neighborhood of Chicago’s South Side. The property consists of six two-bedroom, one-bathroom apartments occupied by market-rate tenants. The building underwent a gut renovation in 2024–2025, including a new roof, all-copper plumbing, new 400-amp electrical service, individual furnaces and water heaters, and new vinyl windows. Additional improvements include new wooden porches and decking, substantial tuckpointing, and kitchen range hoods vented to the exterior. Tenants pay their utilities, while ownership pays water, and owned laundry machines provide supplemental income. With full occupancy and extensive recent improvements, the property offers investors immediate in-place income supported by updated building systems. At the $725,000 asking price, the provided underwriting reflects an 9.48% current cap rate, presenting an opportunity to acquire a renovated multifamily asset with established operations in an accessible South Side location.