Multifamily Property for Sale in Chicago, IL

  • Price: $7M
  • Listing type: For sale
  • Asset type: Multifamily Property
  • Location: Chicago, IL 60649
  • Size: 40,000 SF
  • Year built: 1920

Description

The Midwest Investment Advisors with KW Commercial and Keller Williams ONEChicago are pleased to present the multifamily property at 7270 S. South Shore Dr. This asset represents a compelling investment opportunity in a vibrant community. The subject property is a 53-unit multifamily elevator building with a rooftop venue located in the heart of Chicago’s tree-lined South Shore neighborhood. It is conveniently situated fifteen minutes from the Loop and one block from the Lakefront, offering easy access to Lake Shore Drive. The property underwent a comprehensive gut renovation in 2018 and provides excellent in-place cash flow with potential for value-add investors. The property sits on a 20,555 square foot parcel. Fully Renovated The property was fully renovated in 2018, featuring new plumbing, electric, and tear-off roofs. All mechanicals, including copper plumbing, hot water tanks, boiler, and sewer line to the city, are new. Modern Amenities The building includes stainless steel appliances, dishwashers, and new baths in all units. On-Site Management There is a dedicated on-site building manager. Laundry Facilities The building has ten credit card operable laundry machines. Common Areas The property includes ample on-site office and maintenance space, three common bathrooms, and a 3,800 square foot penthouse common area lounge with a roof deck offering breathtaking lake views. Rooftop Master Lease Ownership will sign a master lease for 12–24 months at $4,050 per month for the rooftop space, which they are currently utilizing as storage and property management space. Elevators Two upgraded elevators (one passenger and one passenger/freight). Electrical Capacity The property has high-capacity electrical service with room for two additional electrical meters (1600A building and 400A elevators). Parking There are 18 dedicated surface parking spots, with potential expansion up to 22 spots. Tenant Utilities All units are electric, with tenants responsible for baseboard h

Market Context

This multifamily in Chicago, IL is listed for sale at $7,000,000 across 40,000 SF. It is offered at an approximate 8.3% capitalization rate, a key benchmark for income-producing multifamily assets. The building dates to 1920. It has been on the market for 38 days. Compare it against other multifamily listings for sale in Chicago, IL — <a href="/search/sale/multifamily/illinois/chicago">view the full market</a>.

As of Q1 2026, the Chicago multifamily market showed rents up 9.3% year over year, and cap rates around 4.9%. Source: Consensus Q1 2026 market report.

Its 8.3% asking cap rate is above the Chicago multifamily market average of about 4.9%, implying a higher yield (and typically more risk or upside) than comparable assets. Rising rents point to a competitive market where well-priced, well-located assets trade quickly.

Multifamily market FAQ

What is the typical cap rate for multifamily in Chicago?
About 4.9% as of Q1 2026, per Consensus.

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