Description
The subject property consists of a three-story, courtyard styleapartment building with 48 units. The property is currently vacantand was zoned and approved for condominium conversion. Thepotential unit mix is (39) 2 bedroom, (6) 3 bedroom, (1) 4 bedroomand (2) 5 bedroom units. The building is situated on a 200x162 or32,400 square foot parcel of land and zoned RM-5.The property is currently vacant. There is one unit that wascompleted as a model unit for the conversion. The remaining unitsin the building are in various stages of renovation. Work completedin the building includes; some framing, some HVAC work, roughplumbing, rough electrical and some drywall. The property is beingsold As-Is.The acquisition of 6015-31 S Indiana presents an excellentopportunity for an investor to acquire a multifamily brick buildingsignificantly below replacement cost with significant upsidepotential for appreciation.
Area Description
The property is located in the Washington Park neighborhood ofChicagos south side. The property is situated close totransportation buses and CTA trains, University of Chicago, andWashington Park.
