Address
7042 S Michigan Avenue, Chicago, IL
Price
$ 1,700,000
Property Attributes
- MLS#12762329
- TypeMulti-Family
- Listing Status Active
- CountyCOOK
- CityChicago
- AreaCHI - Greater Grand Crossing
- NeighborhoodGrand Crossing
- Zip60637
- Style
- Year Built1925
- Taxes$ 31248
- Price$ 1,700,000
- Bedrooms3
- Full Bathrooms0
- Half Bathrooms0
Data Source:
Midwest Real Estate Data (MRED)
Property Description
32-unit courtyard building in Chicago's Greater Grand Crossing submarket, offered at $1,700,000 ($53,125/unit | $75.89/SF). This 1925-built, ~22,400 SF brick courtyard property spans four entrances (7042, 7044, 7046, 7048) and delivers immediate in-place income with clear upside baked into the rent roll. Sub-$60K/unit basis with income already in place, as only two units require lease-up. Rents are meaningfully below market across the entire mix, giving a new owner a straightforward, low-risk path to NOI growth without a heavy capex program. Porches were replaced in 2007, with permitted repairs completed in 2019. Situated in Greater Grand Crossing, a renter-dominant submarket with strong transit reliance, supporting durable workforce rental demand - a large share of households have no vehicle and rely on transit for commuting. Healthcare and education anchor local employment, with the Loop as the largest commuter destination. The property sits within a short drive of University of Chicago, UChicago Medicine, Jackson Park, the DuSable Museum, and the Obama Presidential Center, with everyday retail (Walgreens, ALDI, Dunkin', Subway, Mobil) all within a mile. Offering Memorandum with staged interior photos available upon request.
| Price History | |
|---|---|
| 9/17/2026 | Listed $1,700,000 |
General Features
| Zoning | MULTI |
|---|---|
| Year Built | 1925 |
| Tenant Pays | Electricity |
| Stories Count | 3 |
| Tax Year | 2024 |
| Gross Income | 277810 |
| Additional Parcels Description | 20223210250000 |
| County | Cook |
| Net Operating Income | 139523 |
| Operating Expense | 139783 |
| Insurance Expense | 26120 |
| Property Type | Commercial Sale |
| MaintenanceExpense | 22648 |
| Status | Active |
| Directions | From 71st Street and Dan Ryan (I-94) head East on 71st Street to Michigan. Turn North on Michigan. Property appx 125ft on the Left side of street. |
| City | Chicago |
| Number Of Units Total | 32 |
| MLS Area | CHI - Greater Grand Crossing |
| Tax Annual Amount | 31248 |
| Electric Expense | 2952 |
| Fuel Expense | 28084 |
| Trash Expense | 4376 |
| Water Sewer Expense | 15334 |
| Additional Parcels Y/N | Yes |
| Standard Status | Active |
| Property Type | Multi Family 5+ |
| Cap Rate | 8.2 |
Exterior Features
| Lot Dimensions | 90x156 |
|---|
Amenities
- Foreclosure
- Views
- Short Sale
- New Construction
- Adult 55+
- Lease To Own
- No HOA Fees
- Furnished
- Primary On Main
- Air Conditioning
- Seller Finance
- Green
- Fixer Upper
- Horse
- Golf
- Fireplace
- Deck
- Garage
- Basement
- Pool
Property vs Multi-Family Average in 60637
Price
Taxes
Year Built
Visits
