Lender Driven Sale | Mixed Use in Chicago 8250-58 S Racine Ave

20 Apartment Units Online Auction Sale Chicago, IL 60620

Counterbid
We have been authorized to place a counterbid on the seller’s behalf in order to encourage buyer and seller toward a mutually agreeable price. We will stop counterbidding once the seller’s reserve price has been met.
Auction On February 24 - 26, 2025
40 DAYS d
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Auction Starts
1013 HRS h
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Auction Ends
Finalizing
$225,000 USD
Starting Bid
--
Current Bid
$50,000 USD
Bid Increment
$225,000 USD
Next Bid
Status
Status
Reserve Not Met
In Progress
20,894
Total Views
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Min Bid is $225,000 USD
$225,000 USD
Starting Bid
$50,000 USD
Bid Increment
$225,000 USD
Next Bid
Reserve Not Met
In Progress
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Investment Highlights

  • Three-story mixed-use, featuring 20 multifamily units and five retail units just south of Downtown Chicago presents substantial value-add potential.
  • Investors can increase income by leasing vacant retail spaces and stabilizing multifamily occupancy.
  • With no new multifamily developments since 2014, the area benefits from constrained supply, strong rent growth, and a dense renter population.
  • Prime location on a high-visibility corner with over 14,000 daily vehicles, close to major transit hubs and the Dan Ryan Expressway.
  • Auburn Gresham provides excellent public transit options ensuring seamless connectivity to Downtown Chicago and surrounding areas.
  • Abundant amenities include parks, The Beverly Country Club, and national retailers such as Walmart, Lowe’s, Whole Foods, Dollar General, and Aldi.

Executive Summary

8250-58 S Racine Avenue presents a rare investment opportunity to acquire a three-story, 20-unit apartment complex with five retail spaces just south of Downtown Chicago. The property features masonry construction with a mix of one- and two-bedroom units and prime retail spaces boasting exceptional visibility. The multifamily portion is currently 52% occupied, while the retail spaces are fully vacant, offering immediate value-add potential. While some units have been upgraded with new appliances, most remain in their original condition, providing significant upside for investors who want to modernize units, lease-up vacancies, and capitalize on robust rental demand in the area.

This corner property benefits from unparalleled exposure, with over 14,000 daily vehicles traveling along W 83rd Avenue. Situated just 20 minutes from Downtown Chicago, it is conveniently located near major transit options, including the Gresham Metra Station, the 79th Red Line L Station, and the Dan Ryan Expressway (Interstate 94). Located in the Auburn Gresham neighborhood, it offers robust public transportation infrastructure, including six bus lines, two Metra rail lines, and a subway connection. Nearby national retailers such as Walmart Supercenter, Lowe’s, Aldi, Dollar General, Whole Foods, and The Home Depot enhance the location’s appeal. The dense population—62% of whom are renters within a 1-mile radius—underscores the area’s rental demand.

Auburn Gresham, located 11 miles from Downtown Chicago, is a vibrant urban neighborhood surrounded by parks, schools, and local businesses. The area boasts strong community amenities, including Foster Park and the Dan Ryan Woods, providing abundant recreation options. With no new multifamily developments in the area since 2014, rental supply remains constrained, driving accelerated rent growth and reducing competition. Chicago’s thriving job market, highly educated population, and diverse economy further solidify its reputation as a hub for innovation and opportunity. With an annual consumer spending of $6 billion and a daily influx of 185,000 employees within a 5-mile radius, 8250-58 S Racine Avenue offers a unique opportunity to invest in a well-positioned property in a growing market. The current occupancy levels in the multifamily portion and the vacant retail units allow immediate operational enhancements and immense upside.

Offering Memorandum Click Here to Access

Data Room Click Here to Access

Market Analytics Click Here to Access

$99,999

Asset Value

$99,999

12 Month Sales Volume

12 Month Sales Volume
Total
Lowest
Highest
Transactions
999
-
-
Sales Volume
$99,999
$99,999
$99,999
Properties Sold
999
-
-
Transacted Units
999
999
999
Average Units
999
999
999

9.9%

Market Cap Rate

9.9%

Market Sale Price/Unit Change (YOY)

12 Month Sales Price
Average
Lowest
Highest
Market
Cap Rate
9.9%
9.9%
9.9%
9.9%
Sale Price/Unit
$99,999
$99,999
$99,999
$99,999
Sale Price
$99,999
$99,999
-
-
Sale vs Asking Price
-9.9%
-9.9%
-9.9%
-
% Leased at Sale
9.9%
9.9%
9.9%
-

Market Sale Price per Unit

Chicago - IL USA

Market Cap Rate

Chicago - IL USA

Market Sale Price per Unit by Star Rating

1 - 2 Star

3 Star

4 - 5 Star

Market Cap Rate by Star Rating

1 - 2 Star

3 Star

4 - 5 Star

Market Sale Price per Unit Distribution

Market Cap Rate Distribution

Property Facts

Sale Type Investment
Sale Conditions Auction Sale
No. Units 20
Property Type Multifamily
Property Subtype
Apartment
  • General Retail Storefront Retail/Residential
Apartment Style Low Rise
Building Class C
Lot Size 0.29 AC
Building Size 25,695 SF
No. Stories 3
Year Built 1931

Amenities

Unit Amenities

  • Kitchen

PROPERTY TAXES

zoning

Zoning Code B3-2

Sale Advisor

Sale Advisor

(847) 975-8358
Contact
Tyler Hague, Executive Vice President
(847) 975-8358
Contact
With more than 12 years of experience in commercial real estate, Tyler leads the  Chicago Multifamily Advisory Group, which specializes in the acquisition and disposition of multifamily investment properties throughout Chicago and secondary Midwestern markets. Institutional, corporate, and private owners rely on his expertise to originate, underwrite, structure and execute commercial investment sales and capital markets transactions. Tyler is experienced in the initiation and management of acquisition and disposition programs for all commercial property types and is particularly noted for his expertise in multifamily investment sales and urban land development as well as adaptive reuse redevelopment throughout the Chicago Metro area and greater Midwest. Prior to joining Colliers' Investment Services Group, Tyler was a property manager for Colliers, focusing on Class A retail and office properties in the Chicago central business district. While there, he represented a diverse group of clients and provided property accounting, financial analysis, construction and project management, and day-to-day operations for a three-million-square-foot portfolio. Tyler holds a LEED AP designation in operations and maintenance and am an expert in green building technologies and implementation.

About the Auction Platform

Ten-X Commercial is the leading end-to-end digital transaction platform for commercial real estate. With over $26bn sold, Ten-X’s platform empowers brokers, sellers and buyers with data-driven technology and comprehensive marketing tools to expand market visibility and decrease time to close. Ten-X consistently yields trade rates at two times the industry average. Ten-X expedites the entire CRE transaction timeline by enabling brokers and sellers to tap into a digital platform that makes it easy to onboard properties, evaluate the success of complimentary omnichannel marketing campaigns and follow up on the strongest pre-qualified leads. Buyers are precision-matched with properties aligned with their investment goals, with unprecedented access to market analysis and due diligence documents to help them securely acquire properties online, with confidence.
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Auction Contact

Sophy Cardenas
Auctioneer License: Ten-X Arlene Richardson RE Brkr 478027045
  • Listing ID: 34243776

  • Date on Market: 2025-01-10

  • Last Updated:

  • Address: 8250-58 S Racine Ave, Chicago, IL 60620