7631 W 63rd Place

7631 W 63rd Place, Summit, IL 60501

  • For Sale $2,050,000
  • Property Type Multi-Family
  • Property Size 1 SF
  • Units 18
  • Lot Size 0.07 Acre
  • Date Updated Mar 11, 2025
Situated about 13 miles southwest of downtown Chicago, Summit is a small suburban community covering just over two square miles. It is bordered by McCook to the west, Lyons to the north, and Bedford Park to the south. The village has a mix of residential, commercial, and industrial areas, with housing options that include single-family homes, townhouses, and apartment buildings. Summit has several transportation options that provide easy access to Chicago and the surrounding areas. The Summit Metra Station on the Heritage Corridor Line offers direct service to downtown, while nearby expressways, including I-55 and I-294, facilitate regional travel. Chicago Midway International Airport is also a short drive away, offering domestic and international flight connections. The community includes local parks, schools, and small businesses, as well as recreational spaces like Summit Park, which hosts events and activities. The village’s location and infrastructure support both residential and commercial development, making it a well-connected and functional suburb within the Chicago metropolitan area.Essex Realty Group, LLC. has been exclusively engaged to market for sale 7631 W 63rd Pl, an 18-unit apartment building located just 13 miles southwest of downtown Chicago. The property offers a mix of four 1-bedroom/1-bathroom units, nine 2-bedroom/1-bathroom units, and five 3-bedroom/1-bathroom units. 12 of 18 units have been recently rehabbed, and the building operates efficiently with electric baseboard heat, lowering overall expenses. Current rental rates deliver an attractive 7.71% capitalization rate and a Gross Rent Multiplier (GRM) of 7.74. With rents significantly below market, there’s immediate opportunity to boost rental income by nearly 20%. The building's location less than 5 miles from Midway Airport adds convenience for tenants seeking affordable and accessible living.
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Highlights

  • Strong Unit Mix – 4 One-Bedroom, 9 Two-Bedroom, and 5 Three-Bedroom Units
  • Current / Forecasted Cap Rate – 7.71% / 7.74%
  • High Growth Potential – Existing Rents Nearly 20% Below Market
  • Proximity to Transportation – Less Than 5 Miles From Midway Airport, 13 Miles Southwest of Downtown Chicago
  • Substantial Renovations – 12 of 18 Units Rehabbed

Contacts

broker
Anthony Citriglia

Essex Realty Group

Location

Getting Around

  • Walk Score ®

    66/100 Somewhat Walkable

  • Bike Score ®

    73/100 Very Bikeable
Powered by Walk Score ®
  • City Summit, IL
  • Zip Code 60501
  • Market Chicago

Points of Interest

  • Summit

    1.36 miles

  • Hollywood

    3.53 miles

  • Riverside

    3.58 miles

  • Brookfield

    3.58 miles

  • Congress Park

    3.79 miles

  • Harlem Avenue

    3.91 miles

  • Berwyn

    4.10 miles

  • LaGrange Road

    4.11 miles

  • Stone Avenue

    4.32 miles

  • Willow Springs

    4.46 miles

  • Thorntons

    0.80 miles

  • Speedway

    0.90 miles

  • Shell

    1.00 miles

  • Citgo

    1.09 miles

  • BP

    1.55 miles

  • Good To Go

    1.56 miles

  • ChargePoint

    2.89 miles

  • EVgo

    4.56 miles

  • Soofa Solar Phone Charger

    8.88 miles

  • Midway Parking

    2.67 miles

  • Midway Employee Parking

    2.74 miles

  • Airport Speed Parking

    3.25 miles

  • Midway Airport Rental Car Facility

    3.38 miles

  • Midway Airport Economy Garage

    3.42 miles

  • Midway Airport Cell Phone Lot

    3.63 miles

  • Midway Airport Economy Lot

    3.68 miles

  • Midway Park & Ride

    3.81 miles

  • Midway Airport Terminal Parking Garage

    3.82 miles

  • Hampton Inn & Suites Bridgeview Chicago

    0.80 miles

  • Super 8 by Wyndham Bridgeview/Chicago Area

    1.99 miles

  • Holiday Inn Countryside

    3.09 miles

  • Rodeway Inn Brookfield

    3.11 miles

  • Presidential Inn

    3.13 miles

  • Best Western Plus

    3.14 miles

  • Brookfield Motel

    3.16 miles

  • Pioneer Motel

    3.20 miles

  • Chicagoland Motel

    3.28 miles

  • Hyatt Place Chicago/Midway Airport

    3.37 miles

  • Dunkin'

    0.62 miles

  • Pizza Hut Delivery

    0.84 miles

  • Jimmy John's

    0.85 miles

  • Beefy's

    0.96 miles

  • Popeyes

    0.98 miles

  • Potbelly

    1.03 miles

  • Taco Burrito King

    1.14 miles

  • Little Caesars

    1.15 miles

  • Portillo's

    1.17 miles

  • Stunod's Pizzeria

    1.40 miles

  • Wharton Elementary School

    0.14 miles

  • Argo Community High School

    0.31 miles

  • Walker Elementary School

    0.37 miles

  • Saint Blase School

    0.39 miles

  • Graves Elementary & Heritage Middle Schools

    0.63 miles

  • Zion School

    0.63 miles

  • John C. Dore Elementary School

    0.67 miles

  • Walsh Elementary School

    0.89 miles

  • Saint Rene School

    0.91 miles

  • Saint Joseph School

    1.01 miles

  • Lyon Cub Day Nursery

    2.61 miles

  • Gladness V Player Early Childhood Center

    2.80 miles

  • Little People Montessori Academy

    3.11 miles

  • Alphabet Learning Center

    3.69 miles

  • Montessori Children's Community

    4.17 miles

  • Little People's Country

    4.17 miles

  • Montessori Children's Place

    4.64 miles

  • Happy Days Child Care Center

    4.95 miles

  • Southwest Cooperative Pre-School

    5.24 miles

  • Creative Kids Daycare Center

    5.48 miles

Frequently Asked Questions

How much does 7631 W 63rd Place cost?

The space currently listed for sale at 7631 W 63rd Place asks for $2,050,000.

What is the total square footage of 7631 W 63rd Place?

7631 W 63rd Place totals 1 square feet.

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Contact Listing Broker
broker
Anthony Citriglia

Essex Realty Group

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