SOUTH SHORE — One of the city’s rare lakefront properties already has been snatched up, but the next best thing just hit the market in South Shore.
A four-bedroom house with a three-car garage and a four-unit apartment building on a big lot that abuts Rainbow Beach just went on the market for $899,000.
The 10,000-square-foot property at 7641 S. South Shore Drive doesn’t have its own private beach, but there is little separating the home from the lake, with just a thin strip of parkland between it and the sandy shores of Rainbow Beach.
The rarest properties in the city are homes that have private beaches, and a home up the street at 7237 S. South Shore Drive sold earlier this month for a reported $610,000. Yusef Jackson, a son of the Rev. Jesse Jackson who has been investing in property in South Shore, paid 20 percent over the asking price of $504,900, according to Crain’s Chicago Business.
The property down the street is being marketed to investors at nearly $900,000 — 33 percent higher than the $600,000 it last sold for in 2005.
Commercial real estate company SVN is appealing to buyers who want to pay most of the mortgage by renting out the four apartments on the property.
The three two-bedroom and one one-bedroom apartments are bringing in $3,100 a month, but SVN is projecting that rents have risen enough in South Shore now that they could bring in $4,200 a month.
The renters are in the original brick and stucco home built in 1915. The single-family home built on the lake-facing edge of the property puts an extra buffer between the home and the street.
The entire property could also be rented, and SVN projects the main home could rent for $1,900 a month.
The property is on one of five blocks from 75th to 79th streets where homes have backyards that open onto Rainbow Beach.
