Cook, US
HUGE VALUE-ADD OPPORTUNITY - 6 unit, 2 building complex on a sought-after Halsted Street double lot. Located in the heart of Chicago's affluent Lincoln Park neighborhood, this property is offered at an exceptionally high 5.74% cap rate. Currently 100% leased at below market rents and also contains 9 exterior parking spaces which can be leased month-to-month or rented out to Spot Hero/ParqEx (not included in income assertions). The 1938 side features THREE 2-bed/1-bath units. The 1942 side features TWO 2-bed/1-bath units as well as a 3-bed/2-bath duplex-up apartment. Opportunity to either renovate unit interiors and increase rental rates OR teardown and build new apartments or condominiums across the double lot using the existing RT-4 zoning. 90-day kick-out clause on all existing leases. Showings by appointment only and requires a minimum of 72 hours' notice. Register your interest today, this opportunity will not last long!
Courtesy Of: Chase Real Estate LLC
Feature Highlights
- Built Before 1978
General Features
- List Date:
- 02/04/2020
- Foundation Type:
- Concrete
Interior Features
- Agent Owned/Interest:
- No
- # Of Rooms - Unit 1:
- 5
- # Of Rooms - Unit 2:
- 5
- # Of Rooms - Unit 3:
- 5
- # Of Rooms - Unit 4:
- 5
- # Of Bdrms - Unit 4:
- 2
- # Of Bdrms - Unit 3:
- 2
- # Of Bdrms - Unit 2:
- 2
- # Of Bdrms - Unit 1:
- 2
Exterior Features and Amenities
- Area:
- CHI - Lincoln Park
- Lot Dimensions:
- 50X125
- Exterior Building Type:
- Brick
- Acreage:
- .07
Financial
- Status Date:
- 2020-09-28T21:14:35
- Taxes:
- 33751
- Sale Terms:
- Conventional
- Update Date:
- 2020-09-28T21:14:35
- List Date Received:
- 2020-02-04T18:55:21
- Possession:
- Closing
- Net Oper Income:
- $140,150.00
- Market Time:
- 240
- Assessment Includes:
- Water,Parking
- Listing Market Time:
- 240
- Last List Price:
- 2395000
- Listing Type:
- Exclusive Right To Sell
- Gross Rental Income:
- $183,300.00
- Contingency Flag:
- Financing
- Contract Date:
- 2020-07-16T05:00:00
- Cooperative Compensation:
- 2.5%-$495
Other Features
- Back on Market Date:
- 2020-09-28T05:00:00
- Approx Year Built:
- 1886
- Township:
- North Chicago
- Zoning Type:
- MULTI
- Are any property photos virtually staged?:
- No
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Data last updated: 2024-11-15.
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