NOT LISTED FOR SALE

1502 W Melrose St Chicago, IL 60657

Southport Corridor Neighborhood
8 Beds
5 Baths
525 Sq Ft
3,049 Sq Ft Lot

Last Sold August 14, 2020

Last sale price $843,500 $1,607 Per Sq Ft

4 Days on Market

Highlights

  • Deck
  • Pergola
  • Ceiling Fan
  • Augustus H. Burley Elementary School Rated A-
  • Forced Air Heating System
  • Multiple Water Heaters

About This Home

As of August 2020

Bright & spacious turnkey Southport Corridor 3-unit investment property with two 3-bedroom apartments in front building plus three level 2-bedroom coach house! Exceptionally clean & well-maintained apartments feature vintage charm including hardwood floors, original woodwork & built-in hutches. All units have large eat-in kitchens with dishwashers, microwave ovens & garbage disposals, gas forced air heat and central air. Free shared washer and dryer in front building and private washer/dryer in coach house. Huge back deck with pergola separating front building and coach house is a huge draw for tenants while offering maintenance free landscaping. Easy Zone 383 street parking. Unfinished attic with high ceiling in front building offers potential for expansion and increased rental income. Many recent capital improvements including all 3 water heaters replaced since 2018, coach house AC installed in 2017, New windows on 2nd floor in 2013 & insulation blown into all building walls and attic in 2013. Fantastic location is close to tons of restaurants, nightlife, Whole Foods, Jewel, Target, Wrigley Field, Lake/Belmont Harbor, Southport Corridor, Roscoe Village, Southport Brown Line & Belmont Red, Purple & Brown Lines. Amazing investment opportunity produces $21,400/year in positive cash flow with 20% down payment & 4% interest rate! 7.0 % Cap Rate, 12 % Cash on Cash return!

Last Agent to Sell the Property

Mike Frank

Keller Williams Preferred Realty License #475129769 Listed on: 07/03/2020

Keller Williams Preferred Realty

Co-Listed By

James Frank

Keller Williams Preferred Realty License #475160546

Last Buyer's Agent

Tom McCarey

@properties Christie's International Real Estate License #475130892

@properties Christie's International Real Estate

Property Details

Home Type

  • Multi-Family

Est. Annual Taxes

  • $12,616

Year Built

  • Built in 1890

Lot Details

  • 3,049 Sq Ft Lot
  • Lot Dimensions are 25x125.25
  • Paved or Partially Paved Lot

Home Design

  • Asphalt Roof

Interior Spaces

  • Ceiling Fan
  • Carbon Monoxide Detectors

Bedrooms and Bathrooms

  • 8 Bedrooms
  • 8 Potential Bedrooms
  • 5 Bathrooms

Unfinished Basement

  • Walk-Out Basement
  • Basement Fills Entire Space Under The House

Outdoor Features

  • Deck
  • Pergola

Utilities

  • Forced Air Heating System
  • Heating System Uses Natural Gas
  • Lake Michigan Water
  • Multiple Water Heaters

Community Details

Overview

  • 3 Units

Building Details

  • Insurance Expense $1,576
  • Trash Expense $342
  • Water Sewer Expense $948
  • Gross Income $76,800
  • Net Operating Income $61,529

Property Details

Home Type

Multi-Family

Est. Annual Taxes

$12,616

Year Built

Built in 1890

Lot Details

0

Listing Details

  • Property Type: Residential Income
  • Property Type: Two to Four Units
  • Ownership: Fee Simple
  • New Construction: No
  • Year Built: 1890
  • Age: 100+ Years
  • Built Before 1978 (Y/N): Yes
  • General Information: None
  • Rebuilt (Y/N): No
  • Rehab (Y/N): No
  • ResoPropertyType: ResidentialIncome
  • Special Features: None
  • Property Sub Type: MultiFamily

Interior Features

  • Basement: Full, Walkout
  • Total Bathrooms: 5
  • Total Bedrooms: 8
  • Other Equipment: CO Detectors, Ceiling Fan(s), Multiple Water Heaters
  • Basement Description: Unfinished
  • Below Grade Bedrooms: 0
  • Full Bathrooms in Building: 4
  • Half Bathrooms in Building: 1
  • MRD_AppliancesAndFeatures: Stove,Refrigerator,Dishwasher,Microwave,Disposal,Central Air Conditioner,Hardwood Floors
  • MRD_AppliancesAndFeatures: Stove,Refrigerator,Dishwasher,Microwave,Disposal,Central Air Conditioner,Hardwood Floors
  • MRD_AppliancesAndFeatures: Stove,Refrigerator,Washer,Dryer,Dishwasher,Microwave,Disposal,Central Air Conditioner,Laundry Hook-Up,Hardwood Floors

Exterior Features

  • ExteriorFeatures: Deck
  • List Price: 875000
  • OtherStructures: Pergola
  • Roof: Asphalt
  • Waterfront: No
  • Exterior Building Type: Aluminum Siding,Frame

Garage/Parking

  • Parking: None

Utilities

  • Sewer: Public Sewer
  • Heating: Natural Gas, Forced Air
  • Water Source: Lake Michigan

Condo/Co-op/Association

  • Community Features: Curbs, Sidewalks, Street Lights, Street Paved
  • Conversion YN: N

Fee Information

  • Trash Expense: 342
  • Water Sewer Expenses: 948
  • Trash Expense Year: 2019

Schools

  • Middle/Junior School District: 299

Lot Info

  • Additional Parcels: No
  • Lot Size Acres: 0.07
  • Lot Dimensions: 25X125.25
  • Zoning: MULTI
  • Lot Size: Less Than .25 Acre
  • Special Assessments: N

Rental Info

  • Board Number: 8
  • Is Parking Included in Price: No

Multi Family

  • Net Operating Income: 61529
  • Insurance Expense: 1576
  • GrossIncome: 76800
  • Units in Building: 3
  • Three Bedroom Number of Units: Yes
  • Type-Multi: 3 Flat

Tax Info

  • Tax Annual Amount: 12616.28
  • Tax Year: 2019
  • Tax Exemptions: None

Range of Values:

Collateral Analytics

Collateral Analytics Collateral Analytics AVMs (Automated Valuation Model) employ a number of statistical approaches combined with neighborhood-specific comparable selection guarantees the most up-to-date and precise valuations.

Not Available

Collateral Analytics does not have data for the current month. Please view the chart for historical values.

ICE

ICE Mortgage Technology ICE Mortgage Technology’s AVM (Automated Valuation Model) is a state-of-the-art online residential property valuation tool that provides a quick and accurate estimate of the value of almost any home in the U.S.

Not Available

ICE Mortgage Technology does not have data for the current month. Please view the chart for historical values.

First American

First American First American Data & Analytics’ next-generation AVM combines unrivaled data assets with a blended ensemble of valuation models to produce highly accurate, reliable valuations you can trust.

Not Available

First American does not have data for the current month. Please view the chart for historical values.

Quantarium

Quantarium Quantarium’s valuation service, repeatedly proven the industry’s most accurate and comprehensive, is supercharged with a self-learning and auto-tuning AI engine that continually becomes smarter and more accurate as it processes daily inputs from the industry’s leading RE data lake.

Not Available

Quantarium does not have data for the current month. Please view the chart for historical values.

Average Value
Not Available
List Price
Sold Price
Create a Home Valuation Report for This Property
The Home Valuation Report is an in-depth analysis detailing your home's value as well as a comparison with similar homes in the area

Home Values in the Area

Source: Public Records

Average Home Value in this Area

Source: Public Records

Property History

Date Event Price Change Sq Ft Price
08/14/2020 08/14/20 Sold $843,500 -3.6% $1,607 / Sq Ft
07/07/2020 07/07/20 Pending -- -- --
07/03/2020 07/03/20 For Sale $875,000 -- $1,667 / Sq Ft
Source: Midwest Real Estate Data (MRED)

Tax History Compared to Growth

Source: Public Records

Agents Affiliated with this Home

  • Mike Frank

    Seller's Agent in 2020

    Mike Frank

    Keller Williams Preferred Realty

    (773) 251-8963

    4 in this area

    197 Total Sales

    Mike Frank
    Section Image
  • James Frank

    Seller Co-Listing Agent in 2020

    James Frank

    Keller Williams Preferred Realty

    (630) 212-8322

    3 in this area

    137 Total Sales

    James Frank
    Section Image
  • Tom McCarey

    Buyer's Agent in 2020

    Tom McCarey

    @ Properties

    (773) 848-9241

    2 in this area

    94 Total Sales

    Tom McCarey
    Section Image
See All Agents

Map

Source: Midwest Real Estate Data (MRED)

MLS Number: 10769606

Midwest Real Estate Data (MRED)

APN: 14-20-324-042

Illinois Cook County Chicago 60657 Southport Corridor

1502 W Melrose St, Chicago, IL

This home is located at 1502 W Melrose St, Chicago, IL 60657 since 03 July 2020. This property was built in 1890. 1502 W Melrose St is a home located in Cook County with nearby schools including Augustus H. Burley Elementary School, Lake View High School, and Saint Luke Academy.

Disclaimer: Certain information contained herein is derived from information provided by parties other than Homes.com. All information provided is deemed reliable, but is not guaranteed to be accurate and should be independently verified.

Midwest Real Estate Data (MRED) Based on information submitted to the MLS GRID. All data is obtained from various sources and may not have been verified by broker or MLS GRID. Supplied Open House Information is subject to change without notice. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information. Some IDX listings have been excluded from this website.

The Digital Millennium Copyright Act of 1998, 17 U.S.C. § 512 (the “DMCA”) provides recourse for copyright owners who believe that material appearing on the Internet infringes their rights under U.S. copyright law. If you believe in good faith that any content or material made available in connection with our website or services infringes your copyright, you (or your agent) may send us a notice requesting that the content or material be removed, or access to it blocked.
Notices must be sent in writing by email to DMCAnotice@MLSGrid.com.
The DMCA requires that your notice of alleged copyright infringement include the following information:
(1) description of the copyrighted work that is the subject of claimed infringement;
(2) description of the alleged infringing content and information sufficient to permit us to locate the content;
(3) contact information for you, including your address, telephone number and email address;
(4) a statement by you that you have a good faith belief that the content in the manner complained of is not authorized by the copyright owner, or its agent, or by the operation of any law;
(5) a statement by you, signed under penalty of perjury, that the information in the notification is accurate and that you have the authority to enforce the copyrights that are claimed to be infringed; and
(6) a physical or electronic signature of the copyright owner or a person authorized to act on the copyright owner’s behalf. Failure to include all of the above information may result in the delay of the processing of your complaint.

Nearby Homes