NOT LISTED FOR SALE

1741 E 71st St Chicago, IL 60649

South Shore Neighborhood

Estimated Value: $540,257

8 Beds
8 Baths
3,300 Sq Ft
$164/Sq Ft Est. Value

Sale Details

Date Sold: June 8, 2023

Last sale price $495,000 $150 Per Sq Ft

Est. 9% increase in value since last sale

Current estimated payment $3,467 / mo

13 Days on Market

Highlights

  • Property is near public transit
  • Forced Air Heating System
  • 4-minute walk to Stony Island Station

About This Home

As of June 2023

DO NOT MISS THIS SOUTH SHORE GEM. EIGHT ONE BEDROOM UNITS AND 3 COMMERICAL SPACES ON GROUND LEVEL. ONE MILE FROM THE OBAMA PRESIDENTIAL CENTER (NOW BEING BUILT) SCHEDULE FOR 2025 OPENING. 71ST STREET WILL BE THE NEXT HOT AREA FOR SHOPPING, RESTAURANTS AND RENTAL UNITS ACCORDING TO THE OBAMA PLANNING COMMITTEE. LAST 8 YEARS OF IMPROVEMENT INCLUDES: ROOF (2015) PORCH (2015) TUCKPOINTING (2015) AND A FEW UNITS HAVE BEEN REMODELED. TWO OF THE COMMERCIAL SPACES HAVE SOLID TENANTS. CLOSE TO SHOPPING AND TRANSPORTATION (METRA STATION 2 BLOCK AWAY) DUSABLE LAKE SHORE DR. AND PUBLIC TRANSPORTATION. RENTS CAN BE AS HIGH A $950 PER MONTH WHICH WILL INCREASE YOUR CAP RATE. SOLD "AS IS"

Last Agent to Sell the Property

Clarence Thompson

Baird & Warner License #475147295 Listed on: 03/15/2023

Baird & Warner

Last Buyer's Agent

Arrick Pelton

Baird & Warner License #475166341

Baird & Warner

Property Details

Home Type

  • Multi-Family

Est. Annual Taxes

  • $15,324

Year Built

  • Built in 1952

Lot Details

  • 5,000 Sq Ft Lot
  • Lot Dimensions are 80 x 125

Home Design

  • Mixed Use
  • Flat Roof Shape
  • Brick Exterior Construction
  • Concrete Perimeter Foundation

Interior Spaces

  • 3,300 Sq Ft Home
  • 4-Story Property
  • Basement Cellar

Bedrooms and Bathrooms

  • 8 Bedrooms
  • 8 Bathrooms

Location

  • Property is near public transit

Utilities

  • Window Unit Cooling System
  • Forced Air Heating System
  • Heating System Uses Gas
  • 100 Amp Service

Listing and Financial Details

  • Tenant pays for electricity, heat

Community Details

Overview

  • 8 Units

Building Details

  • Electric Expense $1,032
  • Insurance Expense $5,170
  • Maintenance Expense $550
  • Trash Expense $2,896
  • Water Sewer Expense $11,745
  • Operating Expense $27,381
  • Gross Income $96,150
  • Net Operating Income $33,316

Property Details

Home Type

Multi-Family

Est. Annual Taxes

$15,324

Year Built

Built in 1952

Lot Details

5,000 Sq Ft Lot

Listing Details

  • Property Type: Commercial Sale
  • Property Type: Multi Family 5+
  • Current Use: Multi-Family
  • Property Sub-Type: Flats
  • Stories: 4
  • Year Built: 1952
  • Built Before 1978 (Y/N): Yes
  • Information: List Broker Must Accompany,48-Hr Notice Required
  • Estimated Age: Older
  • Actual Status: Closed
  • ResoPropertyType: CommercialSale
  • SomePhotosVirtuallyStaged: No
  • Special Features: None
  • Property Sub Type: MultiFamily

Interior Features

  • Total Bathrooms: 8
  • Total Bedrooms: 8
  • Possible Use: Commercial, Multi-Family
  • Basement Description: Cellar
  • Fire Protection: Smoke or Fire Protectors,Carbon Monoxide Detector(s)
  • Misc Inside: Inside Corridor/s
  • Refrigerators: 8
  • Ranges: 8
  • Room: 0

Exterior Features

  • Construction Materials: Brick
  • Foundation Details: Concrete Perimeter
  • Frontage Type: City Street
  • Exterior Building Type: Brick
  • Roof Structure: Flat

Garage/Parking

  • Outdoor Parking: 1-5 Spaces

Utilities

  • Cooling: Window Unit(s)
  • Electric: Circuit Breakers, Service - 0 to 100 Amps
  • Utilities: Sanitary Sewer, Water-Municipal, Water to Site
  • Heat/Ventilation: Forced Air,Gas

Condo/Co-op/Association

  • Unincorporated (Y/N): No
  • Owners Association (Y/N): No

Fee Information

  • Trash Expense: 2896
  • Water Sewer Expenses: 11745

Lot Info

  • Additional Parcels: No
  • Lot Dimensions: 80 X 125
  • Lot Size Sq Ft: 5000
  • Zoning: MULTI
  • Land Amenities: Curbs and Gutters,Sidewalks

Rental Info

  • Tenant Pays: Electricity, Heat
  • Board Number: 8
  • Tenancy Type: Leases,Month To Month,Section 8

Building Info

  • BuildingAreaTotal: 3300
  • Building Unit Info: No Units Furnished,Smoke/Alarm Detector,Storage/Locker Area

Multi Family

  • Net Operating Income: 33316
  • Insurance Expense: 5170
  • ElectricExpense: 1032
  • GrossIncome: 96150
  • Maintenance Expense: 550
  • NumberOfUnitsTotal: 8
  • OperatingExpense: 27381
  • Type Multi-Family: Flats

Tax Info

  • Tax Annual Amount: 15324
  • Tax Year: 2021

Ownership History

We collect this data history from publicly available records. To have your information removed, we recommend requesting removal directly through your county’s website.

Date Name Owned For Owner Type

Purchase Details

Listed on
Mar 15, 2023
Closed on
Jun 9, 2023
Sold by
Bought by
Seller's Agent
Clarence Thompson
Baird & Warner
Buyer's Agent
Arrick Pelton
Baird & Warner
List Price
$550,000
Sold Price
$495,000
Premium/Discount to List
-$55,000
-10%
Views
28
Current Estimated Value
$540,257

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Estimated Appreciation
$45,257
Avg. Annual Appreciation
2.93%
Original Mortgage
$321,750
Outstanding Balance
$172,311
Interest Rate
5.71%
Mortgage Type
Credit Line Revolving
Estimated Equity
$367,946

Purchase Details

Closed on
Nov 22, 2017
Sold by
Bought by

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$272,000
Interest Rate
3.9%
Mortgage Type
Construction

Purchase Details

Closed on
Aug 12, 2015
Sold by
Bought by

Purchase Details

Closed on
Mar 23, 2005
Sold by
Bought by

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$420,000
Interest Rate
5.75%
Mortgage Type
Commercial

Purchase Details

Closed on
Aug 20, 1996
Sold by
Bought by

Purchase Details

Closed on
Jan 10, 1995
Sold by
Bought by

Purchase Details

Closed on
Nov 17, 1993
Sold by
Bought by

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$154,000
Interest Rate
6.88%
Mortgage Type
Commercial
Source: Public Records

Range of Values:

--
Value Increase
--
Percent Increase
--
Adjusted for Inflation
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Average Value
Not Available
List Price
Sold Price
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Home Values in the Area

Source: Public Records

Average Home Value in this Area

Source: Public Records

Purchase History

We collect this data history from publicly available records. To have your information removed, we recommend requesting removal directly through your county’s website.

Date Buyer Sale Price Title Company
$495,000 Chicago Title
$337,000 Chicago Title Land Trust Co
$99,000 Attorney
$525,000 Stewart Title Of Illinois
$70,000 --
-- --
$146,666 --
$40,000 --
Source: Public Records

Mortgage History

We collect this data history from publicly available records. To have your information removed, we recommend requesting removal directly through your county’s website.

Date Status Borrower Loan Amount
Open $321,750
Previous Owner $272,000
Previous Owner $420,000
Previous Owner $154,000
Closed $26,000
Source: Public Records

Property History

We collect this data history from publicly available records. To have your information removed, we recommend requesting removal directly through your county’s website.

Date Event Price List to Sale Price per Sq Ft
06/08/2023 06/08/23 Sold $495,000 -10.0% $150 / Sq Ft
03/29/2023 03/29/23 Pending -- -- --
03/15/2023 03/15/23 For Sale $550,000 -- $167 / Sq Ft
Source: Midwest Real Estate Data (MRED)

Tax History

We collect this data history from publicly available records. To have your information removed, we recommend requesting removal directly through your county’s website.

Year Tax Paid Tax Assessment Tax Assessment Total Assessment is a certain percentage of the fair market value that is determined by local assessors to be the total taxable value of land and additions on the property. Land Improvement
2025 $16,416 $91,200 $5,000 $86,200
2024 $16,416 $91,200 $5,000 $86,200
2023 $15,694 $60,504 $4,500 $56,004
2022 $15,694 $60,504 $4,500 $56,004
2021 $15,324 $60,504 $4,500 $56,004
2020 $14,597 $53,026 $4,500 $48,526
2019 $13,268 $53,026 $4,500 $48,526
2018 $12,963 $53,026 $4,500 $48,526
2017 $8,986 $34,055 $3,750 $30,305
2016 $11,920 $48,713 $3,750 $44,963
2015 $11,538 $51,850 $3,750 $48,100
2014 $10,184 $45,503 $3,750 $41,753
2013 $7,981 $36,067 $3,750 $32,317
Source: Public Records

Agents Affiliated with this Home

  • Clarence Thompson

    Seller's Agent in 2023

    Clarence Thompson

    Baird Warner

    (312) 335-4871

    1 in this area

    15 Total Sales

    Clarence Thompson
    Section Image

  • A

    Buyer's Agent in 2023

    Arrick Pelton

    Baird Warner

    Section Image
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Map

Source: Midwest Real Estate Data (MRED)

MLS Number: 11738043

Midwest Real Estate Data (MRED)

APN: 20-25-103-002-0000

Illinois Cook County Chicago 60649 South Shore

1741 E 71st St, Chicago, IL

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) 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.
Listings courtesy of Midwest Real Estate Data (MRED) as distributed by MLS GRID.
Based on information submitted to the MLS GRID

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