NOT LISTED FOR SALE

2116 Williamsburg Dr Waukegan, IL 60085

Estimated Value: $860,000

22 Beds
12 Baths
7,212 Sq Ft
$119/Sq Ft Est. Value

Last Sold January 19, 2024

Last sale price $1,040,000 $144 Per Sq Ft

Est. 17% decrease in value since last sale

Current estimated payment $5,375/month

199 Days on Market

About This Home

As of January 2024

Excellent opportunity to own 2 Cash Cows on the Northwest side of Waukegan. Two 6-unit buildings conveniently located across the street from each other for easy management. 100% occupied and excellent operational history. 5 out of the 12 units have been completely renovated with new flooring, fresh window coverings, newly painted trim, walls and cabinets complete with new refrigerators and ovens along with 5 new dishwashers. There has been many updates including new water heater in 2116, 3 new refrigerators in 2116. New coin operated washing machine in 2116. Both boilers were fully serviced and cleaned out in 2022.These buildings are no brainers for the savvy investor. Properties are being offered at an 9.55 Cap with more room to raise rents as is or bring in working capital to upgrade the remaining units to collect top dollar! These 12 units are a perfect addition to a growing investors portfolio you won't want to miss out!

Last Agent to Sell the Property

Carlos Lopez Sr.

RE/MAX At Home License #475206833 Listed on: 05/06/2023

Co-Listed By

Basel Tarabein

RE/MAX At Home License #471008459

Last Buyer's Agent

Toynoia Briggity

eXp Realty - Chicago North Ave License #475200482

eXp Realty - Chicago North Ave

Property Details

Home Type

  • Multi-Family

Est. Annual Taxes

  • $17,856

Year Built

  • Built in 1950

Lot Details

  • 0.36 Acre Lot
  • Lot Dimensions are 60x134
  • Corner Lot
  • Additional Parcels

Parking

  • 6 to 12 Parking Spaces

Home Design

  • Flat Roof Shape
  • Brick Exterior Construction
  • Wood Frame Construction
  • Tar and Gravel Roof
  • Concrete Perimeter Foundation

Interior Spaces

  • 7,212 Sq Ft Home
  • 3-Story Property
  • Block Basement Construction
  • Fire and Smoke Detector
  • Laundry Room

Bedrooms and Bathrooms

  • 22 Bedrooms
  • 12 Bathrooms

Utilities

  • Window Unit Cooling System
  • Heating System Uses Gas
  • Separate Meters

Listing and Financial Details

  • Tenant pays for electricity

Community Details

Overview

  • Association fees include water, exterior maintenance, lawn care, scavenger, snow removal
  • 12 Units

Amenities

  • Workshop Area

Building Details

  • Electric Expense $1,080
  • Fuel Expense $4,198
  • Insurance Expense $6,185
  • Maintenance Expense $1,200
  • Other Expense $4,200
  • Trash Expense $2,265
  • Water Sewer Expense $2,707
  • Operating Expense $40,880
  • Gross Income $153,480
  • Net Operating Income $114,592

Property Details

Home Type

Multi-Family

Est. Annual Taxes

$17,856

Year Built

Built in 1950

Lot Details

0

Listing Details

  • Property Type: Commercial Sale
  • Property Type: Multi Family 5+
  • Current Use: Multi-Family
  • Property Sub-Type: Other
  • Stories: 3
  • Year Built: 1950
  • Built Before 1978 (Y/N): Yes
  • Information: 24-Hr Notice Required
  • Estimated Age: 36-50 Years
  • ResoPropertyType: CommercialSale
  • Special Features: None
  • Property Sub Type: MultiFamily

Interior Features

  • Total Bathrooms: 12
  • Total Bedrooms: 22
  • Possible Use: Multi-Family
  • Basement Description: Concrete Block
  • Fire Protection: Smoke or Fire Protectors
  • Misc Inside: Laundry Room,Workshop Area (Interior)
  • Fireplaces: 2
  • Drive-In Doors: 0
  • Dishwashers: 5
  • Refrigerators: 12
  • Ranges: 12
  • Number of Windows: 12
  • Number of Washers: 2
  • Room: 0
  • Room: 0
  • Room: 0

Exterior Features

  • Construction Materials: Brick, Wood Frame
  • Foundation Details: Concrete Perimeter
  • Frontage Type: City Street
  • List Price: 1199900
  • Roof: Tar and Gravel, Other
  • Exterior Building Type: Vinyl Siding,Brick
  • Roof Structure: Flat
  • Misc Outside: Patio,Trash Compactor

Garage/Parking

  • Outdoor Parking: 6-12 Spaces
  • Indoor Parking: Assigned Spaces

Utilities

  • Cooling: Window Unit(s)
  • Electric: Circuit Breakers, Separate Meters
  • Utilities: Sanitary Sewer, Water-Municipal
  • Heat/Ventilation: Gas
  • Leased Washer Dryer YN: No

Condo/Co-op/Association

  • Unincorporated (Y/N): Yes
  • Conversion YN: N
  • Owners Association (Y/N): No

Fee Information

  • Association Fee Includes: Water, Exterior Maintenance, Lawn Care, Scavenger, Snow Removal
  • Trash Expense: 2265
  • Water Sewer Expenses: 2707
  • Janitor Expense: 0
  • Operating Expense Includes: Fuel,Insurance,Licenses,Maintenance,Maintenance Grounds,New Tax,Snow Removal,Trash,Utilities,Water/Sewer,Electricity,Fixed Expenses,Gas,Real Estate Tax

Lot Info

  • Additional Parcels: Yes
  • Lot Size Acres: 0.36
  • Lot Dimensions: 60X134
  • Lot Size Sq Ft: 16549
  • Zoning: MULTI
  • Land Amenities: Curbs and Gutters,Lighting/Exterior,Sidewalks,Other,Cable Ready

Green Features

  • Green Building Verification Type: Other

Rental Info

  • Tenant Pays: Electricity
  • Board Number: 10
  • Tenancy Type: Leases,Month To Month

Building Info

  • BuildingAreaTotal: 7212
  • Building Unit Info: No Units Furnished

Multi Family

  • Net Operating Income: 114592
  • Fuel Expense: 4198
  • Insurance Expense: 6185
  • ElectricExpense: 1080
  • GrossIncome: 153480
  • Maintenance Expense: 1200
  • NumberOfUnitsTotal: 12
  • OperatingExpense: 40880
  • Expense Year: 2022
  • Type Multi-Family: Other

Tax Info

  • Tax Annual Amount: 17856
  • Tax Year: 2022

Ownership History

Date Name Owned For Owner Type

Purchase Details

Listed on
May 6, 2023
Closed on
Jan 11, 2024
Sold by
2101 Williamsburg Llc
Bought by
Be Spoiled Llc
Seller's Agent
Carlos Lopez Sr.
RE/MAX At Home
Buyer's Agent
Toynoia Briggity
eXp Realty - Chicago North Ave
List Price
$1,349,000
Sold Price
$1,040,000
Premium/Discount to List
-$309,000
-22.91%
Views
89
Current Estimated Value
$860,000

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Estimated Appreciation
-$180,000
Avg. Annual Appreciation
-10.46%

Purchase Details

Closed on
Dec 14, 2021
Sold by
Bottomline Innovators Ii Llc Series 2116 and Bottomline Innovators Ii Llc Series 2101
Bought by
2101 Williamsburg Llc

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$570,000
Interest Rate
3.69%
Mortgage Type
Credit Line Revolving

Purchase Details

Closed on
Dec 15, 2016
Sold by
Bottomline Innovators Ii Llc
Bought by
Bottomline Innovators Ii Llc Series 2116

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$1,285,330
Interest Rate
4.6%
Mortgage Type
Commercial

Purchase Details

Closed on
Nov 22, 2016
Sold by
Active Real Estate Partners Llc Series A
Bought by
Bottomline Innovators Ii Llc

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$1,285,330
Interest Rate
4.6%
Mortgage Type
Commercial

Purchase Details

Closed on
Oct 25, 2011
Sold by
Synergy Property Holdings Llc
Bought by
Active Real Estate Partners Llc Series A

Purchase Details

Closed on
Aug 23, 2011
Sold by
Olarte Elmer P and Olarte Ross Dinah A
Bought by
Bayview Loan Servicing Llc

Purchase Details

Closed on
Nov 24, 2004
Sold by
Molinari Heather J and Ratajczyk David J
Bought by
Olarte Elmer P and Olarte Ross Dinah A

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$323,000
Interest Rate
7.25%
Mortgage Type
Commercial

Purchase Details

Closed on
Jun 23, 2003
Sold by
Eash Timothy A and Eash Marla R
Bought by
Molinari Heather J and Ratajczyk David J

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$263,065
Interest Rate
6.5%
Mortgage Type
Commercial

Purchase Details

Closed on
Jan 4, 2001
Sold by
Bank Of Waukegan
Bought by
Eash Timothy A and Eash Marla R

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$155,000
Interest Rate
7.43%
Mortgage Type
Commercial

Purchase Details

Closed on
Oct 7, 1993
Sold by
American National Bk & Tr Co Of Waukegan
Bought by
Bank Of Waukegan and Trust #1459

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$114,000
Interest Rate
7.05%
Mortgage Type
Commercial
Source: Public Records

Range of Values:

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Average Value
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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

Date Buyer Sale Price Title Company
Be Spoiled Llc $1,040,000 Chicago Title
2101 Williamsburg Llc $760,000 Chicago Title
Bottomline Innovators Ii Llc Series 2116 -- Stewart Title
Bottomline Innovators Ii Llc $390,000 Stewart Title
Active Real Estate Partners Llc Series A $160,000 Ctic
Bayview Loan Servicing Llc $185,000 None Available
Olarte Elmer P $380,000 Attorneys Title Guaranty Fun
Molinari Heather J $325,000 --
Eash Timothy A $189,000 --
Bank Of Waukegan $101,333 Chicago Title Insurance Co
Source: Public Records

Mortgage History

Date Status Borrower Loan Amount
Previous Owner 2101 Williamsburg Llc $570,000
Previous Owner Bottomline Innovators Ii Llc $1,285,330
Previous Owner Olarte Elmer P $323,000
Previous Owner Molinari Heather J $263,065
Previous Owner Eash Timothy A $155,000
Previous Owner Bank Of Waukegan $114,000
Source: Public Records

Property History

Date Event Price List to Sale Price per Sq Ft
01/19/2024 01/19/24 Sold $1,040,000 -13.3% $144 / Sq Ft
11/22/2023 11/22/23 Pending -- -- --
08/09/2023 08/09/23 Price Changed $1,199,900 -3.9% $166 / Sq Ft
06/13/2023 06/13/23 Price Changed $1,249,000 -7.4% $173 / Sq Ft
05/06/2023 05/06/23 For Sale $1,349,000 -- $187 / Sq Ft
Source: Midwest Real Estate Data (MRED)

Tax History Compared to Growth

Source: Public Records

Tax History

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
2024 $9,952 $134,396 $12,414 $121,982
2023 $9,952 $105,544 $10,720 $94,824
2022 $9,244 $94,559 $9,404 $85,155
2021 $11,608 $111,338 $11,073 $100,265
2020 $11,758 $103,725 $10,316 $93,409
2019 $11,833 $95,047 $9,453 $85,594
2018 $10,147 $78,484 $11,150 $67,334
2017 $9,877 $69,437 $9,865 $59,572
2016 $9,324 $60,338 $8,572 $51,766
2015 $9,122 $54,003 $7,672 $46,331
2014 $9,070 $53,573 $6,631 $46,942
2012 $8,522 $58,041 $7,184 $50,857
Source: Public Records

Agents Affiliated with this Home

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Map

Source: Midwest Real Estate Data (MRED)

MLS Number: 11777044

Midwest Real Estate Data (MRED)

APN: 08-17-101-019