2531 W Lyndale St Chicago, IL 60647
Logan Square NeighborhoodEstimated payment $5,601/month
Highlights
- Den
- Forced Air Zoned Heating System
- Heating System Uses Steam
- Soaking Tub
About This Home
Stunning rehabbed legal 4-unit in the Heart of Logan Square/West Bucktown! This multi-unit building is currently operating as a rehabbed 3-unit with a legal, 4th unit that is currently an unfinished garden apartment. This very large building was recently beautifully rehabbed and features a Brand NEW ROOF, very large, rear addition and huge rehabbed 1ST FLOOR UNIT SIMPLEX + 2 Rehabbed DUPLEXED UNITS ON THE 2ND & 3RD FLOORS (front & rear) + an unfinished (but legal) 4th garden apartment. - UNIT #1 - Covers the entire first floor of the building and is a 2-bed/2-bath featuring a recently rehabbed & stunning chef's kitchen w/ granite countertops, breakfast bar, 42-inch cabs, high-end appliances, and custom backsplash, Full dining room & spacious living room w/ large master suite in the rear, (two full updated bathrooms) and in-unit laundry, hardwood floors, can lighting, newer windows, perfect for a live-in owner! - Both upper units (#2F & 2R) are newly rehabbed, super-bright duplex-ups w/ new HVAC (GFA w/ Central A/C), in-unit laundry, new kitchens & baths, hardwood floors throughout and great open layouts UNIT #2F is a large 2-bedroom + den with 1 full bath. UNIT #2R is also a large 2-bedroom with 1.5 baths. Terrific income-producing property, currently generating $6,780 PER MONTH TOTAL and breakdown as follows; *UNIT #1 @ $2,190 per mo and on a month-to-month lease (been there 3 years), *UNIT #2F @ 2,190 per month and lease expires 9/26 (2 years) & *UNIT #2R @ $2,400 and lease expires 9/26 (new tenant). The basement is currently unfinished, but it is a legal 4th garden unit and can be finished for $160K. ***EXCELLENT TOTAL ANNUAL INCOME of $81,360 minus - $16,336 in expenses (RE taxes, water & insurance) = $65,024 (NOI) TOTAL ANNUAL NET OPERATING INCOME for a Solid 7.4% CAP RATE.***Also, investing an additional $160K in finishing the legal 4th garden unit, brings the CAP rate up to 8.8%!! (We have the certificate of zoning from the city in hand showing 4 legal units). A+ location, quiet one-way street, close to all the great restaurants, coffee shopping, night-life, parks & excellent schools in the Logan Square/Bucktown area with excellent transportation options and a short walk to both the Western Blue Line or California stops, easy access to 90/94, close to The 606 bike path & more!!! ***Note***The 2 current tenants have indicated they will waive their right of 1st refusal under Chicago's N/W Side Preservation Ordinance, Tenant Opportunity to Purchase (606) Block Pilot Program).
Property Details
Home Type
- Multi-Family
Est. Annual Taxes
- $11,264
Year Renovated
- 2022
Lot Details
- Lot Dimensions are 28x110
Parking
- 2 Car Garage
- Parking Included in Price
Interior Spaces
- Den
- Basement Fills Entire Space Under The House
Bedrooms and Bathrooms
- 8 Bedrooms
- 8 Potential Bedrooms
- 5 Bathrooms
- Soaking Tub
- Separate Shower
Schools
- Goethe Elementary School
- Clemente Community Academy Senio Middle School
Utilities
- Forced Air Zoned Heating System
- Heating System Uses Steam
- Heating System Uses Natural Gas
- Lake Michigan Water
Listing and Financial Details
- Homeowner Tax Exemptions
Community Details
Overview
- 4 Units
Building Details
- Insurance Expense $3,900
- Water Sewer Expense $1,172
- Net Operating Income $63,104
Map
Home Values in the Area
Average Home Value in this Area
Property History
| Date | Event | Price | Change | Sq Ft Price |
|---|---|---|---|---|
| 09/02/2025 09/02/25 | For Sale | $875,000 | +65.1% | -- |
| 07/15/2016 07/15/16 | Sold | $530,000 | 0.0% | -- |
| 04/27/2016 04/27/16 | Pending | -- | -- | -- |
| 04/25/2016 04/25/16 | Off Market | $530,000 | -- | -- |
| 04/20/2016 04/20/16 | For Sale | $480,000 | +51.4% | -- |
| 01/28/2013 01/28/13 | Sold | $317,000 | -6.5% | -- |
| 11/19/2012 11/19/12 | Pending | -- | -- | -- |
| 11/14/2012 11/14/12 | For Sale | $339,000 | 0.0% | -- |
| 11/02/2012 11/02/12 | Pending | -- | -- | -- |
| 10/06/2012 10/06/12 | For Sale | $339,000 | -- | -- |
Source: Midwest Real Estate Data (MRED)
MLS Number: 12460557
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