NOT LISTED FOR SALE

2926 S Wallace St Chicago, IL 60616

Bridgeport Neighborhood
12 Beds
6 Baths
5,400 Sq Ft
1890 Built

Sale Details

Date Sold: March 16, 2022

Last sale price $670,000 $124 Per Sq Ft

103 Days on Market

About This Home

As of March 2022

Rare opportunity for a brick 6 unit building with room to improve pro forma rents. Each unit is a 2 bedroom and 1 bath. Rents currently underperforming because of long term tenants but new owner could add large amounts of value in a strong rental neighborhood. Currently the building grosses over $61,000 of rental income. 2 car brick garage creating additional income. All appliances stay with building. Tuckpointing and new roof are only 4 years old. Full unfinished basement for additional value. Healy District and close to shopping, public transportation and expressways makes this a very easy building to rent out.

Last Agent to Sell the Property

Andy Yuen

Fulton Grace Realty License #475177261 Listed on: 09/30/2021

Fulton Grace Realty

Last Buyer's Agent

Mitir Patel

Essex 312, LLC License #475157343

Property Details

Home Type

  • Multi-Family

Est. Annual Taxes

  • $12,269

Year Built

  • Built in 1890

Home Design

  • Brick Exterior Construction

Bedrooms and Bathrooms

  • 12 Bedrooms
  • 6 Bathrooms

Additional Features

  • 3-Story Property
  • Lot Dimensions are 25x125
  • Radiator

Listing and Financial Details

  • Tenant pays for electricity, heat

Community Details

Overview

  • 6 Units

Building Details

  • Electric Expense $168
  • Insurance Expense $3,106
  • Trash Expense $1,248
  • Water Sewer Expense $3,072
  • Operating Expense $7,594
  • Gross Income $61,200
  • Net Operating Income $41,337

Property Details

Home Type

Multi-Family

Est. Annual Taxes

$12,269

Year Built

Built in 1890

Listing Details

  • Property Type: Commercial Sale
  • Property Type: Multi Family 5+
  • Property Sub-Type: Other
  • Stories: 3
  • Year Built: 1890
  • Built Before 1978 (Y/N): Yes
  • Information: 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: 6
  • Total Bedrooms: 12
  • Room: 0

Exterior Features

  • Construction Materials: Brick
  • Exterior Building Type: Brick

Utilities

  • Heat/Ventilation: Radiators

Fee Information

  • Trash Expense: 1248
  • Water Sewer Expenses: 3072

Lot Info

  • Additional Parcels: No
  • Lot Dimensions: 25X125

Rental Info

  • Tenant Pays: Electricity, Heat
  • Board Number: 8

Multi Family

  • Net Operating Income: 41337
  • Insurance Expense: 3106
  • ElectricExpense: 168
  • GrossIncome: 61200
  • NumberOfUnitsTotal: 6
  • OperatingExpense: 7594
  • Type Multi-Family: Other

Tax Info

  • Tax Annual Amount: 12269
  • Tax Year: 2020
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Home Values in the Area

Source: Public Records

Average Home Value in this Area

Source: Public Records

Property History

Date Event Price List to Sale Price per Sq Ft
03/16/2022 03/16/22 Sold $670,000 -10.7% $124 / Sq Ft
01/13/2022 01/13/22 Pending -- -- --
10/01/2021 10/01/21 For Sale $749,900 -- $139 / Sq Ft
Source: Midwest Real Estate Data (MRED)

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
2025 $11,676 $77,001 $17,713 $59,288
2024 $11,676 $77,001 $17,713 $59,288
2023 $12,341 $55,340 $14,300 $41,040
2022 $12,341 $60,000 $14,300 $45,700
2021 $12,065 $60,000 $14,300 $45,700
2020 $12,270 $55,078 $14,300 $40,778
2019 $13,397 $66,680 $14,300 $52,380
2018 $13,172 $66,680 $14,300 $52,380
2017 $9,609 $44,639 $11,375 $33,264
2016 $9,689 $48,375 $11,375 $37,000
2015 $8,865 $48,375 $11,375 $37,000
2014 $7,869 $42,410 $9,750 $32,660
2013 $7,713 $42,410 $9,750 $32,660
Source: Public Records

Agents Affiliated with this Home

  • Andy Yuen

    Seller's Agent in 2022

    Andy Yuen

    Fulton Grace

    (312) 504-3036

    1 in this area

    9 Total Sales

    Andy Yuen
    Section Image
  • Mitir Patel

    Buyer's Agent in 2022

    Mitir Patel

    Essex 312, LLC

    (773) 209-4785

    1 in this area

    99 Total Sales

    Mitir Patel
    Section Image
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Map

Source: Midwest Real Estate Data (MRED)

MLS Number: 11234757

Midwest Real Estate Data (MRED)

APN: 17283210300000

Illinois Cook County Chicago 60616 Bridgeport

2926 S Wallace 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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