NOT LISTED FOR SALE
12 Beds
4 Baths
7,538 Sq Ft
1905 Built

Last Sold July 02, 2024

Last sale price $590,000 $78 Per Sq Ft

3 Days on Market

About This Home

As of July 2024

Welcome to Fifth City/East Garfield Park, where opportunity knocks louder than ever before! This listing presents an unparalleled turnkey investment opportunity with boundless potential for growth. Let's delve into the remarkable features that make this property a standout choice for savvy investors: Prime Location: Nestled in the vibrant Fifth City/East Garfield Park area, this property enjoys proximity to Fifth City Commons, a newly developed 43-unit apartment complex, signaling the neighborhood's upward trajectory. Recent Renovation: A comprehensive interior renovation in 2019 ensures that this property offers modern comforts while preserving its classic charm, setting the stage for immediate occupancy or further enhancement. Investor's Dream: With 3 out of 4 current leases held by CHA tenants, this property presents a lucrative opportunity for investors seeking stable rental income. Development Potential: Positioned amidst city-owned lots earmarked for development, this property stands to benefit from the area's planned growth initiatives, driving up property values in the near future. ARO Program Inclusion: As part of the City of Chicago's Affordable Requirements Ordinance (ARO) program at 100% AMI, this building aligns with the city's commitment to affordable housing, offering potential incentives for investors. Expansion Possibilities: Approved permit plans for the addition of two garden-level units provide a clear path to substantially increase revenue streams, maximizing the property's income potential. Zoning Advantages: Zoned RM-5, this property presents opportunities for further unit additions, subject to evaluation, allowing investors to explore expansion possibilities within the regulatory framework. This property represents a gateway to a lucrative investment journey in one of Chicago's most promising neighborhoods. Don't miss out on this golden opportunity to secure your foothold in Fifth City/East Garfield Park's thriving real estate market! Pro Forma Income: (4) Units - $81,600 | (6) Units - $115,200 All units are MTM

Last Agent to Sell the Property

Damon Dance

Devise Property Group LLC License #471006532 Listed on: 05/06/2024

Last Buyer's Agent

Ernesto Camarillo

Century 21 Universal License #475147941

Century 21 Universal

Property Details

Home Type

  • Multi-Family

Est. Annual Taxes

  • $3,213

Year Built

  • Built in 1905 | Remodeled in 2019

Lot Details

  • Lot Dimensions are 48 x 98
  • Paved or Partially Paved Lot
  • Additional Parcels

Home Design

  • Brick Exterior Construction

Bedrooms and Bathrooms

  • 12 Bedrooms
  • 12 Potential Bedrooms
  • 4 Bathrooms

Parking

  • 2 Parking Spaces
  • Uncovered Parking
  • Off Alley Parking
  • Parking Included in Price

Additional Features

  • Basement Fills Entire Space Under The House
  • Heating System Uses Natural Gas

Community Details

Overview

  • 4 Units

Building Details

  • Electric Expense $438
  • Insurance Expense $1,600
  • Trash Expense $190
  • Water Sewer Expense $1,600
  • Gross Income $71,508
  • Net Operating Income $53,416

Property Details

Home Type

Multi-Family

Est. Annual Taxes

$3,213

Year Built

Built in 1905 | Remodeled in 2019

Lot Details

0

Listing Details

  • Property Type: Residential Income
  • Property Type: Two to Four Units
  • Ownership: Fee Simple
  • New Construction: No
  • Year Built: 1905
  • Age: 100+ Years
  • Built Before 1978 (Y/N): Yes
  • General Information: None
  • Rebuilt (Y/N): No
  • Rehab (Y/N): Yes
  • Rehab Year: 2019
  • ResoPropertyType: ResidentialIncome
  • Special Features: None
  • Property Sub Type: MultiFamily
  • Year Renovated: 2019

Interior Features

  • Basement: Full
  • Total Bathrooms: 4
  • Total Bedrooms: 12
  • Basement Description: Unfinished
  • Below Grade Bedrooms: 0
  • Full Bathrooms in Building: 4
  • Half Bathrooms in Building: 0

Exterior Features

  • List Price: 595000
  • Waterfront: No
  • Exterior Building Type: Brick

Garage/Parking

  • Parking Features: Off Alley
  • ParkingTotal: 2
  • Parking: Space/s
  • Parking On-Site: No

Utilities

  • Heating: Natural Gas
  • Water Source: Public

Condo/Co-op/Association

  • Community Features: Sidewalks, Street Lights, Street Paved

Fee Information

  • Trash Expense: 190
  • Water Sewer Expenses: 1600

Schools

  • Middle/Junior School District: 299

Lot Info

  • Additional Parcels Description: 16131070230000
  • Additional Parcels: Yes
  • Lot Dimensions: 48 X 98
  • Lot Size: Less Than .25 Acre
  • Special Assessments: N

Rental Info

  • Board Number: 8
  • Is Parking Included in Price: Yes

Multi Family

  • Net Operating Income: 53416
  • Insurance Expense: 1600
  • ElectricExpense: 438
  • GrossIncome: 71508
  • Units in Building: 4
  • Three Bedroom Number of Units: Yes
  • Type-Multi: 4 Flat

Tax Info

  • Tax Annual Amount: 3213.18
  • Tax Year: 2022

Range of Values:

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Sold Price
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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
07/02/2024 07/02/24 Sold $590,000 -0.8% $78 / Sq Ft
05/10/2024 05/10/24 Pending -- -- --
05/06/2024 05/06/24 For Sale $595,000 -- $79 / Sq Ft
Source: Midwest Real Estate Data (MRED)

Tax History Compared to Growth

Source: Public Records

Agents Affiliated with this Home

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Map

Source: Midwest Real Estate Data (MRED)

MLS Number: 12048173

Midwest Real Estate Data (MRED)

APN: 16131070220000