656 E 51st St Chicago, IL 60615
Grand Boulevard NeighborhoodEstimated payment $9,066/month
Total Views
2,783
--
Bed
--
Bath
12,018
Sq Ft
$124
Price per Sq Ft
About This Home
Exceptional Turnkey Investment opportunity in Hyde park. Stately center entrance stabilized 6-unit building overlooking the park on the double wide lot. NOI $137,457/9.19% CAP. Strong income producing property with extensive value add opportunities. Beautifully upgraded and renovated to maintain the vintage sophistication typical of Hyde Park. Mosaic tile in foyers and master baths and hardwood panel doors, woodwork, trim, hutches and floors will last a lifetime. Plaster relief wainscot in hall and dining. Masonry decorative fireplaces. Stunning units all feature a wonderful floorplan with spacious layouts with large rooms, plenty of light, huge back porches and front balconies with a beautiful view. 3 units are (6) room, (3) bedroom, (2) full bath with in-unit washer/dryer hookups. 3 units are (6) room, (3) bedroom (1) full bath (shared laundry in basement* 2 Washers/2 Dryers) (unit 1E includes w/d) (unit 3E has a jacuzzi) Of these, 3 units have been recently renovated with new kitchens, baths, lighting and paint. All units are maintained, upgraded and painted on a regular basis even with long term tenants. Property shows very well, and units are easy to rent. Responsible tenants pay rent on time like clockwork. Commercial glass entrance with buzzer system. Marble and mosaic foyer and hardwood stairs and balustrades. Double pane windows, silver coated roof (tear off 2012, new silver coat 2022) and permitted back porch. Huge back yard has 5 parking spaces, secured wrought iron fence and a lovely yard, summertime flower beds and an organic vegetable garden by tenants. Infrastructure is well maintained and solid. Steel beams and columns in dry, clean basement with high ceilings. New Dunkirk boiler installed in 2020 with internet control that can be done remotely. All radiators have variable vents to balance the system for efficient heat throughout. Obvious value-add opportunities include but are not limited to: Add a 2nd bath & w/d to (3) west units to mirror east units via huge walk-in storage closets. Add 5 additional tandem parking spaces in back and still maintain the yard and garden. Great Location. Walk to bus, green line and Hyde Park shops. Proximity to ECO campus, University of Chicago, Rush medical center and Expressway. Easy access to loop. This is your chance to own a renovated and beautifully maintained Chicago income property with favorable cap rate directly on the north end of the park. Preapproval and POF are required for showings.
Property Details
Home Type
- Multi-Family
Est. Annual Taxes
- $8,856
Year Built
- Built in 1905
Lot Details
- 7,250 Sq Ft Lot
- Lot Dimensions are 50x125
Home Design
- Flat Roof Shape
Interior Spaces
- 12,018 Sq Ft Home
- 3-Story Property
Utilities
- Radiator
Community Details
Overview
- 6 Units
Building Details
- Electric Expense $650
- Fuel Expense $6,500
- Insurance Expense $5,500
- Trash Expense $2,200
- Water Sewer Expense $4,700
- Operating Expense $28,407
- Gross Income $165,864
- Net Operating Income $137,457
Map
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Home Values in the Area
Average Home Value in this Area
Property History
| Date | Event | Price | Change | Sq Ft Price |
|---|---|---|---|---|
| 04/07/2025 04/07/25 | For Sale | $1,495,000 | -- | $124 / Sq Ft |
Source: Midwest Real Estate Data (MRED)
Similar Homes in Chicago, IL
Source: Midwest Real Estate Data (MRED)
MLS Number: 12331519
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