NOT LISTED FOR SALE

7349 W Archer Ave Summit, IL 60501

7 Beds
3 Baths
-- Sq Ft
-- Built

Sale Details

Date Sold: August 9, 2023

Last sale price $375,000

7 Days on Market

Highlights

  • Lower Floor Utility Room
  • 2.5 Car Detached Garage
  • Soaking Tub
  • Argo Community High School Rated A-

About This Home

As of August 2023

Looking for a lucrative investment opportunity? Look no further! Presenting a fantastic income property in Summit, Illinois-a spacious two-flat plus basement that is sure to capture your attention and maximize your returns. This property offers a unique layout with two separate units, each featuring spacious 3 bedrooms , 1 bathroom. Both units spans across two floors, providing ample space for comfortable living, while the third unit, located in the basement, offers 1 bedroom and 1 bathroom. Investing in this two-flat property presents multiple income streams, allowing you to rent out both units and generate substantial rental income. The layout provides flexibility, catering to a variety of tenants' needs and preferences. Bonus!! All 3 units are already tenants occupied! In addition to the generous living space, this property also features a garage, providing convenience and added value. Tenants will appreciate the parking option, enhancing the overall appeal of this income-generating gem. Located in Summit, Illinois, this property benefits from its strategic location. Summit offers easy access to major transportation routes, making it a desirable destination for commuters. It's also in close proximity to a range of amenities, including shopping centers, restaurants, parks, and entertainment options, ensuring that tenants will have everything they need within reach. Investing in this two-flat property presents a compelling opportunity to diversify your investment portfolio and generate steady rental income. Take advantage of the strong rental market and the potential for long-term appreciation. Selling AS IS . Don't miss out on this investment gem! Contact me today to learn more and seize this lucrative opportunity in Summit, Illinois.

Last Agent to Sell the Property

Justyna Burliga

Coldwell Banker Realty License #475190745 Listed on: 06/21/2023

Coldwell Banker Realty

Last Buyer's Agent

Becky Marquardt

RE/MAX Market License #475083640

RE/MAX Market

Property Details

Home Type

  • Multi-Family

Est. Annual Taxes

  • $8,280

Parking

  • 2.5 Car Detached Garage
  • Garage Door Opener
  • Parking Space is Owned

Home Design

  • Brick Foundation
  • Asphalt Roof
  • Concrete Perimeter Foundation

Interior Spaces

  • Lower Floor Utility Room
  • Finished Basement
  • Partial Basement

Bedrooms and Bathrooms

  • 7 Bedrooms
  • 7 Potential Bedrooms
  • 3 Bathrooms
  • Soaking Tub

Schools

  • Walsh Elementary School
  • Heritage Elementary Middle School
  • Argo Community High School

Utilities

  • Heating System Uses Natural Gas
  • Lake Michigan Water

Additional Features

  • Exterior Lighting
  • Lot Dimensions are 33x125

Community Details

Overview

  • 3 Units

Building Details

  • Electric Expense $15
  • Fuel Expense $200
  • Water Sewer Expense $100

Property Details

Home Type

Multi-Family

Est. Annual Taxes

$8,280

Parking

2

Listing Details

  • Property Type: Residential Income
  • Property Type: Two to Four Units
  • Ownership: Fee Simple
  • New Construction: No
  • Age: Unknown
  • Built Before 1978 (Y/N): Yes
  • General Information: School Bus Service,Commuter Bus,Interstate Access
  • Rebuilt (Y/N): No
  • Rehab (Y/N): No
  • Actual Status: Closed
  • ResoPropertyType: ResidentialIncome
  • SomePhotosVirtuallyStaged: No
  • Special Features: None
  • Property Sub Type: MultiFamily

Interior Features

  • Basement: Partial
  • Total Bathrooms: 3
  • Total Bedrooms: 7
  • Room Type: Utility Room-Lower Level
  • Basement Description: Finished
  • Bathroom Amenities: Soaking Tub
  • Below Grade Bedrooms: 0
  • MRD_AppliancesAndFeatures: Stove,Refrigerator
  • MRD_AppliancesAndFeatures: Stove,Refrigerator
  • MRD_AppliancesAndFeatures: Stove,Refrigerator

Exterior Features

  • Foundation Details: Brick/Mortar, Concrete Perimeter
  • Lot Features: Outdoor Lighting, Sidewalks, Streetlights
  • Roof: Asphalt
  • Waterfront: No
  • Exterior Building Type: Brick,Concrete

Garage/Parking

  • Garage Spaces: 2.5
  • Number of Cars: 2.5
  • Garage Details: Garage Door Opener(s)
  • Garage On-Site: No
  • Garage Ownership: Owned
  • Garage Type: Detached
  • Parking: Garage

Utilities

  • Sewer: Public Sewer
  • Heating: Natural Gas
  • Water Source: Lake Michigan

Fee Information

  • Water Sewer Expenses: 100
  • Other Expenses $: 0

Schools

  • Elementary School: Walsh Elementary School
  • High School: Argo Community High School
  • Middle/Junior School: Heritage Elementary School

Lot Info

  • Additional Parcels: No
  • Lot Dimensions: 33X125
  • Lot Size: Less Than .25 Acre
  • Special Assessments: N

Rental Info

  • Board Number: 10
  • Is Parking Included in Price: No

Multi Family

  • Fuel Expense: 200
  • ElectricExpense: 15
  • Units in Building: 3
  • Three Bedroom Number of Units: Yes
  • Type-Multi: 2 Flat

Tax Info

  • Tax Annual Amount: 8280.16
  • Tax Year: 2021
  • Tax Exemptions: None
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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
08/09/2023 08/09/23 Sold $375,000 +7.2% --
06/29/2023 06/29/23 Pending -- -- --
06/21/2023 06/21/23 For Sale $349,900 -- --
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 $11,212 $32,000 $2,675 $29,325
2024 $11,212 $32,000 $2,675 $29,325
2023 $8,509 $32,000 $2,675 $29,325
2022 $8,509 $19,722 $2,306 $17,416
2021 $8,280 $19,721 $2,306 $17,415
2020 $8,478 $19,721 $2,306 $17,415
2019 $9,690 $21,078 $2,121 $18,957
2018 $9,372 $21,078 $2,121 $18,957
2017 $9,358 $21,078 $2,121 $18,957
2016 $8,582 $18,171 $1,845 $16,326
2015 $8,317 $18,171 $1,845 $16,326
2014 $8,139 $18,171 $1,845 $16,326
2013 $6,678 $16,601 $1,845 $14,756
Source: Public Records

Agents Affiliated with this Home

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Map

Source: Midwest Real Estate Data (MRED)

MLS Number: 11813318

Midwest Real Estate Data (MRED)
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