NOT LISTED FOR SALE
42 Beds
19 Baths
-- Sq Ft
0.25 Acres

Last Sold July 26, 2024

Last sale price $650,000

Highlights

  • 0.25 Acre Lot
  • Courtyard
  • Central Heating

About This Home

As of July 2024

***BACK ON THE MARKET***GREAT OPPORTUNITY FOR INVESTOR LOOKING TO CREATIVE POSITIVE CASHFLOW. 3 story brick 19 unit building. Property is located on the SE corner of 78th and Phillips Ave. The building is structurally sound! Completely fenced front and rear. All apartments are generous in size. Minutes from South Shore Cultural Center (9 hole golf course) Lake Michigan and The Obama Presidential Center. Potential condo conversion or BNB. SOME SELLER FINANCING CONSIDERED!

Last Agent to Sell the Property

Naomi Nelson

Real People Realty License #475140263 Listed on: 06/13/2024

Real People Realty

Last Buyer's Agent

O'Neia Washington

O W Auction Group LLC License #471008905

Property Details

Home Type

  • Multi-Family

Est. Annual Taxes

  • $9,402

Year Built

  • Built in 1926

Lot Details

  • 0.25 Acre Lot
  • Lot Dimensions are 90x125

Home Design

  • Flat Roof Shape
  • Brick Exterior Construction

Bedrooms and Bathrooms

  • 42 Bedrooms
  • 19 Bathrooms

Additional Features

  • 3-Story Property
  • Courtyard
  • Central Heating

Listing and Financial Details

  • Tenant pays for electricity

Community Details

Overview

  • 19 Units

Building Details

  • Electric Expense $2,500
  • Fuel Expense $13,000
  • Insurance Expense $10,000
  • Maintenance Expense $6,000
  • Other Expense $1,000
  • Trash Expense $1,500
  • Water Sewer Expense $10,000
  • Operating Expense $73,176
  • Gross Income $189,270
  • Net Operating Income $116,095

Property Details

Home Type

Multi-Family

Est. Annual Taxes

$9,402

Year Built

Built in 1926

Lot Details

0

Listing Details

  • Property Type: Commercial Sale
  • Property Type: Multi Family 5+
  • Property Sub-Type: Courtyard
  • Stories: 3
  • Year Built: 1926
  • Built Before 1978 (Y/N): Yes
  • Information: None
  • Estimated Age: Older
  • Actual Status: Closed
  • ResoPropertyType: CommercialSale
  • SomePhotosVirtuallyStaged: No
  • Special Features: None
  • Property Sub Type: MultiFamily

Interior Features

  • Total Bathrooms: 19
  • Total Bedrooms: 42
  • Room: 0

Exterior Features

  • Construction Materials: Brick
  • Exterior Building Type: Brick
  • Roof Structure: Flat

Utilities

  • Heat/Ventilation: Central Bldg Heat

Fee Information

  • Trash Expense: 1500
  • Water Sewer Expenses: 10000

Lot Info

  • Additional Parcels: No
  • Lot Size Acres: 0.25
  • Lot Dimensions: 90X125
  • Lot Size Sq Ft: 11250

Rental Info

  • Tenant Pays: Electricity
  • Board Number: 10

Multi Family

  • Net Operating Income: 116095
  • Fuel Expense: 13000
  • Insurance Expense: 10000
  • ElectricExpense: 2500
  • GrossIncome: 189270
  • Maintenance Expense: 6000
  • NumberOfUnitsTotal: 19
  • OperatingExpense: 73176
  • Type Multi-Family: Courtyard

Tax Info

  • Tax Annual Amount: 9401.57
  • Tax Year: 2022

Range of Values:

--
Value Increase
--
Percent Increase
--
Adjusted for Inflation
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Average Value
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List Price
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
07/26/2024 07/26/24 Sold $650,000 -38.1% --
07/26/2024 07/26/24 For Sale $1,050,000 0.0% --
06/14/2024 06/14/24 Pending -- -- --
06/14/2024 06/14/24 For Sale $1,050,000 -- --
Source: Midwest Real Estate Data (MRED)

Tax History Compared to Growth

Source: Public Records

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 $17,999 $128,200 $9,956 $118,244
2024 $17,999 $128,200 $9,956 $118,244
2023 $17,484 $85,006 $7,169 $77,837
2022 $17,484 $85,006 $7,169 $77,837
2021 $17,094 $85,005 $7,168 $77,837
2020 $19,473 $87,413 $7,168 $80,245
2019 $17,562 $87,413 $7,168 $80,245
2018 $17,267 $87,413 $7,168 $80,245
2017 $17,500 $81,292 $5,973 $75,319
2016 $16,282 $81,292 $5,973 $75,319
2015 $14,896 $81,292 $5,973 $75,319
2014 $12,696 $68,430 $5,973 $62,457
2013 $12,446 $68,430 $5,973 $62,457
Source: Public Records

Agents Affiliated with this Home

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Map

Source: Midwest Real Estate Data (MRED)

MLS Number: 12084387

Midwest Real Estate Data (MRED)

APN: 21303260010000