NOT LISTED FOR SALE

8244 W Forest Preserve Ave Chicago, IL 60634

Belmont Terrace Neighborhood
5 Beds
3 Baths
1,920 Sq Ft
3,485 Sq Ft Lot

Last Sold March 22, 2023

Last sale price $540,000 $281 Per Sq Ft

5 Days on Market

About This Home

As of March 2023

Great value-add opportunity or buy and hold with 3 large units in this 3-flat. 1st-floor unit is a 1 bed / 1 bath renting for $850 until 04/30/23 with a lease renewal agreed at $1,050. 2nd-floor unit is a 2 bed / 1 bath renting for $1,400 until 05/31/23. 3rd-floor unit is a 2 bed / 1 bath renting for $1,250 until 06/30/23. Updated 100 Amp electrical service. Detached 2-car garage currently with 1 spot available to be rented or used by owner. This is a solid boned brick 3-flat on an oversized 30' x 125' lot that is currently rented and brining in a solid flow of revenue at a strong 6.5%+ CAP rate. The roof was completely replaced in the last 2 years. The utilities include 4 individual gas and electric meters, one for each unit and one for the common utilities. The mechanicals include 3 individual hot water boilers and one hot water heater. There is a commercial washer and dryer as well as a slop sink in the shared laundry room. The 1st floor garden unit uses a portable window A/C unit for cooling whereas the 2nd and 3rd floor units each have 2 built-in wall air conditioners. The garden and top floor units have additional private sunroom off the back door in the enclosed porch, whereas the middle floor porch acts as shared egress to rear staircase. The second and third floor units both have hardwood floors including beneath living room carpeting in top floor. Close to public transportation, major roads, and expressways. Low taxes! In terms of legal brick 3-flats; this is a solid armchair investment with immediate returns of additional value add opportunity that will earn its keep!

Last Agent to Sell the Property

Philip Higgins

Compass License #475168178 Listed on: 02/15/2023

Compass

Last Buyer's Agent

Andis Combi

Realty ONE Group Leaders License #475192154

Realty ONE Group Leaders

Property Details

Home Type

  • Multi-Family

Est. Annual Taxes

  • $5,635

Year Built

  • Built in 1955

Lot Details

  • 3,485 Sq Ft Lot
  • Lot Dimensions are 30 x 126

Parking

  • 2 Car Detached Garage
  • Parking Space is Owned

Home Design

  • Tri-Level Property
  • Brick Exterior Construction

Bedrooms and Bathrooms

  • 5 Bedrooms
  • 5 Potential Bedrooms
  • 3 Bathrooms

Utilities

  • Heating System Uses Natural Gas
  • Gas Water Heater

Community Details

Overview

  • 3 Units

Building Details

  • Electric Expense $250
  • Fuel Expense $1,000
  • Insurance Expense $1,500
  • Water Sewer Expense $1,100
  • Gross Income $44,400

Property Details

Home Type

Multi-Family

Est. Annual Taxes

$5,635

Year Built

Built in 1955

Lot Details

0

Parking

2

Listing Details

  • Property Type: Residential Income
  • Property Type: Two to Four Units
  • Ownership: Fee Simple
  • ArchitecturalStyle: Tri-Level
  • New Construction: No
  • Year Built: 1955
  • Age: 61-70 Years
  • Built Before 1978 (Y/N): Yes
  • General Information: None
  • Rebuilt (Y/N): No
  • Rehab (Y/N): No
  • ResoPropertyType: ResidentialIncome
  • Special Features: None
  • Property Sub Type: MultiFamily

Interior Features

  • Basement: None
  • Total Bathrooms: 3
  • Total Bedrooms: 5
  • Other Equipment: Water Heater-Gas
  • Basement Description: None
  • Basement Bathrooms: No
  • Below Grade Bedrooms: 0
  • Full Bathrooms in Building: 3
  • Half Bathrooms in Building: 0
  • MRD_AppliancesAndFeatures: Stove,Refrigerator,Microwave
  • MRD_AppliancesAndFeatures: Stove,Refrigerator,Microwave,Window Air Conditioner
  • MRD_AppliancesAndFeatures: Stove,Refrigerator,Microwave,Window Air Conditioner

Exterior Features

  • List Price: 529000
  • Waterfront: No
  • Exterior Building Type: Brick

Garage/Parking

  • Garage Spaces: 2
  • Number of Cars: 2
  • Garage On-Site: Yes
  • Garage Ownership: Owned
  • Garage Type: Detached
  • Parking: Garage

Utilities

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

Fee Information

  • Water Sewer Expenses: 1100

Schools

  • Middle/Junior School District: 299

Lot Info

  • Lot Size Acres: 0.08
  • Lot Dimensions: 30 X 126
  • Zoning: MULTI
  • Lot Size: .50-.99 Acre
  • Special Assessments: N

Rental Info

  • Board Number: 8

Multi Family

  • Fuel Expense: 1000
  • Insurance Expense: 1500
  • ElectricExpense: 250
  • GrossIncome: 44400
  • Units in Building: 3
  • Three Bedroom Number of Units: No
  • Type-Multi: 3 Flat

Tax Info

  • Tax Annual Amount: 5635
  • Tax Year: 2021

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 Change Sq Ft Price
03/22/2023 03/22/23 Sold $540,000 +2.1% $281 / Sq Ft
03/22/2023 03/22/23 For Sale $529,000 -2.0% $276 / Sq Ft
02/20/2023 02/20/23 Off Market $540,000 -- --
02/15/2023 02/15/23 For Sale $529,000 -- $276 / Sq Ft
Source: Midwest Real Estate Data (MRED)

Tax History Compared to Growth

Source: Public Records

Agents Affiliated with this Home

  • Philip Higgins

    Seller's Agent in 2023

    Philip Higgins

    Compass

    (630) 209-6272

    1 in this area

    43 Total Sales

    Section Image
  • Andis Combi

    Buyer's Agent in 2023

    Andis Combi

    Realty ONE Group Leaders

    (773) 599-9916

    1 in this area

    52 Total Sales

    Section Image
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Map

Source: Midwest Real Estate Data (MRED)

MLS Number: 11715725

Midwest Real Estate Data (MRED)

APN: 12234110230000

Illinois Cook County Chicago 60634 Belmont Terrace

8244 W Forest Preserve Ave, Chicago, IL

This home is located at 8244 W Forest Preserve Ave, Chicago, IL 60634 since 15 February 2023. This property was built in 1955. 8244 W Forest Preserve Ave is a home located in Cook County with nearby schools including Canty Elementary School, Steinmetz College Prep, and St. Francis Borgia School.

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