$1,000,000
SOLD SEP 30, 2022
31 Beds
18 Baths
21,765 Sq Ft
0.25 Acres

Recently Sold

$46 Per Sq Ft

7% Below List Price

4 Days on Market

About This Home

As of June 2024

Fully-occupied, and updated 18-unit multifamily offering in Calumet Park, Illinois, a southern suburb of Chicago. The offering consists of 13 two-bedroom units and 5 one-bedroom units. The recent renovations included: all apartments were rehabbed under the current management, the roof replacement was done in 2018, 90% of window glass inserts were replaced in 2019, new gutters and downspouts were installed, water tank was replaced in 2019, landscaping is being conducted on ongoing basis. The property is very well run with an excellent collection history. Each tenant is thoroughly screened and well documented with written lease agreements. Some leases are one-year lease terms and some are month-to-month. There are 3 tenants who are under Section 8 Program and 1 tenant is under Veteran Housing Program. Flexible rent structure provides a buyer the opportunity to renew or re-tenant at higher rental rates. There is market-supported upside in rents ranging from $50-$150 per unit; many through simple renewal increases.

Last Agent to Sell the Property

Brandy Bell

Baird & Warner License #475190280 Listed on: 03/19/2022

Baird & Warner

Last Buyer's Agent

Billy Mayer

Compass License #475146660

Compass

Property Details

Home Type

  • Multi-Family

Est. Annual Taxes

  • $41,604

Year Built

  • Built in 1963

Parking

  • 6 to 12 Parking Spaces

Home Design

  • Brick Exterior Construction
  • Composition Roof
  • Stone Siding

Interior Spaces

  • 21,765 Sq Ft Home
  • 3-Story Property

Bedrooms and Bathrooms

  • 31 Bedrooms
  • 18 Bathrooms

Utilities

  • Heating System Uses Gas
  • Radiant Heating System

Additional Features

  • Courtyard
  • 0.25 Acre Lot

Listing and Financial Details

  • Tenant pays for electricity

Community Details

Overview

  • 18 Units

Building Details

  • Electric Expense $1,201
  • Fuel Expense $6,003
  • Insurance Expense $5,200
  • Maintenance Expense $500
  • Water Sewer Expense $8,762
  • Operating Expense $63,270
  • Gross Income $197,748
  • Net Operating Income $134,478

Property Details

Home Type

Multi-Family

Est. Annual Taxes

$41,604

Year Built

Built in 1963

Lot Details

0

Listing Details

  • Property Type: Commercial Sale
  • Property Type: Multi Family 5+
  • Property Sub-Type: Courtyard
  • Stories: 3
  • Year Built: 1963
  • Built Before 1978 (Y/N): Yes
  • New Construction Y/N: No
  • Information: 48-Hr Notice Required,Other-See Remarks
  • Estimated Age: Older
  • ResoPropertyType: CommercialSale
  • Special Features: None
  • Property Sub Type: MultiFamily

Interior Features

  • Total Bathrooms: 18
  • Total Bedrooms: 31
  • Refrigerators: 18
  • Ranges: 18
  • Room: 0
  • Room: 0
  • Room: 0

Exterior Features

  • Construction Materials: Block, Stone
  • List Price: 1080000
  • Roof: Composition
  • Exterior Building Type: Brick

Garage/Parking

  • Outdoor Parking: 6-12 Spaces

Utilities

  • Heat/Ventilation: Gas,Radiant

Condo/Co-op/Association

  • Conversion YN: N

Fee Information

  • Water Sewer Expenses: 8762
  • Janitor Expense: 0

Lot Info

  • Additional Parcels: No
  • Lot Size Acres: 0.25
  • Lot Dimensions: 13162
  • Lot Size Sq Ft: 13162
  • Zoning: MULTI

Rental Info

  • Tenant Pays: Electricity
  • Board Number: 8
  • Tenancy Type: Leases,Month To Month

Building Info

  • BuildingAreaTotal: 21765

Multi Family

  • Net Operating Income: 134478
  • Fuel Expense: 6003
  • Insurance Expense: 5200
  • ElectricExpense: 1201
  • GrossIncome: 197748
  • Maintenance Expense: 500
  • NumberOfUnitsTotal: 18
  • OperatingExpense: 63270
  • Expense Year: 2021
  • Type Multi-Family: Courtyard

Tax Info

  • Tax Annual Amount: 41604
  • Tax Year: 2020

Range of Values:

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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 Change Sq Ft Price
06/20/2024 06/20/24 Sold $350,000 -63.2% $16 / Sq Ft
03/28/2024 03/28/24 Pending -- -- --
01/09/2024 01/09/24 For Sale $950,000 -5.0% $44 / Sq Ft
09/30/2022 09/30/22 Sold $1,000,000 -7.4% $46 / Sq Ft
03/25/2022 03/25/22 Pending -- -- --
03/20/2022 03/20/22 For Sale $1,080,000 -- $50 / 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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Source: Midwest Real Estate Data (MRED)

MLS Number: 11331653

Midwest Real Estate Data (MRED)