7317-19 S Luella Avenue
Chicago, IL 60649

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Description

Hello! This magnificent residential multi-unit building in the south shore area is an exciting opportunity for investors/homeowners. The structure, which is regarded as a landmark, comprises six units in total, all in excellent condition. One unit is currently owner-occupied whereas the remaining five are rented out to long-standing tenants, all on a month-to-month lease basis. The beautiful facade features large picture windows in each living room a unique symbol and design. The building includes 18+ bedrooms, 14 bathrooms above grade. The basement oozes potential complete with a family/recreational room, an additional bedroom, a full-featured kitchen, and one and a half bathrooms, with its own front and back exits that lead directly to the outdoors, it can function as a completely separate living space, making it perfect for landlords who want to maximize their profits or large families in need of some extra space. The six above grade apartments maintain traditional character elements throughout with high ceilings, crown moldings, hardwood floors, six fireplaces, and Juliet balconies, offering a blend of classic charm and modern comfort. All units include kitchen appliances that sell with the property. Each unit has separate "cooking gas only" and separate electric. Moreover, it features a shared outdoor cement patio space in the back exterior for all tenants to enjoy. Parking won't be an issue thanks to the TWO spacious 2.5 car garages. Inside, you'll find it just as impressive. The owner-occupied unit gives the owner command over the property while also benefiting from the rental income. This building also offers a solid investment opportunity with all rented units generating a stable income or converted into condos. Located centrally in a vibrant neighborhood, it's a short walk to parks, shops, cafes, public transportation and the lakefront.. This property provides a perfect balance between residential living and urban amenities making it a highly attractive rental or condo conversion proposition. Seize this unique opportunity and make it your own asset today!

Features

• Property Type: Commercial
• Sub Type: Multi Family 5+
• Listing Status: Active Under Contract
• County/Area: Cook County
• Zip Code: 60649
• Year Built: 1927
• Stories: 3
• Units: 6 units
• Basement: Yes, See Basement Features
• Fireplace: 6
• Zoning: MULTI
• # Of Dishwashers: 3
• # Of Disposals: 1
• # Of Dryers: 2
• # Of Ranges: 6
• # Of Refrigs: 6
• # Of Washers: 2
• # Of Window/Ac: 7
• Approximate Age: Older
• Basement Features: Partially Finished, Exterior Entry, 8 ft + pour, Concrete, Rec/Family Area, Sleeping Area, Storage Space
• Built Before 1978 (Y/N): Yes
• Cap Rate: 10.4
• Construction Materials: Brick, Concrete
• Cooling: Window Unit(s)
• Directions: 73rd street to Luella Avenue
• Electric: Circuit Breakers, Service - 201 to 600 Amps
• Electric Expense: 706
• Electric Expense Source: Owner Projection
• Expense Year: 2024
• Fire Protection: Fire Extinguisher/s, Smoke or Fire Protectors
• Foundation Details: Concrete Perimeter
• Fuel Expense: 8445
• Fuel Expense Source: Owner Projection
• Gross Income: 96000
• Gross Rent Multiplier: 7.08
• Gross Scheduled Income: 58291
• Heat/Ventilation: Gas, Radiators, Steam
• Indoor Parking: Detached
• Information: 24-Hr Notice Required, 48-Hr Notice Required
• Insurance Expense: 5826
• Insurance Expense Source: Actual
• Main Type: Commercial Sale
• Maintenance Expense: 2300
• Manager Expense Source: AC
• Misc Inside: Common Exercise Room/s, Common Meeting Room/s, Employee Kitchen, Accessible Entrance, Accessible Washroom/s, Laundry Room
• Operating Expense: 51624
• Other Expense Source: Actual
• Outdoor Parking: Parking-Street
• Ownership Type: Individual
• Repairs-Decor Expense Source: Broker Projection
• Tax Annual Amount: 3818.04
• Tax Year: 2023
• Total Annual Expense Source: Actual
• Total Monthly Income: 8000
• Township: Hyde Park
• Trash Expense: 1421
• Trash Expense Source: Owner Projection
• Type Multi-Family: Corridor-Interior Entrance
• Unincorporated (Y/N): Yes
• Water Expense Source: Owner Projection
• Water Sewer Expense: 1320