Commercial: Multi Family 5+ - MLS# 12429687
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Description
Take this opportunity to own a solid brick, 24 unit walk-up apartment building with a very desirable unit mix of all 2bed/1bath units. This property is located in the W. Woodlawn area, and was gutted down to the bricks and completely renovated just a few years ago. In addition to a new roof, new copper plumbing, new electrical, and new gas lines for the building, every unit was rehabbed with hardwood floors, new walls, new kitchens and bathrooms, new windows, in- unit circuit breakers, and individual gas forced air furnaces. There are four separate entrances - one on S. King Drive and the other three on 66th St. - and each one has exposed brick walls and a skylight that floods each entrance and stairway with an abundance of natural light. There are four separate basement entrances accessible through the rear courtyard, and one of these basements has a laundry area with 2 washers and 2 dryers available for tenant use. The Woodlawn area has seen tremendous change over the past few years, with the soon to be completed Obama Presidential Library (2 miles east of this property) driving change in E. Woodlawn, and other developments bringing change to the rest of the community. Just across 66th street from the 3 entrances to this property, the Rev. Corey Brooks and his Project H.O.O.D. are building the new 85,000 sq. ft. Robert R. McCormick Leadership and Economic Opportunity Center. This new community center will teach trades, entrepreneurship, music, and arts. It will also house a swimming pool and have other athletic facilities. There is easily accessible public transportation serving this area, with the CTA green line (light rail line) stop located 2 blocks north of the property and the CTA #3 bus line running north and south down King Drive - with a stop just outside the 6553 entrance to the building.
Features
- Property Type: Commercial
- Sub Type: Multi Family 5+
- Listing Status: Active
- County/Area: Cook County
- Zip Code: 60637
- Year Built: 1908
- Stories: 3
- Units: 24 units
- Basement: Unfinished
- # Of Ranges: 24
- # Of Refrigs: 24
- Approximate Age: New Rehab
- Built Before 1978 (Y/N): Yes
- Cooling: Window Unit(s)
- Directions: Dan Ryan Expressway (94) North or South to 63rd St. exit. East on 63rd to Martin Luther King Drive, South on MLK to 66th St. Located on NE corner of King Dr and 66th St.
- Electric: Circuit Breakers
- Electric Expense: 10408
- Electric Expense Source: Actual
- Expense Year: 2023
- Fire Protection: Sprinklers
- Fuel Expense: 4203
- Fuel Expense Source: Actual
- Gross Income: 305844
- Gross Rent Multiplier: 7.36
- Gross Scheduled Income: 305844
- Heat/Ventilation: Forced Air
- Insurance Expense: 11982
- Insurance Expense Source: Actual
- Janitor Expense: 28765
- Main Type: Commercial Sale
- Maintenance Expense: 7500
- Manager Expense: 10429
- Manager Expense Source: AC
- Operating Expense: 165853
- Other Expense: 27928
- Other Expense Source: Actual
- Ownership Type: Individual
- Repairs-Decor Expense Source: Owner Projection
- Tax Annual Amount: 37718
- Tax Year: 2022
- Tenant Pays: Electricity, Heat
- Total Annual Expense Source: Combination
- Total Monthly Income: 25487
- Trash Expense: 7534
- Trash Expense Source: Actual
- Water Expense Source: Actual
- Water Sewer Expense: 14242
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