2955 N Spaulding Avenue
Chicago, IL 60618

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Description

Avondale 7-Unit. This well-maintained property offers a diverse mix of apartments, including a spacious four-bedroom duplex-up, three two-bed/one-bath units, two one-bed/one-bath units, and a garden apartment that also leases the attached coach house. Together, they provide over 7,000 sq. ft. of rentable space across a 3&1/2-story all-brick front building and a single-story all-brick coach house. Each unit features refinished hardwood floors, updated kitchens and baths, and individual gas heat and hot water tanks. Four units enjoy private in-unit laundry, while additional common laundry is available in the basement. The property has benefited from significant recent capital improvements, including a new sewer connection (2022), gutters (2021), basement sump pump and flood prevention system (2020), and new basement windows (2020). Ideally located just two blocks from the Blue Line and steps from the heart of Logan Square's dining and entertainment scene, this property consistently attracts tenants. A strong cash-flowing investment in one of Chicago's most in-demand neighborhoods.

Features

• Property Type: Commercial
• Sub Type: Multi Family 5+
• Listing Status: Active Under Contract
• County/Area: Cook County
• Zip Code: 60618
• Year Built: 1886
• Stories: 3
• Units: 7 units
• Basement: Unfinished
• Zoning: MULTI
• # Of Dishwashers: 7
• # Of Dryers: 3
• # Of Ranges: 6
• # Of Refrigs: 6
• # Of Washers: 3
• Approximate Age: Older
• Built Before 1978 (Y/N): Yes
• Cap Rate: 7
• Construction Materials: Brick
• Directions: east/west on Diversey to Spaulding, 1-way north to property.
• Electric: Service - 201 to 600 Amps
• Electric Expense: 867
• Electric Expense Source: Actual
• Expense Year: 2024
• Foundation Details: Stone
• Gross Income: 144300
• Gross Rent Multiplier: 11.1
• Gross Scheduled Income: 144300
• Heat/Ventilation: Forced Air, Gas, Hot Water, Separate Per Unit
• Information: 24-Hr Notice Required, List Broker Must Accompany
• Insurance Expense: 2246
• Insurance Expense Source: Actual
• Known Encumbrances: None Known
• Main Type: Commercial Sale
• Maintenance Expense: 1670
• Operating Expense: 20038
• Ownership Type: Sole Proprietor
• Repairs-Decor Expense Source: Actual
• Tax Annual Amount: 10050
• Tax Year: 2023
• Tenant Pays: Electricity, Heat, Hot Water
• Total Annual Expense Source: Actual
• Total Monthly Income: 12025
• Township: Jefferson
• Trash Expense: 342
• Trash Expense Source: Actual
• Type Multi-Family: Flats
• Utilities: Sewer Connected
• Water Expense Source: Actual
• Water Sewer Expense: 1541
• Water Source: Municipal Water