8,000 sq ft;
lot: 3049 sq ft lot
Commercial: Multi Family 5+ - MLS# 12470440
Tools & Resources:
Description
Rare opportunity to find a newer construction apartment building at this price point with upside opportunity. This impressive 7-unit property, originally built as condos in 2004, offers an attractive real estate investment in a prime location. This solid brick and block construction building features elevator service to all floors. The building consists of six spacious 2-bedroom, 2-bathroom units and 1 store front (or 7th apt) and 6 attached garage spaces. The 7th unit features a separate entrance from the sidewalk, making it ideal for a small business office space or short-term rental. Located on the Near West Side of Chicago, walking distance to the United Center Arena, Madison St bus lines, Illinois Medical District, and expressways. Tenants will love the easy commutes and convenient access to amenities, entertainment, and transportation. Rents are considerably below market and present the opportunity to increase cash flow and ultimately property value, with new leases. We project an NOI of $143,006 and corresponding CAP rate of 7.7 when new rents are put in place. With its newer construction, prime location, feature-rich units, and the potential for future rent growth & value enhancement, this 7-unit apartment building represents a solid investment choice. Call today.
Features
- Property Type: Commercial
- Sub Type: Multi Family 5+
- Listing Status: Active Under Contract
- County/Area: Cook County
- Zip Code: 60612
- Year Built: 2004
- Sq.Ft.: 8,000 sq ft
- Stories: 4
- Units: 7 units
- Lot Size: 3049 sq ft lot
- Zoning: MULTI
- Additional Parcels: Yes
- Approximate Age: 16-25 Years
- Building Area Total: 8000
- Construction Materials: Brick, Concrete
- Cooling: Central Air
- Deconversion (Y/N): Y
- Directions: Located on the west side of Leavitt between Madison and Monroe
- Electric Expense Source: Broker Projection
- Foundation Details: Concrete Perimeter
- Fuel Expense Source: Actual
- Heat/Ventilation: Gas
- Indoor Parking: Attached
- Insurance Expense Source: Actual
- Land Amenities: Curbs and Gutters, Sidewalks
- Lot Size Square Feet: 3300
- Main Type: Commercial Sale
- Misc Inside: Elevator/s Passenger
- Misc Outside: Balcony/ies
- Other Expense Source: Actual
- Roof Structure: Flat
- Tax Annual Amount: 20903.2
- Tax Year: 2024
- Tenant Pays: Air Conditioning, Electricity, Heat
- Total Annual Expense Source: Combination
- Trash Expense Source: Actual
- Type Multi-Family: Flats
- Water Expense Source: Actual
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