1441 W 103rd Street
Chicago, IL 60643

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Description

HUGE VALUE-ADD OPPORTUNITY - Come check out this ICONIC mixed-use, value-add 12 unit building in Chicago's incredible East Beverly neighborhood! This all-brick, beautiful building was built in 1904 and contains 6 retail storefronts on the main floor and 6 residential apartments on the 2nd floor. Sitting on one of Beverly's main thoroughfares - 103rd street, this property provides retail owners a ton of vehicle and foot traffic to bring in business. Both the apartments and storefronts have been easy to rent quickly with little to no marketing effort. The property sits on a giant lot with a massive garage to the South of the main building. This area provides a ton of opportunity to the new buyer potentially for the addition of more units, storage or covered / enclosed garage space to generate additional revenue. Rents are currently way under market with plenty of room for increases with efficient management. The back of the building is also currently used as a small gathering spot for the tenants to relax, play and / or bbq. All tenants have central HVAC for heating and cooling which was upgraded in the early 2000s. Roofs have been resealed in the past 5 years. Over a dozen parking spots in the rear of the building as well. Currently priced at over an 8 CAP but with better management and getting rents to market this could easily be a 10+ CAP building. This property has unlimited potential and upside with the right plan. Schedule a showing today!

Features

• Property Type: Commercial
• Sub Type: Mixed Use
• Listing Status: Active
• County/Area: Cook County
• Zip Code: 60643
• Year Built: 1904
• Stories: 2
• Units: 12 units
• # Of Apts: 6
• # Of Dryers: 1
• # Of Ranges: 6
• # Of Refrigs: 6
• # Of Stores: 6
• # Of Washers: 1
• Additional Parcels: Yes
• Approximate Age: Older
• Built Before 1978 (Y/N): Yes
• Cap Rate: 8.4
• Construction Materials: Brick
• Cooling: Central Air
• Directions: From Vincennes, head west on 103rd Street, property will be on the left just past Charles St. From Western, head east on 103RD St property will be on the right just before Charles St.
• Electric: Circuit Breakers, Separate Meters, Service - 101 to 200 Amps
• Electric Expense: 1300
• Electric Expense Source: Actual
• Expense Year: 2023
• Fire Protection: Fire Extinguisher/s, Carbon Monoxide Detector(s)
• Flooring: Wood
• Fuel Expense: 2250
• Fuel Expense Source: Actual
• Geographic Locale: Chicago South
• Gross Income: 161760
• Gross Rent Multiplier: 9.73
• Gross Scheduled Income: 161760
• Heat/Ventilation: Forced Air, Gas
• Information: 24-Hr Notice Required
• Insurance Expense: 4500
• Insurance Expense Source: Actual
• Lot Size Square Feet: 29246
• Main Type: Commercial Sale
• Operating Expense: 45653
• Original Rental Price: 1
• Other Expense: 3600
• Other Expense Source: Owner Projection
• Outdoor Parking: 6-12 Spaces
• Property Sub Type: Mixed Use
• Rental Price: 1
• Roof Structure: Flat
• Tax Annual Amount: 20973
• Tax Year: 2023
• Tenant Pays: Air Conditioning, Electricity, Heat
• Total Annual Expense Source: Combination
• Total Monthly Income: 13480
• Township: Lake
• Trash Expense: 2375
• Trash Expense Source: Actual
• Water Expense Source: Actual
• Water Sewer Expense: 2800