5,913 sq ft;
lot: 3920 sq ft lot
Commercial: Multi Family 5+ - MLS# 12528499
Tools & Resources:
Description
PLEASE NOTE THAT WE ARE IN A HIGHEST-AND-BEST SITUATION. ALL OFFERS ARE DUE BY 12/17/2025 BY 6 PM. This all brick, 6-unit building is an investor's dream! There are three front facing units and three rear facing units. All units consist of 2-bedroom, 1-bathroom units. Each unit is quaint and cozy with several large windows that welcome natural sunlight, a formal living room, a spacious kitchen, two large bedrooms with ample closet space and a bathroom. Additionally, each unit is on a forced air system for heat and each unit has window A/C units for air conditioning. Tenants are responsible for gas and electricity and each unit is individually metered. More importantly, all rents are currently underpriced and all tenants are on month-to-month leases. Right now, the average rental price is about $1,045 per month, which comes out to $75,300 in gross rental income per year. However, the true market rent is easily $1,650 per month, which comes out to $118,800 in gross rental income per year. In short, rents can easily be increased by 50% or more, which will easily add about $25,000 per year in gross rental income to your bottom-line. These units do need a cosmetic refresh and some mechanical work. In addition to all of that, the area is excellent, which translates into a very strong rental market and, hence, low vacancies. There have been many recent upgrades too; namely, the porch was built in 2012; the hot water tank is about 5 years old; two furnaces are about 2 years old; the roof was silver coated in 2022; and, a couple windows were replaced. This building is also nestled in between the Kennedy and the Lake, and it is minutes away from Target, Home Depot, Aldi, restaurants, parks, transportation and much more! This is also an as-is, where-is sale. A must see! A 10! WASHER-AND-DRYER: The basement washer and dryer is not working. Tenants must use a local laundromat to wash and dry their clothes. Alternatively, the next prospective buyer can install an in-unit washer-and-dryer. VIOLATIONS: There are old City of Chicago violations and these are very minor in scope (i.e., a damaged garage overhead door, which has been now removed, holes/cracks in the interior staircase, loose door handles a dirty hallway carpet and a need for extermination, which has already been done in the past). The violations list is uploaded in the "Additional Information" tab of this listing sheet. AS-IS, WHERE-IS: This is an as-is, where-is sale. Prospective buyers may conduct an inspection for informational purposes only. The sellers will not give any credits and/or make any repairs whatsoever. UTILITIES: Tenants pay for gas (heat) and electricity. The City of Chicago water is on a metered account. GARAGE: This property features a rare, 3-car detached garage. GARAGE PARKING: The tenants in Unit 1R pay $950 per month in rent plus an extra $100 for garage parking. The total is $1,050 per month. The tenants in Unit 3R pay $925 per month in rent plus an extra $100 for garage parking. The total is $1,025 per month. The third garage parking spot is not rented.
Features
- Property Type: Commercial
- Sub Type: Multi Family 5+
- Listing Status: Active Under Contract
- County/Area: Cook County
- Zip Code: 60659
- Year Built: 1929
- Sq.Ft.: 5,913 sq ft
- Stories: 3
- Units: 6 units
- Basement: Unfinished
- Lot Size: 3920 sq ft lot
- Zoning: MULTI
- # Of Ranges: 6
- # Of Refrigs: 6
- # Of Window/Ac: 6
- Approximate Age: Older
- Building Area Total: 5913
- Built Before 1978 (Y/N): Yes
- Cap Rate: 6.18
- Construction Materials: Brick
- Cooling: Wall Sleeve, Window Unit(s)
- Directions: Pass Peterson Avenue as you are heading north on California Avenue and then go west (left) on Granville Avenue and north (right) on Sacramento Avenue to 6212
- Electric: Service - 0 to 100 Amps
- Electric Expense: 300
- Electric Expense Source: Owner Projection
- Expense Year: 2024
- Foundation Details: Concrete Perimeter
- Fuel Expense: 2400
- Fuel Expense Source: Owner Projection
- Gross Income: 75300
- Gross Rent Multiplier: 11.1
- Gross Scheduled Income: 75300
- Heat/Ventilation: Forced Air, Gas, Separate Per Unit
- Information: 24-Hr Notice Required
- Insurance Expense: 4136
- Insurance Expense Source: Owner Projection
- Janitor Expense: 400
- Known Encumbrances: None Known
- Land Amenities: Sidewalks
- Location: In City Limits
- Lot Size Square Feet: 4092
- Main Type: Commercial Sale
- Manager Expense Source: OP
- Operating Expense: 23357
- Ownership Type: Sole Proprietor
- Repairs-Decor Expense Source: Owner Projection
- Roof Structure: Flat
- Tax Annual Amount: 10905.83
- Tax Year: 2023
- Tenant Pays: Electricity, Heat
- Total Annual Expense Source: Actual
- Total Monthly Income: 6275
- Township: Jefferson
- Trash Expense: 1716
- Trash Expense Source: Owner Projection
- Water Expense Source: Owner Projection
- Water Sewer Expense: 3500
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