Price $2,699,999
Status Active
Beds 5
Baths 7 Baths
Home size n/a
Lot Size n/a
Days on Market 11
Monthly rent roll = $21,000+ (Billboard = $4,000, Commercial Unit = $4,750, Penthouse = $6,200, Unit 2R = $3,100, Unit 2F = $3,100). The building was 100% gut rehabbed (including the commercial unit). THERE IS A $4,000 / PER MONTH BILLBOARD ON THE SIDE OF THE BUILDING THAT HAS A LONG TERM LEASE! Commercial unit gets $4,750 a month from a successful barber shop (on year 2 of 10 year lease) 1 Billboard, 1 Commercial unit, 3 Residential units that were gut rehabbed in 2023! Furthermore, the Penthouse unit has the City approved short-term rental license. You can legally rent out the Penthouse as an Airbnb! This property is a cash cow and can generate approximately $255,000+ in annual revenue. Building comes fully furnished/turn key for furnished short-term rentals. GREAT INVESTMENT! 15%+ cash on cash return, 10% = cap rate. The subject property is comprised of a +/- 2,500 SF land site improved with a +/- 6,300 SF 2.5-story, brick, mixed-use (commercial and residential) building in the Old Town neighborhood of Chicago. The ground/garden level of the subject is comprised of a rented commercial storefront unit totaling approximately 2,000 SF. The 2nd floor is comprised of 2 MTM furnished rentals. Each unit is a 2 bed unit. The top floor consists of a single, large residential apartment unit that spans the entire floor and measures approximately 2,000 SF. This unit is legally licensed as an Airbnb. The site is zoned B3-5, Community Shopping District. Manager would like to stay on to manage the short term rentals. This property has great cashflow, even @ 8% interest rates!
Property Type(s): Multi Family
Last Updated 5/9/2024 Year Built 1906
Community CHI - Near North Side County Cook

Additional Details

AREA CHI - Near North Side
BASEMENT None
BUYER'S BROKERAGE COMPENSATION 2% - $399 PROCESSING
CONSTRUCTION Brick
HEAT Forced Air
LOT 0
LOT DIMENSIONS 2500
SEWER Public Sewer
TAXES 34555
WATER Public
ZONING COMMR

Location

 

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Listed with TBFS Investments LLC-Realty
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