Description
First time for sale in 86 years!!! 1880 Victorian Graystone. 3500 sf 3-flat front building with 2-level coach house in back. Prime location near the center of the UIC west campus "Tri-Taylor" neighborhood near Taylor/Oakley. Steps to UIC and multiple CTA buses (Roosevelt, Western Damen, Ogden and Harrison). Walking distance to UIC west campus, Medical District, UIC, Cook County, Rush and West Side VA hospitals. Also walking distance to both blue and pink like EL. Minutes to downtown and close to I-290, I-90/94, I-55, Roosevelt Rd, Western Ave and Ogden Ave. Literally the center of the city. Easy access to everywhere else in Chicago and the Chicago area. One of the top rental/investment areas in the city. And possibly one of the last larger residential re-development projects left. Front building was gut rehabbed in 2012 and exceptionally well done. Well maintained and still in spectacular shape Basement needs some finish work. Coachhouse needs a complete rehab and build out. Already gutted. The front building has full market rents of $5200/mo+ All 2BR 2 BA condo quality units. Top 2 floors are currently a little under market ($1800 +/-) at $1600 and $1650 = $3250/mo and the basement unit is vacant. ($1600 +/-) Structural engineer has inspected and confirmed stability of coach house. Zoning is confirmed as 4-units. Coach house should generate $2800+/- after rehab. As a 2000 sf 2-story 4 BR 2 BA Total projected after rehab rents $8000/mo +/- total projected after value $1.1 million+/-. So there is room to develop and get reasonable cash flow and rate of return on invested capital plus big equity bump on the project. And then continued increase, over time. Great mid to longer term investment hold. High occupancy area. Taxes are based on gross over appraisal. Should drop 25% +/- after sale from $20K +/- to $15K +/-. And standard challenge based on actual sale value. This is not a "go and show". Requiring all buyers to prove ability and wherewithal to purchase and finance prior to seeing properties. This is not a rush sale. Looking for the best qualified buyer at the highest price and the list price reflects that
Location
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MLS# MRD11798651
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office/agent presenting the information. © 2022. http://www.mredllc.com/comms/resources/DMCA_Notice.pdf Updated: 2nd June, 2023 10:26 PM (UTC)
sources and has not been, and will not be, verified by broker or MRED. MRED supplied Open House information is subject to change
without notice. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the
office/agent presenting the information. © 2022. http://www.mredllc.com/comms/resources/DMCA_Notice.pdf Updated: 2nd June, 2023 10:26 PM (UTC)
Listing Office: Art Of Real Estate LLC
Attribution contact: 312-952-2894
