Turn key investment with 12%+ Cap rate Annualized Gross rent multiplier under a 6. With $50k down and market rents at $45,600 annually that's a 30% return on down payment after realistic expenses. With 3 of them large apartments on the 2nd,3rd,&4th levels you can raise rents further-there is full laundry in each of the kitchen pantry's of these units and all benefit from the common steam boiler heat. And, there is $550 a month "other income" from a space in garden ... This is priced to sell - there is cashflow income here with hi returns and extra to build reserves and make long-term improvements over time. This block lies in the center of the South Chicago Neighborhood that has just gotten funding for new development along Commercial avenue among other local funding initiatives from local banks(YMCA rebuild/business incubator center, artscaping on Commercial avenue...etc).. This "pocket" area of Chicago is nicely "boxed" in between the Skyway and the lake keeping it "quietly" to itself to grow and be developed on all the vacant infill lots on these blocks. The area has LOW density due to the hundreds of vacant lots between here and the lake where the former Southworks steel land is for sale and awaiting the next chapter of the community. For transportation: The I90/94 ramp at 91st is 2 minutes, 6 bus routes hit the corner 100 steps away, the area Library, Grocery and Sky Art art school are all at the corner. Perfect commuter location. Metra a few blocks, and shopping district. This Tall frame building with over 3300 sf + a 1000 sf on-grade level and a semi-finished attic with two exits gives you square footage to grow over time. Apartment Summary: Small garden space(on grade level) for your manager (currently collects $550 a month). Unit on 2nd floor offers a Large two bed and den unit. Unit on 3rd is Three bed apartment. Unit on 4th is a 3 bed 1 bath with small stair to duplex up to attic with 2 exits. All units have laundry ready in unit. The building is on grade - 4 levels above ground(raised sidewalks) . Large yard due to 140' oversized lot. 2 Car garage in back. Many improvements, several updates but cosmetic wear and tear on units so TLC on cosmetics needed at some point as units turn over. Conventional loans and cash buyers preferred. Fha, Naca won't work here.
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