Description
Five (5) residential Apartments and one (1) Store front all brick building investment in one of Chicago's growing neighborhoods Humboldt Park. Conveniently located steps away from public transportation and shopping. Five 2-bedroom/1-bath, Lv Rm apartments with 5 INDIVIDUAL furnaces & hot water tanks in-unit and decorative fireplaces. All five (5) residential units similar in layout and condition. Updates has been done over years. The Store front on 1st floor is currently "a beauty salon" leased by the same tenant for past 4 years or so. ALL UTILITIES paid by the tenants. ALL current rents are WAY below market because of stable, LONG- time tenants (as long as 18 years) including the owner and has been no vacancies !!! *** Low real estate TAXES *** CAP RATE = 9.8% *** Simple rent increases at renewal or new tenants will allow the new owner to achieve a CAP rate over +10%. Mechanicals in good condition including some new furnaces and water heaters. Updated copper plumbing, electric circuit breakers. Well maintained rubber roof w/ silver coating. All plastic windows. Needs still some cosmetics. Full unfinished basement with utilities and for storage. Seven (7) meters and electric boxes as seen on photos. 2- 3 parking spots on back yard. Same owner-occupied for 30+ years and has been taking care of his building.
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0BEDS
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N/AACRES
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0BATHS
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01/2 BATHS
School Ratings & Info
Description
Five (5) residential Apartments and one (1) Store front all brick building investment in one of Chicago's growing neighborhoods Humboldt Park. Conveniently located steps away from public transportation and shopping. Five 2-bedroom/1-bath, Lv Rm apartments with 5 INDIVIDUAL furnaces & hot water tanks in-unit and decorative fireplaces. All five (5) residential units similar in layout and condition. Updates has been done over years. The Store front on 1st floor is currently "a beauty salon" leased by the same tenant for past 4 years or so. ALL UTILITIES paid by the tenants. ALL current rents are WAY below market because of stable, LONG- time tenants (as long as 18 years) including the owner and has been no vacancies !!! *** Low real estate TAXES *** CAP RATE = 9.8% *** Simple rent increases at renewal or new tenants will allow the new owner to achieve a CAP rate over +10%. Mechanicals in good condition including some new furnaces and water heaters. Updated copper plumbing, electric circuit breakers. Well maintained rubber roof w/ silver coating. All plastic windows. Needs still some cosmetics. Full unfinished basement with utilities and for storage. Seven (7) meters and electric boxes as seen on photos. 2- 3 parking spots on back yard. Same owner-occupied for 30+ years and has been taking care of his building.
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