$1,725,000 $9,260 est/mo Sourced by Back At You

2537 N Wayne Avenue,Chicago, IL 60614

Chicago IL, 60614

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Description

AAA+++ 4 unit investment property in Lincoln Park. Turnkey, fully updated in 2020. Rock solid building. Located one street east of Southport on one of the most desirable blocks in Lincoln Park. Offers easy access to world-class restaurants, bars, shopping and Red/Brown/Purple line transfers at nearby Fullerton stop. Great for commuting tenants. All units have been recently updated with large, modern kitchens and bathrooms, making them attractive to professional tenants with little to no vacancies historically. These units were formerly four separate condos with individual PINs. Each unit is a duplex/two-level apartment with individual central heat and AC, water heater, gas log fireplaces, and in-unit laundry, making them highly desirable to tenants. The property comes with two assigned outdoor parking spaces with the potential for a third parking space for a smaller car. The property also features a large rear yard, providing tenants with a private outdoor space. New Roof in 2022. Lincoln Park is a high-demand area with low vacancy rates, making this property an excellent investment opportunity. This property offers strong financial performance and potential for long-term appreciation. Rental income has been increasing annually and just increased again. GRI $153.6K, NOI 115.4K GRM 11.23 puts this offering at a 6.7% CAP RATE return at list price, well above Lincoln Park CAP valuations. Formerly four separate condominiums with separate electric and HVAC. Viewings of the property require 48 hours tour notice due to tenant occupancy. Information deemed reliable but buyer should perform their own due diligence.

Details

MLS#12003555
Listing TypeFor Sale
StyleHouse
Sub-TypeResale
StatusActive
Days On Site67
Listing Provided By@properties Christie's International Real Estate | James Gramata

Features

Bed(s)11
Bath(s)8
BasementY
ZoningMULTI

Market Activity 60614

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Learn More About This Property

StateIL
CountyCook
CityChicago
Zip Code60614
AreaCHI - Lincoln Park
School District299
Elementary School299
Middle School299
High School299
Listing VS Median (in 60614)
Price:
$1,725,000
low | high
Med:
$836,950
100% of Average
On Site:
67
low | high
Med:
138.500000
48.375451263538% of Average
Sourced by Back At You
Listing Updated: May 3, 2024 at 11:05:45 AM PDT