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Rich Ayers

rich@ayersteam.com +1(630) 430-5927

$1,275,000

Est. payment - /mo

8 Beds

4 Baths

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UPDATED:

Key Details

Property Type Multi-Family

Sub Type Two to Four Units

Listing Status Active

Purchase Type For Sale

MLS Listing ID 12678300

Style Victorian

Bedrooms 8

Year Built 1889

Annual Tax Amount $17,684

Tax Year 2023

Lot Dimensions 48 X 47

Property Sub-Type Two to Four Units

Property Description

Proud to present this sensational center entrance 4 flat opportunity. Extra Wide structure rests on a 48 x 47 lot just north of North Ave. The property is centered around Wicker Park's many restaurants, boutique shops, bars, cafe's and so much more. The classic victorian structure features the original masonry facade with its ornate bay windows, red brick exterior, stone lintels and architectural details. The two story structure offers a center entrance which enhances the interior floor plans, high ceilings, and full unfinished basements for potential expansion. Each unit is separately metered with its own utilities which means each tenant pays for electricity, gas, and heat as well as hot water. OPPORTUNITY: The opportunity to duplex down and create 3 bedroom 2 bath duplexes from the first floor to the basement is high. The ceiling heights are tall on each level and so this could provide a new owner with a $4000 per month projected rental rate for each of the first floor untis post rehab. The second floor two bedrooms could be made into 3 bedroom units by eliminating the dining room and converting it to a 3rd bedroom . Taking the HVAC systems out of the second floor hallway closet provides a new opening into the living space allowing for you to separate out the third bedroom and collect $3000 per month for each of the upstairs units. Add value, increase the already low rents for the property and enjoy this marquee property in Wicker Park! The walkability at this location is unparalleled, it is close enough to all forms of transportation, but far enough from it. This property has not traded hands in over 30 years, improvements have been made and it will be a pleasure to share this with you. Market rents are $2400-2500 per unit but do to long term tenancy the rents are below market at $1850-2000 per unit. Tenants have been given notice that the building is up for sale and no leases are to be renewed at the given time. The asset is fully leased and so proper notice is required, however. NO parking at this location, there is effortless street parking, and the bus and train are a short walk away. The property takes up the majority of the land area to maximize the livability of each residence.

Location

State IL

County Cook

Area Chi - West Town

Zoning MULTI

Body of Water FLATS

Rooms

Basement Unfinished, Full

Interior

Heating Natural Gas, Forced Air

Fireplace N

Exterior

Community Features Curbs, Sidewalks, Street Paved

Roof Type Asphalt,Rubber

Building

Dwelling Type Two to Four Units

Building Description Brick, No

Sewer Storm Sewer

Water Lake Michigan

Structure Type Brick

New Construction false

Schools

School District 299 , 299, 299

Others

Ownership Fee Simple

Special Listing Condition None

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Listed by Wilfredo Aguilar Jr of Compass

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Rich Ayers

+1(630) 430-5927

Team Lead | Realtor | License ID: 471.001732

Team Lead | Realtor License ID: 471.001732

1609-11 N Wood ST Chicago, IL 60622

Rich Ayers

Key Details

Location

Rooms

Interior

Exterior

Building

Schools

Others

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1609-11 N Wood ST