5245 W Montrose Avenue, Chicago, Illinois 60641
- $755,000
- 8
- BD
- 4
- BA
- Sold Price
- $755,000
- List Price
- $759,000
- Closing Date
- Mar 26, 2024
- MLS#
- 11995736
- Status
- CLOSED
- Type
- Multifamily
- Subtype
- Residential Income
- Bedrooms
- 8
- Bathrooms
- 4
- Gross Rental Income
- $61,800
- County
- Cook
- City
- Chicago
- Neighborhood
- Portage Park
- Days On Market
- 0
Property Description
Sitting at the intersection of Jefferson Park and Portage Park, this classic Chicago 3-unit brick building with 4th garden unit apartment sits on an extra-wide lot and is in an exceptional location just 5 blocks from the Montrose Blue Line and Mayfair Metra Line as well as offering easy access to the expressway, downtown Chicago and the airport. It's also just 5 blocks from Portage Park itself, the largest park on Chicago's northwest side with bike path, nature walk, tennis courts, two playgrounds, baseball and soccer fields, an Olympic sized pool and fieldhouse. This superb location makes it easy to find tenants. All four of the apartments are spacious, have great natural light, separate utilities including their own gas forced-air heating systems and hot water heaters and are currently rented out. Rents are below market value, leaving room for increased revenue, especially with further cosmetic updates. All tenants have access to a shared relaxing patio area as well. There is also an oversized 2-car brick garage with workshop which brings in additional income. Building updates include a new copper water main line, a water pressure booster pump and new copper supply lines throughout the building, new 200 AMP electrical service, 2 new furnaces (2021), 3 high efficiency hot water heaters- 2 new in (2018), renovated bathrooms in first and second floor, new windows in sunroom and bedrooms of 1st floor apartment and new roof on garage and sunroom just to mention a few. Garden apartment has its own front and back entrances. It could also easily be combined with the 1st floor apartment to create a 4BR, 2BTH duplex down unit if so desired. Coin laundry room in the basement provides additional income. This building is in an A+ location, close to the Six Corners shopping district and would make an excellent owner occupied property or purely income producing property for the investor's real estate portfolio in a fantastic, fast-appreciating neighborhood.
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Additional Information
- School District
- 299
- Elementary School
- Portage Park Elementary School
- Middle School
- Portage Park Elementary School
- High School
- Schurz High School
- Corporate Limits
- Chicago
- Tax Year
- 2022
- Tax Amount
- $10,489
- Year Built
- 1920
- Lot Dimensions
- 33 FT X 125 FT
- Lot Size Range
- Oversized Chicago Lot
- Units
- 3
- Garage Spaces
- 2
- Parking Spaces
- 2
- Parking Details
- Garage Door Opener, Garage, On Site, Garage Owned, Detached
- Heating
- Natural Gas, Forced Air
- Sewer
- Public Sewer
- Basement
- Yes
- Total Rental Income
- $61,800
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