2537 N Wayne Avenue, Chicago, Illinois 60614

$1,725,000
11
BD
8
BA
List Price
$1,725,000
MLS#
12003555
Status
ACTIVE
Type
Multifamily
Subtype
Residential Income
Bedrooms
11
Bathrooms
8
Gross Rental Income
$153,600
County
Cook
City
Chicago
Neighborhood
Lincoln Park
Days On Market
94

Property 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.

Additional Information

School District
299
Corporate Limits
Chicago
Tax Year
2022
Tax Amount
$24,472
Exterior Building Type
Frame
Lot Dimensions
25X125
Lot Size Range
Standard Chicago Lot
Units
4
Parking
Space/s
Parking Spaces
3
Parking On Site
Yes
Heating
Natural Gas
Sewer
Public Sewer, Sewer-Storm
Basement
Yes
Total Rental Income
$153,600

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