708 S Grove Avenue, Oak Park, Illinois 60304
- $710,000
- 5
- BD
- 4
- BA
- Sold Price
- $710,000
- List Price
- $668,000
- Closing Date
- Jun 24, 2024
- MLS#
- 12049915
- Status
- CLOSED
- Type
- Multifamily
- Subtype
- Residential Income
- Bedrooms
- 5
- Bathrooms
- 4
- Gross Rental Income
- $49,480
- County
- Cook
- City
- Oak Park
- Neighborhood
- Near Blue Line L Train
- Days On Market
- 5
Property Description
This property is a rare find - it functions beautifully as an investment property and could also be perfect for multi-generational living. The icing on the cake is the coach house over the garage that currently operates as a successful airbnb that generates approx. $25000/year in additional income!! With the growing demand for short-term rentals, capitalize on the opportunity to generate substantial rental income from the Airbnb accommodations while enjoying the stability of long-term tenants in the main residence. Whether utilized as an Airbnb rental, guest suite, or home office, this versatile space offers endless possibilities. The owner's unit is a large 9 room, 3+ bdrm, 2.1 bath apartment which is duplexed into the basement, It includes a family room and an office/4th bedroom (rent expected to be approx $3,400 per month) . The 2nd floor apartment is a 2 bedroom, 1 bath apartment that has tenants you would love to keep. Heat (gas) is metered separately so each unit pays for their own heat and electric. Both units have been upgraded with newer kitchens and baths. The 1st floor unit has a large primary bedroom with an en-suite bath and walk-in closet). Each unit has its own furnace, central air, and washer & dryer. The home is situated on a generous 50' lot - it has plenty of green space and beautiful gardens as well as a great slate stone patio. Parking available for 4 cars --2 in the over-sized garage and 2 exterior spaces. This property has been lovingly maintained by the current owner-occupants for many years, and they have invested significantly in updates to major systems. Recent improvements include. Pella windows throughout; Stucco replacement/repair, exterior painting, newer roof, newer garage (including concrete pad and parking pad) both furnaces (under 5 yrs old), flood control system, electrical & plumbing updates. All of the heavy-lifting has already been done. This Property is in an ideal location, in an active and fun residential neighborhood, just steps to the Southtown Oak Park Ave Business District, with its many shopping and dining options, and less than 2 blocks to the Blue Line. Don't miss out on this rare chance to own a investment property with dual income potential. Whether you are an investor looking to expand your portfolio or a homeowner seeking supplemental income, this property offers endless possibilities.
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Additional Information
- School District
- 200
- Elementary School
- Abraham Lincoln Elementary Schoo
- Middle School
- Gwendolyn Brooks Middle School
- High School
- Oak Park & River Forest High Sch
- Corporate Limits
- Oak Park
- Tax Year
- 2022
- Tax Exemptions
- Homeowner
- Tax Amount
- $11,306
- Year Built
- 1919
- Lot Dimensions
- 50 X 125
- Lot Size Range
- Less Than .25 Acre
- Units
- 2
- Garage Spaces
- 2
- Parking Spaces
- 4
- Parking Details
- Garage Door Opener, Garage, On Site, Garage Owned, Detached, Off Alley, Owned
- Heating
- Natural Gas
- Sewer
- Public Sewer
- Basement
- Yes
- Total Rental Income
- $49,480
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Selling Office: Berkshire Hathaway HomeServices Chicago.
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