414-416 S Elmwood Avenue, Oak Park, Illinois 60302
- $1,450,000
- Sold Price
- $1,450,000
- List Price
- $1,450,000
- Closing Date
- Apr 07, 2025
- MLS#
- 12123774
- Status
- CLOSED
- Type
- Commercial
- Subtype
- Commercial Sale
- County
- Cook
- City
- Oak Park
- Gross Rental Income
- 214500
- Neighborhood
- Near Green Line L Train
- Days On Market
- 46
Property Description
Introducing a prime deconversion opportunity at 414-416 S Elmwood Ave, Oak Park, IL. This well-positioned 11-unit multifamily building presents a unique investment prospect with significant potential. The property features a diverse mix of 5 one-bedroom, one-bath units (approximately 900 sq. ft.) and 6 two-bedroom, one-bath units (approximately 1,100 sq. ft.), offering a range of living options in a highly desirable area. Key features of the property include 13 off-street parking spaces, ensuring ample convenience for tenants. Recent upgrades enhance the building's appeal and operational efficiency: the roof was entirely replaced 9 years ago, the boiler was updated 2 years ago, and the interior hallways and exterior windows have just been repainted. Situated just steps from the Ridgeland/Madison bus stop and only 0.5 miles from the Ridgeland Green Line stop, the location offers excellent public transportation access. The vibrant Madison Street corridor, known for its array of grocery stores, entertainment options, and retail shops, is nearby, providing tenants with ample amenities. Additionally, Julian Middle School is conveniently located next door, making this an attractive choice for families with school-aged children. This property's combination of location, recent upgrades, and versatile unit mix makes it an exceptional candidate for a multifamily deconversion. Seize the opportunity to capitalize on this high-potential asset in Oak Park's dynamic real estate market!
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Additional Information
- Tax Year
- 2023
- Tax Amount
- $26,917
- Annual Tax Amount
- 26917
- Year Built
- 1965
- Lot Dimensions
- 50X175
- Air Conditioning
- Window Unit(s)
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Selling Office: 33 Realty.
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