1842 S Saint Louis Avenue, Chicago, Illinois 60623
- $490,000
- 10
- BD
- 3
- BA
- Sold Price
- $490,000
- List Price
- $475,000
- Closing Date
- Dec 12, 2024
- MLS#
- 12187061
- Status
- CLOSED
- Type
- Multifamily
- Subtype
- Residential Income
- Bedrooms
- 10
- Bathrooms
- 3
- County
- Cook
- City
- Chicago
- Neighborhood
- Lawndale
- Days On Market
- 14
Property Description
Presenting this fantastic Investment Opportunity in the vibrant North Lawndale Neighborhood. This spacious Refurbished Legal 2-Flat Greystone with three rental opportunities features two units with 4bedrooms/1bath each and a finished 2bed/1bath Lower Level in-Law unit that has a front & rear egress. Whether you're looking to make this your forever home or invest in a rental opportunity, this building with LOW TAXES ($2,540 W/OUT a Homeowner's Exemption) offers tremendous potential. With no current tenant leases, the income-generating potential is wide open for investors. Healthy Rental Comps show low market times and up to $2,583 for a 4bed/1bath rental without parking. See MLS#:11955268 for similar sized comparable rental located at 1635 S Central Park. A great comparable for a 2bed/1 bath Rental is located at 1915 S Avers (MLS#:12026088). This unit rented for $1,650 in two days. Making the estimated Monthly Rental Yield $6,816 and $81,792 annually. The cost of doing business is everything when it comes to multi-family ownership. That is why we covered all the essentials; all units have separate heating & in-unit washer & dryers. Please note: seller does not warrant the legality of the in-law garden unit. However, the property is located in one of the five ADU pilot areas, the "West Zone." Apply for a Additional Dwelling Unit zoning change at www*chicago*gov/adu to add the lower level as a legal ADU and further increase value. COMPETITIVE ADVANTAGE: Your tenants will love our spacious living spaces with separate dining rooms, eat-in kitchens and the BRAND NEW decks. This is an ideal opportunity for owner-occupants or investors looking to capitalize on a strong rental market with potential for rental growth and a stable tenant base. This is your end of Summer Must Have! If you've been debating whether to buy or not, this is your sign to DO IT!
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Additional Information
- School District
- 299
- Elementary School
- Crown Elementary School Comm Acd
- Middle School
- Crown Elementary School Comm Acd
- High School
- Farragut Career Academy Senior H
- Corporate Limits
- Chicago
- Tax Year
- 2023
- Tax Amount
- $2,540
- Year Built
- 1898
- Lot Dimensions
- 25X125
- Lot Size Range
- Less Than .25 Acre
- Units
- 3
- Parking Spaces
- 2
- Parking Details
- Off Alley, Off Street, Alley Access, On Site, Owned
- Heating
- Natural Gas, Forced Air
- Sewer
- Public Sewer
- Basement
- Yes
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Selling Office: @properties Christie's International Real Estate.
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