1228 W Glenlake Avenue, Chicago, Illinois 60660

Property Description

Sunny, spacious and rare one of a kind Edgewater 3 apartment multi-family building. This beautiful solid and extra-wide high-income rental property rents quickly and is fully leased into 2024 and 2025, providing a reliable and steady income stream or possibly future owner occupied. Surrounded mostly by single-family homes on extra wide lots and located in the central heart of the Edgewater neighborhood offering a serene atmosphere with its beautiful tree canopies touching in the middle of the street and low density with close proximity to transportation, shops, groceries, retail, restaurants and lake and beach access. Also, prime location near Loyola University and Northwestern University makes it a desirable choice for students and faculty. RS-3 Zoning. Oversized 37.5'x125' lot; Gross Monthly Rental Income of $7,575 yields Annual Rental Income of $90,900. Rent Rolls for more details; 5.83 CAP rate and a GRM of 12.10!! The rents for all three apartments are well above comparable rates in the area due to the exceptional quality the property offers. The top-floor apartment is truly one-of-a-kind, featuring luxury finishes, lofted ceilings, exposed brick, custom cabinetry built by the Amish, designer features throughout and an abundance of natural light. With two fireplaces, multiple windows, and three skylights, the living space is filled with a warm ambiance. On the first floor, a vintage unit awaits, offering three bedrooms, one central bathroom, and an updated kitchen with quartz countertops and new flooring. The property has been impeccably maintained, blending original details and vintage charms with tasteful modern updates. The refinished hardwood flooring and newer kitchens with quartz counters and stainless steel appliances further enhance the appeal. Three open-air side by side parking spaces in back off alley. In-unit laundry in the top unit, while the other units have access to laundry facilities in the high and dry basement laundry room. Some common tenant storage and bike room storage. The high ceiling two egress door garden apartment features moisture-resistant hardwood floating floors, a spacious walk-in closet, and a bonus den or office area. With a Walk Score of 97/100, this property offers easy access to a ton of area amenities, including Whole Foods, Flaco Tacos, Ann Sathers, Gino's North, Cookies and Carnitas, Metropolis Coffee, and the iconic Lickity Split. Just a few blocks to the east, you'll find Lake Michigan Beaches, Lake Shore Drive access, and the scenic Lakefront Trail. Continuously well maintained over the years with recent capital work including a two-story rear code-compliant porch, stairs, and upper deck, new rear siding in 2020 and two new AC condensers in 2022, ensuring efficient cooling. New front-loaded laundry in top floor in 2023. Overhead sewer system with ejector pit prevents street sewer water from entering building in heavy rains. Appliances for most apartments are updated stainless steel. Some window replacements on top floor, hot water heaters over the years including one in 2023, masonry and tuckpointing work, new concrete entrance sidewalk and more. Situated near the Red Line stops at Granville or Thorndale, this location offers convenient transportation options. IL licensed agent-owned property. Don't miss out on this fantastic investment opportunity.