2531 W Lyndale Street, Chicago, Illinois 60647
- $900,000
- 8
- BD
- 5
- BA
- Sold Price
- $900,000
- List Price
- $875,000
- Closing Date
- Oct 20, 2025
- MLS#
- 12460557
- Status
- CLOSED
- Type
- Multifamily
- Subtype
- Residential Income
- Bedrooms
- 8
- Bathrooms
- 5
- Gross Rental Income
- $79,440
- County
- Cook
- City
- Chicago
- Neighborhood
- Logan Square
- Days On Market
- 9
Property Description
Stunning rehabbed legal 4-unit in the Heart of Logan Square/West Bucktown! This multi-unit building is currently operating as a rehabbed 3-unit with a legal, 4th unit that is currently an unfinished garden apartment. This very large building was recently beautifully rehabbed and features a Brand NEW ROOF, very large, rear addition and huge rehabbed 1ST FLOOR UNIT SIMPLEX + 2 Rehabbed DUPLEXED UNITS ON THE 2ND & 3RD FLOORS (front & rear) + an unfinished (but legal) 4th garden apartment. - UNIT #1 - Covers the entire first floor of the building and is a 2-bed/2-bath featuring a recently rehabbed & stunning chef's kitchen w/ granite countertops, breakfast bar, 42-inch cabs, high-end appliances, and custom backsplash, Full dining room & spacious living room w/ large master suite in the rear, (two full updated bathrooms) and in-unit laundry, hardwood floors, can lighting, newer windows, perfect for a live-in owner! - Both upper units (#2F & 2R) are newly rehabbed, super-bright duplex-ups w/ new HVAC (GFA w/ Central A/C), in-unit laundry, new kitchens & baths, hardwood floors throughout and great open layouts UNIT #2F is a large 2-bedroom + den with 1 full bath. UNIT #2R is also a large 2-bedroom with 1.5 baths. Terrific income-producing property, currently generating $6,780 PER MONTH TOTAL and breakdown as follows; *UNIT #1 @ $2,190 per mo and on a month-to-month lease (been there 3 years), *UNIT #2F @ 2,190 per month and lease expires 9/26 (2 years) & *UNIT #2R @ $2,400 and lease expires 9/26 (new tenant). The basement is currently unfinished, but it is a legal 4th garden unit and can be finished for $160K. ***EXCELLENT TOTAL ANNUAL INCOME of $81,360 minus - $16,336 in expenses (RE taxes, water & insurance) = $65,024 (NOI) TOTAL ANNUAL NET OPERATING INCOME for a Solid 7.4% CAP RATE.***Also, investing an additional $160K in finishing the legal 4th garden unit, brings the CAP rate up to 8.8%!! (We have the certificate of zoning from the city in hand showing 4 legal units). A+ location, quiet one-way street, close to all the great restaurants, coffee shopping, night-life, parks & excellent schools in the Logan Square/Bucktown area with excellent transportation options and a short walk to both the Western Blue Line or California stops, easy access to 90/94, close to The 606 bike path & more!!! ***Note***The 2 current tenants have indicated they will waive their right of 1st refusal under Chicago's N/W Side Preservation Ordinance, Tenant Opportunity to Purchase (606) Block Pilot Program).
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Additional Information
- School District
- 299
- Elementary School
- Goethe Elementary School
- Middle School
- Clemente Community Academy Senio
- Corporate Limits
- Chicago
- Tax Year
- 2023
- Tax Exemptions
- Homeowner
- Tax Amount
- $11,264
- Lot Dimensions
- 28X110
- Lot Size Range
- Less Than .25 Acre
- Units
- 4
- Garage Spaces
- 2
- Parking Spaces
- 2
- Parking Details
- Garage Door Opener, On Site, Garage Owned, Detached, Garage
- Heating
- Natural Gas, Forced Air, Steam, Sep Heating Systems - 2+, Zoned
- Sewer
- Public Sewer, Storm Sewer
- Basement
- Yes
- Total Rental Income
- $79,440
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