203 N Leamington Avenue, Chicago, Illinois 60644
- $500,000
- 8
- BD
- 3
- BA
- Sold Price
- $500,000
- List Price
- $485,000
- Closing Date
- May 05, 2025
- MLS#
- 12314738
- Status
- CLOSED
- Type
- Multifamily
- Subtype
- Residential Income
- Bedrooms
- 8
- Bathrooms
- 3
- Gross Rental Income
- $56,100
- County
- Cook
- City
- Chicago
- Neighborhood
- South Austin
- Days On Market
- 8
Property Description
OUTSTANDING - PROFESSIONALLY MANAGED - TURNKEY INVESTMENT OPPORTUNITY! This legal 3-flat is the high-performing asset you've been manifesting, generating an impressive $56,100 in annual rental income with low operating costs. The landlord's responsibilities are minimal, limited to water, landscaping, snow removal, and an incredibly low annual tax bill of just $2,742.67 (without exemptions). Also, the seller's mortgage interest rate of 2.25% can be assumed by the buyer using Roam. Professionally managed and meticulously maintained, this brick beauty offers separate gas and electric meters, individual tankless water heaters, and central heating & cooling in every unit, ensuring that tenants cover all utilities. Because the cost of doing business is everything when it comes to multi-family ownership, we have covered all the essentials; including a coin operated washer & dryer which collects about $300 to $350/mo; basically covering the water & maintenance bill. This Income-producing building has had zero vacancies in the last three years. The reason is very simple: each unit was refurbished with a seamless blend of modern elegance and functionality. Spacious kitchens equipped with dishwashers, microwave, upgraded stoves and refrigerators. The three spacious bedrooms offer our residents space to grow, entertain and lounge. The 2nd & 3rd units have separate dining and living rooms, updated kitchens with granite countertops, stainless steel appliances, and space for a breakfast table, this property is designed for maximum tenant appeal. The legal main-level 2-bed/1-bath unit boasts a modern kitchen with newer appliances and newer flooring. Recent upgrades include a brand-new (2024) tear-off roof, gated entry, and a coin-operated laundry in the lower level for added convenience to your residents and income to your budget. The fully rented detached 2-car garage rounds out this highly desirable investment. Located in the sought-after Austin neighborhood, close to parks, shopping, and public transit, this fully leased, income-generating property is the perfect addition to any investor's portfolio or owner-occupant landlord.
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Additional Information
- School District
- 299
- Elementary School
- Spencer Elementary School Math &
- Middle School
- Marshall Middle School
- High School
- Marshall Metropolitan High Schoo
- Corporate Limits
- Chicago
- Tax Year
- 2023
- Tax Amount
- $2,742
- Year Built
- 1910
- Lot Dimensions
- 26 X 125
- Lot Size Range
- Less Than .25 Acre
- Units
- 3
- Garage Spaces
- 2
- Parking Spaces
- 2
- Parking Details
- Garage Door Opener, On Site, Garage Owned, Detached, Garage
- Heating
- Natural Gas, Forced Air
- Sewer
- Public Sewer
- Basement
- Yes
- Total Rental Income
- $56,100
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Listings courtesy of Midwest Real Estate Data as distributed by MLS Grid
Selling Office: RE/MAX Partners.
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