3501 Palmer Street, Logan Square, Chicago, Illinois 60647
$779,000
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For Sale
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| Status: | New |
| Sqft: | 0 |
| Cost/Sqft: | — |
| Beds: | 9 |
| Baths: | 0 |
| Year Built: | 1897 |
| Property Taxes: | $5,625 |
| Days On Market: | 0 |
| Lot Size: | 0,00 |
Description
Legal-4 unit building in an appreciating corridor of Logan Square with significant cash flow in-place. The building sits immediately west of Palmer Square and Kedzie Boulevard with recent, nearby new build single-family home sales under contract near $1.5 million. The existing rent roll comprises $84,120 of revenue or a 9.2x gross revenue multiple on in-place income. Additional revenue can be creted by (i) marking the existing rent roll to market, (ii) adding a parking slab with three exterior stalls at the rear of the building, and (iii) creating a small outdoor garden/amenity area in the existing gravel yard at rear. This value-add is projected to result in $96,200 of revenue or a stabilized 7.8x GRM, roughly a 10.0% return-on-cost. All units have furnaces and the large 4 bed / 1 bath duplex has central air conditioning.
Property Specifics
| Multi-unit | |
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| 1897 | |
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| No | |
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| Cook | |
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| — / — | |
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| 12502469 | |
| 13352190150000 |
Property History
| DATE: | EVENT: | PRICE: | SOURCE: |
|---|---|---|---|
| 9 Apr, 2009 | Sold | $160,000 | MRED MLS |
| 6 Mar, 2009 | Under contract | $224,400 | MRED MLS |
| — | Last price change | $274,900 | MRED MLS |
| 11 Dec, 2008 | Listed for sale | $274,900 | MRED MLS |
| 5 Jun, 2015 | Sold | $431,100 | MRED MLS |
| 15 May, 2015 | Under contract | $365,000 | MRED MLS |
| 12 May, 2015 | Listed for sale | $365,000 | MRED MLS |
| 27 Oct, 2025 | Listed for sale | $779,000 | MRED MLS |
Room Specifics
Total Bedrooms: 9
Bedrooms Above Ground: 9
Bedrooms Below Ground: 0
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Full Bathrooms: 4
Bathroom Amenities: —
Bathroom in Basement: —
Rooms: —
Basement Description: —
Other Specifics
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| 3052 SF | |
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| Not in DB | |
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Tax History
| Year | Property Taxes |
|---|---|
| 2009 | $4,703 |
| 2015 | $5,107 |
| 2025 | $5,625 |
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Listing Provided By
Essex 312, LLC
