1502 Melrose Street, Lake View, Chicago, Illinois 60657
$843,500
|
Sold
|
|
| Status: | Closed |
| Sqft: | 0 |
| Cost/Sqft: | — |
| Beds: | 8 |
| Baths: | 0 |
| Year Built: | 1890 |
| Property Taxes: | $12,616 |
| Days On Market: | 2314 |
| Lot Size: | 0,07 |
Description
Bright & spacious turnkey Southport Corridor 3-unit investment property with two 3-bedroom apartments in front building plus three level 2-bedroom coach house! Exceptionally clean & well-maintained apartments feature vintage charm including hardwood floors, original woodwork & built-in hutches. All units have large eat-in kitchens with dishwashers, microwave ovens & garbage disposals, gas forced air heat and central air. Free shared washer and dryer in front building and private washer/dryer in coach house. Huge back deck with pergola separating front building and coach house is a huge draw for tenants while offering maintenance free landscaping. Easy Zone 383 street parking. Unfinished attic with high ceiling in front building offers potential for expansion and increased rental income. Many recent capital improvements including all 3 water heaters replaced since 2018, coach house AC installed in 2017, New windows on 2nd floor in 2013 & insulation blown into all building walls and attic in 2013. Fantastic location is close to tons of restaurants, nightlife, Whole Foods, Jewel, Target, Wrigley Field, Lake/Belmont Harbor, Southport Corridor, Roscoe Village, Southport Brown Line & Belmont Red, Purple & Brown Lines. Amazing investment opportunity produces $21,400/year in positive cash flow with 20% down payment & 4% interest rate! 7.0 % Cap Rate, 12 % Cash on Cash return!
Property Specifics
| Multi-unit | |
| — | |
| — | |
| 1890 | |
| Full, Walkout | |
| Aluminum Siding, Frame | |
| Asphalt | |
| — | |
| No | |
| 0.07 |
| Cook | |
| — | |
| — / — | |
| — | |
| Lake Michigan | |
| Public Sewer | |
| — | |
| Natural Gas, Forced Air | |
| 10769606 | |
| 14203240420000 |
Property History
| DATE: | EVENT: | PRICE: | SOURCE: |
|---|---|---|---|
| 14 Aug, 2020 | Sold | $843,500 | MRED MLS |
| 7 Jul, 2020 | Under contract | $875,000 | MRED MLS |
| 3 Jul, 2020 | Listed for sale | $875,000 | MRED MLS |
Room Specifics
Total Bedrooms: 8
Bedrooms Above Ground: 8
Bedrooms Below Ground: 0
Full Bathrooms: 5
Bathroom Amenities: —
Bathroom in Basement: —
Rooms: —
Other Specifics
| — | |
| — | |
| None | |
| — | |
| — | |
| — | |
| Deck | |
| — | |
| 25X125.25 | |
| — | |
| — | |
| — | |
| — | |
| Not in DB | |
| Curbs, Sidewalks, Street Lights, Street Paved | |
| — | |
| — |
Tax History
| Year | Property Taxes |
|---|---|
| 2020 | $12,616 |
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Listing Provided By
Keller Williams Preferred Realty
