3123 Monroe Street, East Garfield Park, Chicago, Illinois 60612
$590,000
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Sold
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| Status: | Closed |
| Sqft: | 0 |
| Cost/Sqft: | — |
| Beds: | 12 |
| Baths: | 0 |
| Year Built: | 1905 |
| Property Taxes: | $3,213 |
| Days On Market: | 555 |
| Lot Size: | 0,00 |
Description
Welcome to Fifth City/East Garfield Park, where opportunity knocks louder than ever before! This listing presents an unparalleled turnkey investment opportunity with boundless potential for growth. Let's delve into the remarkable features that make this property a standout choice for savvy investors: Prime Location: Nestled in the vibrant Fifth City/East Garfield Park area, this property enjoys proximity to Fifth City Commons, a newly developed 43-unit apartment complex, signaling the neighborhood's upward trajectory. Recent Renovation: A comprehensive interior renovation in 2019 ensures that this property offers modern comforts while preserving its classic charm, setting the stage for immediate occupancy or further enhancement. Investor's Dream: With 3 out of 4 current leases held by CHA tenants, this property presents a lucrative opportunity for investors seeking stable rental income. Development Potential: Positioned amidst city-owned lots earmarked for development, this property stands to benefit from the area's planned growth initiatives, driving up property values in the near future. ARO Program Inclusion: As part of the City of Chicago's Affordable Requirements Ordinance (ARO) program at 100% AMI, this building aligns with the city's commitment to affordable housing, offering potential incentives for investors. Expansion Possibilities: Approved permit plans for the addition of two garden-level units provide a clear path to substantially increase revenue streams, maximizing the property's income potential. Zoning Advantages: Zoned RM-5, this property presents opportunities for further unit additions, subject to evaluation, allowing investors to explore expansion possibilities within the regulatory framework. This property represents a gateway to a lucrative investment journey in one of Chicago's most promising neighborhoods. Don't miss out on this golden opportunity to secure your foothold in Fifth City/East Garfield Park's thriving real estate market! Pro Forma Income: (4) Units - $81,600 | (6) Units - $115,200 All units are MTM
Property Specifics
| Multi-unit | |
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| 1905 | |
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| No | |
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| Cook | |
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| — / — | |
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| 12048173 | |
| 16131070220000 |
Property History
| DATE: | EVENT: | PRICE: | SOURCE: |
|---|---|---|---|
| 2 Jul, 2024 | Sold | $590,000 | MRED MLS |
| 10 May, 2024 | Under contract | $595,000 | MRED MLS |
| 6 May, 2024 | Listed for sale | $595,000 | MRED MLS |
Room Specifics
Total Bedrooms: 12
Bedrooms Above Ground: 12
Bedrooms Below Ground: 0
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Full Bathrooms: 4
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Bathroom in Basement: —
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Basement Description: Unfinished
Other Specifics
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| 48 X 98 | |
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| Not in DB | |
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Tax History
| Year | Property Taxes |
|---|---|
| 2024 | $3,213 |
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Listing Provided By
Devise Property Group LLC
