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$294,999

Under Contract
1620 S Michigan Ave Unit 424, Chicago, IL 60616
2 Beds
1 Bath
980 Square Feet
0.00 Acres Lot
Built in 2006
Under Contract
Units n/a
Checked: 10 hours ago
Updated: Jul 12, 2025 at 06:27AM

Investment Summary


Monthly Cash Flow
-$351
Cap Rate
4.3%
Cash-on-Cash Return
-6.2%
Debt Coverage Ratio
0.75
Internal Rate of Return (5 years)
-2.0%

Property Description


0.00 Acres Lot
Built in 2006
Under Contract
Units n/a

Motivated Seller! Welcome home to this beautiful well maintained 2 Bedroom Condo in the ideal South Loop Area which, perfectly blends style, contemporary and timeless appeal. This condo boast hardwood floors, beautiful open kitchen with nice cabinetry and granite countertops, floor to ceiling windows, large walk in closet, balcony, in unit washer/dryer, stainless steel refrigerator, stove, microwave and dishwasher. Elevator building which is terrifically and professionally managed with a reasonable HOA, including heat, cooking gas, cable, internet, and water. It's pet-friendly; walk out the back door to easily access the dog park. Easy access to Soldier Field, Shedd Aquarium, Adler Planetarium, lake, shops, new Mariano's grocery store and many places of entertainment. Great for a homeowner or investment opportunity. The building also has secure fob access with an electronic package delivery system and evening-door staff Wednesday-Saturday. Easy access to transportation, whether expressways, bus stops at the front door, EL train, or 18th Street Metra. Owner is relocating to another state and is highly motivated to sell. Can rent unit as investment property. Garage is being leased. Come make an offer today! Backup offers welcome.

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Location


Property Details


Parking

  • Details: Off Street, Off Site, Other
  • Garage Spaces: 0
  • Spaces Total: 0

Bedroom Information

  • # of Bedrooms: 2

Bathroom Information

  • # of Baths (Full): 1
  • # of Baths (Total): 1.0

Interior Features

  • # of Rooms: 5
  • # of Stories: 12
  • Basement Description: None

Exterior Features

  • Roof Material: Asphalt

HOA

  • Has HOA: Yes
  • HOA Fee: $308/monthly

Land Information

  • Land Use: Residential
  • Land Use Subtype: Condominium Unit

Lot Information

  • Parcel ID: 17223010651050
  • Lot Size: 0 sqft

Property Information

  • Property Type: Condominium
  • Year Built: 2006

Tax Information

  • Annual Tax: $4,463

Utilities

  • Water & Sewer: Public
  • Heating: Natural Gas
  • Cooling: Central Air

Location

  • County: Cook

Listing Details


Listed by:
Dionne Scott
Village Realty, Inc.
(708) 478-1212

Source:
Midwest Real Estate Data (MRED)
MLS#: 12395815
Midwest Real Estate Data (MRED)

Investment Summary


Monthly Cash Flow
-$351
Cap Rate
4.3%
Cash-on-Cash Return
-6.2%
Debt Coverage Ratio
0.75
Internal Rate of Return (5 years)
-2.0%

Purchase Details

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Purchase price:
$294,999
Amount financed:
-$235,999
Down payment:
$59,000
Closing costs:
$8,850
Rehab costs:
$0
Initial cash invested:
$67,850
Square feet:
980
Cost per square foot:
$301
Monthly rent per square foot:
$2.55

Financing Details

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Loan amount:
$235,999
Loan to value ratio:
80.0%
Loan type:
Amortizing
Term:
30 years
Interest rate:
5.875%
Principal & interest:
$1,396
Property tax:
$372
Insurance:
$175
Private mortgage insurance (PMI):
$0
Monthly payment:
$1,943

Operating Income

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% Rent Monthly Yearly
Gross rent:
$2,500 $30,000
Vacancy loss: (6%)
6% -$150 -$1,800
Operating income:
$2,350 $28,200

Operating Expenses


% Rent Monthly Yearly
Property taxes: (15%)
15%-$372-$4,463
Insurance: (7%)
7%-$175-$2,100
Property management: (8%)
8%-$200-$2,400
Repairs & maintenance: (5%)
5%-$125-$1,500
Capital expenditures: (5%)
5%-$125-$1,500
HOA fees: (12%)
12%-$308-$3,696
Total operating expenses: (52%)
52%-$1,305-$15,659

Cash Flow


Monthly Yearly
Net operating income:
$1,045 $12,540
Mortgage payments:
-$1,396 -$16,752
Cash flow:
$351 $4,212