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$329,000

For Sale - Active
655 W Irving Park Rd Apt 1402, Chicago, IL 60613
2 Beds
2 Baths
0 Square Feet
0.00 Acres Lot
Built in 1973
For Sale - Active
901 Units
Checked: 17 hours ago
Updated: May 25, 2025 at 08:42AM

Investment Summary


Monthly Cash Flow
-$847
Cap Rate
2.6%
Cash-on-Cash Return
-13.4%
Debt Coverage Ratio
0.46
Internal Rate of Return (5 years)
-9.0%

Property Description


0.00 Acres Lot
Built in 1973
For Sale - Active
901 Units

Immaculate 2 Bedroom / 2 Bath Home at Park Place Tower. Northeast Corner Unit with stunning Lake Michigan views!! Spacious layout with large room sizes, separate dining area & tremendous closet space. Freshly painted with hardwood floors throughout! Full amenity building with 24 hr door staff, beautiful outdoor pool & sun deck, theatre, party room, business center & dry cleaner. Valet garage parking space 20K.

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Location


Property Details


Parking

  • Description: Attached, Garage, Garage On-Site
  • Details: On Site, Attached, Garage
  • Garage Spaces: 1
  • Spaces Total: 1

Bedroom Information

  • # of Bedrooms: 2

Bathroom Information

  • # of Baths (Full): 2
  • # of Baths (Total): 2.0

Interior Features

  • # of Rooms: 5
  • # of Stories: 55
  • Basement Description: None

Exterior Features

  • Foundation: Concrete Perimeter

HOA

  • Has HOA: Yes
  • HOA Fee: $963/monthly

Land Information

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

Lot Information

  • Parcel ID: 14211010541189
  • Lot Size: 0 sqft

Property Information

  • Property Type: Condominium
  • Year Built: 1973

Tax Information

  • Annual Tax: $5,590

Utilities

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

Location

  • County: Cook

Listing Details


Listed by:
Kinjal Shah
Mark Allen Realty ERA Powered
(773) 507-5206

Source:
Midwest Real Estate Data (MRED)
MLS#: 12335351
Midwest Real Estate Data (MRED)

Investment Summary


Monthly Cash Flow
-$847
Cap Rate
2.6%
Cash-on-Cash Return
-13.4%
Debt Coverage Ratio
0.46
Internal Rate of Return (5 years)
-9.0%

Purchase Details

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Purchase price:
$329,000
Amount financed:
-$263,200
Down payment:
$65,800
Closing costs:
$9,870
Rehab costs:
$0
Initial cash invested:
$75,670
Square feet:
0
Cost per square foot:
n/a
Monthly rent per square foot:
n/a

Financing Details

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Loan amount:
$263,200
Loan to value ratio:
80.0%
Loan type:
Amortizing
Term:
30 years
Interest rate:
5.875%
Principal & interest:
$1,557
Property tax:
$466
Insurance:
$217
Private mortgage insurance (PMI):
$0
Monthly payment:
$2,240

Operating Income

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% Rent Monthly Yearly
Gross rent:
$3,100 $37,200
Vacancy loss: (6%)
6% -$186 -$2,232
Operating income:
$2,914 $34,968

Operating Expenses


% Rent Monthly Yearly
Property taxes: (15%)
15%-$466-$5,591
Insurance: (7%)
7%-$217-$2,604
Property management: (8%)
8%-$248-$2,976
Repairs & maintenance: (5%)
5%-$155-$1,860
Capital expenditures: (5%)
5%-$155-$1,860
HOA fees: (31%)
31%-$963-$11,556
Total operating expenses: (71%)
71%-$2,204-$26,447

Cash Flow


Monthly Yearly
Net operating income:
$710 $8,520
Mortgage payments:
-$1,557 -$18,684
Cash flow:
$847 $10,164