Two properties for sale in two of the most expensive areas in Chicago. One is a 3-Unit Victorian and the other, a 4-Unit Greystone. This is an opportunity to convert into 6 Condos - Value per condo for $1.2M. The lots are standard 25 X 125
1) Lincoln Park – Wrigleyville, 60614
Summary:
This property is Victorian frame, legal 3 unit apartment comprised of 2br/1ba, 3br/1ba, and 1br/1ba.
The property sits on a tree lined street located 0.5 block northeast of the intersections of Wrightwood Ave and Sheffield Ave. in the Lincoln Park area.
Completely renovated 1999 and moderate improvements since (i.e., new siding, HVAC, appliances, etc.).
There is tremendous earning potential from a condo conversion as the property is zoned R5 and can accommodate 3 units: 2 duplex condos and 1 single level condo.
- 3rd floor duplex penthouse units within the immediate area (within a few blocks) have sold at prices over $1.0 million
- 2nd Floor (middle floor) 2BR/2BA units are selling between $550,000 - $650,000
- 1st floor duplex units have sold between $800,000 - $900,000
Property Stats:
- 1st Floor: 2 Bedrooms, 1 Bath; approx. 1,200 sq. ft. Current Rent: $1,750.00
- 2nd Floor: 3 Bedrooms, 1 Bath; approx. 1300 sq ft.; Current Rent: $2,050.00
- 3rd Floor: 1 Bedroom, 1 Bath' approx. 1,100 sq. ft.; Current Rent: $1325.00
2) Lakeview, Chicago, IL 60613
Summary
This property is a Greystone 4 unit apartment building which shares a common wall with an identical Greystone apartment. The location is excellent. The property sits in the "Southport Corridor" of Wrigleyville, one of the most desirable neighborhoods in Chicago. The property is walking distance from "L" train, shopping, exquisite boutiques, fine dining, nightlife, entertainment and Wrigley Field.
The current owner acquired the property in 2001 and completed substantial renovations of the building in 2002.
The tenants are typically young working professionals with age range 24-36. The property sits on a tree lined street with mixed single family homes and apartments with a dog park and children's playground at the end of the block. There is much new construction in the area with the average SF home selling for over $2.3 million. (The President of the Chicago Cubs, Theo Epstein, lives across the street.).
The current rents are under market with potential for increases of 25-30%. The 1st Floor 3BR/2BA can be rented for $3500 easily with light updating. There is a one car garage in the back of property plus an additional parking pad that can accommodate up to 2 additional cars parking in tandem. The average parking spot is valued at $100-$150/month. The garage, currently vacant, may be rented for an additional $200-$300/month.
Property Stats:
- Garden - Current Rent: $1,200.00
- 1st Floor, 3 Bedrooms, 2 Bath - Current Rent: $1,875.00
- 2nd Floor. 2 Bedrooms, 1Bath - Current Rent: $1,370.00
- 2nd Floor, 1Bedroom, 1Bath - Current Rent: $ 875.00
Email me at [email protected] for details.
