$170,000
1523 E 74th Place, Chicago, IL 60619
Current Rent **
$2,324
Projected Rent **
N/A
Unit 1 Details
- Current Rent: $1,099
- Bedroom: 3 bd
- Bathroom: 1 ba
- Square Footage: 850 sqft
- Occupied: Yes
- Needs Repairs: No
- Off MLS: No
Unit 2 Details
- Current Rent: $1,225
- Bedroom: 3 bd
- Bathroom: 1 ba
- Square Footage: 850 sqft
- Occupied: Yes
- Needs Repairs: No
- Off MLS: No
Chicago Brick 2-flat 3BR apartments up to 24% Cash-on-Cash returns
Bay Area based investor owns duplexes/triplexes in Chicago, and is selling one of them. This property is in a decent neighborhood, has a good property management company managing it, and is a 2-unit. Each unit is 3 Bed one bath. Both units are rented at the time this brochure was made, both tenants have been there for a while. After financing, the potential returns (estimates) are over 24% cash-on-cash returns, not counting either principal pay down or appreciation. Owner is selling because he is now investing in large Multifamily projects and moving out of smaller properties. This is a DIRECT sale, you are directly talking with the owner. No brokers involved.
About the property
• One unit is a TRUST FUND approved unit at $1225 per month rent. This is the best kind of subsidy (better than CHA/Section8) because the subsidy is tied to the unit, not the tenant. If we lose a tenant, the trust fund just sends a new tenant.
• Low maintenance Hardwood floors, Tile in kitchen. Large living room and dining room combo. (see pics).
• Gut rehabbed in 2014. New espresso cabinetry, countertops, faucets, backsplashes, new black appliances were added. New light blue paint for the whole house. All new mechanicals (heat) changed out during gut rehab.
• Property has demand for it. The last time the property had a vacant unit, a free RentLinx posting resulted in 8 leads in 10 days. Seller can verify the leads for buyer. Seller can also set up the marketing campaigns for buyer.
• The property management company is strong. They are ethical, responsive and pro-active. Their fees are very reasonable at 8% of gross revenues , they do not charge for empty units.
• No current violations with the City. Owner can verify for seller.
The owner is also selling two other properties that he owns in Chicago. The property brochure and some other property info can be found in the links below:
1. 1523 E 74th Place
a. Link to property brochure & other reports in Dropbox: https://www.dropbox.com/sh/78zqksy09aorozz/AAB4ft_sKlfaP6NEhZpq_b1qa?dl=0
2. 7844 S Greenwood Ave
a. Link to property brochure & other reports in Dropbox: https://www.dropbox.com/sh/gfxyv14wavtx8uc/AAAEX_0QVyAR0hXguhc5b0JMa?dl=0
3. 253 W 43rd St
a. Link to property brochure & other reports in Dropbox: https://www.dropbox.com/sh/7r05wzdp3jrqce2/AAD2h8DC13gOP6Ipn8AC27Dra?dl=0
Location:
1523 E 74th Place, Chicago, IL 60619
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* The cap rate and cash on cash return calculations found on BiggerPockets Listings are estimated and designed to be used for informational and educational purposes only, and when used alone, do not constitute investment advice. They assume 3 months worth of expenses and estimate taxes and insurance. BiggerPockets recommends that you seek the advice of a real estate professional before making any type of investment. The results presented may not reflect the actual return of your own investments. BiggerPockets is not responsible for the consequences of any decisions or actions taken in reliance upon or as a result of the information provided by these tools. Furthermore, BiggerPockets is not responsible for any human or mechanical errors or omissions.
** Current rent and projected rent are provided by the lister.
† Rental comps are pulled by looking at property characteristics (beds, baths, structure type), date the rent listing was captured, and proximity to the searched location.
‡ Confidence levels range from low to very high. Confidence is determined by the number of recent and relevant comparable properties for any given search. A very high confidence level indicates a high number of recent and similar rental listings.
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