For SALE – Off Market – Legal 3 Unit In Logan Square:
– Purchase Asking Price: $445,000
– As Is Value: $585,000
– Value Add: Rehab ARV: $800,000 – 1.1mil
This is an off market legal 3 unit property in a super-hot Logan Square-west Bucktown, amazing location, steps away from the 606 trail and close to the blue line. 6 bedrooms, 4 bathrooms.
Fully rented: -1st unit: 3bed 1 bath – $1,600 a month – in rental in between tenants
-2nd unit: 2bed, 2baths – $1,200 a month – lease expires April 2020
-3rd unit: 1bed, 1bath – $650 a month – lease expires April 2020
As is rented no work needed if buying and holding.
Under market rents, big potential for rent increase. It has additional unfinished basement.
Option to for additional income for 2-3 back parking spots – currently not utilized.
Value add option:
A new great rehab will greatly increase this property’s equity and profit potential. One of kind deal for new in a great neighborhood with homes selling from 800K to above $1,000,000 +!!!
–This comp is identical and potential of value add two blocks away from subject property:
https://www.redfin.com/IL/Chicago/1733-N-Artesian-Ave-60647/home/13415287 sold for$1.09 Million
Pictures: click on the link or copy and paste:
https://www.dropbox.com/sh/ccxy9hkb4dd9gvx/AADw0boMA9bMztkzEZ3D3J-8a?dl=0
PROPER TY DETAILS:
Zoning: RS3 – Legal 3unit
Property Type: 3 Units, Beds: 6, Baths: 4
Sq.Ft: 2,650 – Sq.Ft Lot: 3,155
Condition / Repairs needed: no repairs needed fully rented, or rehab to condo grade quality and resell for max market ARV.
Sold Comparables:
click on each address for more details:
As Is comps:
https://www.redfin.com/IL/Chicago/1923-N-Richmond-St-60647/home/13417503 – 2unit sold $572K
https://www.redfin.com/IL/Chicago/2640-W-Homer-St-60647/unit-1/home/13416055 – 2 unit $560K
https://www.redfin.com/IL/Chicago/1632-N-Campbell-Ave-60647/home/13413937 -3unit active $597K
https://www.redfin.com/IL/Chicago/1729-N-Fairfield-Ave-60647/home/13415198 – 3unit sold $648K
https://www.redfin.com/IL/Chicago/2541-W-Cortland-St-60647/home/13415210 – 3unit sold $765K