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8011 S Ellis Avenue

Chicago, IL 60619
  • $625,000
  • STATUS: Active
  • ON SITE: 35 Days
  • MLS #: 11254402
UPDATED: 43 min ago
$625,000
  • 0
    BEDS
  • 0.11
    ACRES
  • 0
    BATHS
  • 0
    1/2 BATHS
Neighborhood:
Type:
Commercial
Built:
1925
County:

School Ratings & Info

Description

Extremely rare opportunity to purchase a true unicorn multi-unit asset in Chicago's Chatham neighborhood! The one-of-a-kind 6-unit was remarkably constructed by one of Chicagoland's best developers with over $1.6 million invested into this multi-unit in 2016! This 6-unit includes all 2 bedroom, 1 bath units with central air, new HVAC, and hardwood floors throughout! This multi-unit also includes 2 elevators for freight and handicap accessibility, a state-of-the-art security system and laundry facility in the basement! Fully occupied with paying tenants! With so much invested, a new buyer can cash flow this property for decades without the worry of coming out of pocket for any major expenses! 4-parking spaces in the back provide additional cash flow upside! This building is currently grossing $5,552 per month in rental income! While there were two vacancies for the majority of 2021, now at full capacity this building will produce $66,624 per year in gross revenue and a $49,200.67 annual net operating income! Boasting a 7.87% cap rate, this building far exceeds Chicago's 2021 average cap rate of 4.13% according to Chicago Real Estate Source. This building appraised for $600,000 May 17th, 2021! The 6-unit building next door is also being renovated from top to bottom, further increasing the value of the neighborhood and quality of this Chicago block. Seller is very cooperative - investors don't miss out on this opportunity! Documentation such as the appraisal, detailed construction documentation and rent rolls are available in the broker comments and MLS documents. Schedule a tour, make an offer!

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© 2021 Midwest Real Estate Data LLC. All rights reserved. IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Information is deemed reliable but is not guaranteed accurate by MTP, MRED or Keller Williams Realty. Based on information submitted to the MRED as of 2021-11-29T19:00:34.413 UTC. All data is obtained from various sources and has not been, and will not be, verified by broker or MRED. MRED supplied Open House information is subject to change without notice. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information. Some properties which appear for sale on this website may subsequently have sold and may no longer be available. NOTICE: Many homes contain recording devices, and buyers should be aware they may be recorded during a showing.

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8011 S Ellis Avenue Chicago, IL 60619

  • Price: $625,000
  • Status: Active
  • On Site: 35 Days
  • Updated: 43 min ago
  • MLS #: 11254402
0
Beds
0
Baths
0
½ Baths
0.11
Acres
1925
Built
Neighborhood:
Chi - Chatham
County:
Cook
Area:
Chi - Chatham
Property Description
Extremely rare opportunity to purchase a true unicorn multi-unit asset in Chicago's Chatham neighborhood! The one-of-a-kind 6-unit was remarkably constructed by one of Chicagoland's best developers with over $1.6 million invested into this multi-unit in 2016! This 6-unit includes all 2 bedroom, 1 bath units with central air, new HVAC, and hardwood floors throughout! This multi-unit also includes 2 elevators for freight and handicap accessibility, a state-of-the-art security system and laundry facility in the basement! Fully occupied with paying tenants! With so much invested, a new buyer can cash flow this property for decades without the worry of coming out of pocket for any major expenses! 4-parking spaces in the back provide additional cash flow upside! This building is currently grossing $5,552 per month in rental income! While there were two vacancies for the majority of 2021, now at full capacity this building will produce $66,624 per year in gross revenue and a $49,200.67 annual net operating income! Boasting a 7.87% cap rate, this building far exceeds Chicago's 2021 average cap rate of 4.13% according to Chicago Real Estate Source. This building appraised for $600,000 May 17th, 2021! The 6-unit building next door is also being renovated from top to bottom, further increasing the value of the neighborhood and quality of this Chicago block. Seller is very cooperative - investors don't miss out on this opportunity! Documentation such as the appraisal, detailed construction documentation and rent rolls are available in the broker comments and MLS documents. Schedule a tour, make an offer!
Exterior Features

Exterior Building Type Brick Foundation Details Concrete Perimeter Frontage Type City Street Land Amenities Curbs And GuttersLighting/ExteriorSecurity EntranceSidewalks Outdoor Parking 1-5 Spaces Parking Total 4 Roof Structure Flat

Interior Features

Basement FinishedExterior AccessEgress WindowStorage SpaceWalk-Up Access Cooling Central Air Heat Ventilation Central Bldg HeatForced AirGas Miscellaneous Inside Elevator/S FreightElevator/S PassengerHandicapped AccessStorage InsideLaundry Room Number Of Dishwashers 6 Number Of Dryers 4 Number Of Ranges 6 Number Of Washers 4

Property Features

Additional Parcels YN No Approximate Age New Rehab Building Area Total 7062 Built Before1978 YN Yes Current Use Multi-Family Fire Protection Smoke Or Fire Protectors Gross Income 66624 Gross Scheduled Income 66624 Insurance Expense 3325 Maintenance Expense 0 Net Operating Income 49201 Operating Expense 17423 Ownership Types Individual Possible Use CommercialCondominiumMulti-Family Seller Needs New Opportunity Seller Will Add ManagementGuarantee Income Tax Annual Amount 3276 Tax Year 2020 Tenant Pays Air ConditioningElectricityHeat Total Monthly Income 5552 Township Hyde Park Type Multi Family 5+ Zoning Multi

Listing information © 2021 Midwest Real Estate Data LLC.
Listing provided courtesy of Straight-A Realty, Llc.


© 2021 Midwest Real Estate Data LLC. All rights reserved. IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Information is deemed reliable but is not guaranteed accurate by MTP, MRED or Keller Williams Realty. Based on information submitted to the MRED as of 2021-11-29T19:00:34.413 UTC. All data is obtained from various sources and has not been, and will not be, verified by broker or MRED. MRED supplied Open House information is subject to change without notice. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information. Some properties which appear for sale on this website may subsequently have sold and may no longer be available. NOTICE: Many homes contain recording devices, and buyers should be aware they may be recorded during a showing.

Digital Millennium Copyright Act
 
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