2531 W Lyndale ST new Save Request In-Person Tour Request Virtual Tour
Chicago,IL 60647
Key Details
Property Type Multi-Family
Sub Type Two to Four Units
Listing Status Active
Purchase Type For Sale
MLS Listing ID 12301305
Bedrooms 8
Annual Tax Amount $11,264
Tax Year 2023
Lot Dimensions 28X110
Property Sub-Type Two to Four Units
Property Description
Stunning rehabbed legal 4-unit in the Heart of Logan Square/West Bucktown! This multi-unit building is currently operating as a rehabbed 3-unit with a legal, 4th unit that is currently an unfinished garden apartment. This very large building was recently beautifully rehabbed and features a very large, rear addition and huge rehabbed 1ST FLOOR UNIT SIMPLEX + 2 DUPLEXED UNITS ON THE 2ND & 3RD FLOORS (front & rear) + an unfinished (but legal) 4th garden apartment. - UNIT #1 - Covers the entire first floor of the building and is a 2-bed/2-bath featuring a recently rehabbed & stunning chef's kitchen w/ granite countertops, breakfast bar, 42-inch cabs, high-end appliances, and custom backsplash, Full dining room & spacious living room w/ large master suite in the rear, (two full updated bathrooms) and in-unit laundry, hardwood floors, can lighting, newer windows, perfect for a live-in owner! - Both upper units (#2F & 2R) are newly rehabbed, super-bright duplex-ups w/ new HVAC (GFA w/ Central A/C), in-unit laundry, new kitchens & baths, hardwood floors throughout and great open layouts UNIT #2F is a large 2-bedroom + den with 1 full bath. UNIT #2R is also a large 2-bedroom with 1.5 baths. Terrific income-producing property, currently generating $6,620 PER MONTH TOTAL and breakdown as follows; *UNIT #1 @ $2,190 per mo and on a month-to-month lease, *UNIT #2F @ 2,090 per month and lease expires 9/25 & *UNIT #2R was @ $2,340 (just vacated and this included both garage parking spots). The basement is currently unfinished, but it is a legal 4th garden unit and can be finished for $160K. ***EXCELLENT TOTAL ANNUAL INCOME of $79,440 minus - $16,336 in expenses (RE taxes, water & insurance) = $63,104 (NOI) TOTAL ANNUAL NET OPERATING INCOME for a Solid 7% CAP RATE.***Also, investing an additional $160K in finishing the legal 4th garden unit, brings the CAP rate up to 8.4%!! (We have the certificate of zoning from the city in hand showing 4 legal units). A+ location, quiet one-way street, close to all the great restaurants, coffee shopping, night-life, parks & excellent schools in the Logan Square/Bucktown area with excellent transportation options and a short walk to both the Western Blue Line or California stops, easy access to 90/94, close to The 606 bike path & more!!! ***Note***The 2 current tenants have indicated they will waive their right of 1st refusal under Chicago's N/W Side Preservation Ordinance, Tenant Opportunity to Purchase (606) Block Pilot Program).
Location
State IL
County Cook
Area Chi - Logan Square
Zoning MULTI
Rooms
Basement Unfinished,Exterior Entry,Bath/Stubbed,Full,Walk-Out Access
Interior
Heating Natural Gas,Forced Air,Steam,Sep Heating Systems - 2+,Zoned
Fireplace N
Exterior
Garage Spaces 2.0
Building
Dwelling Type Two to Four Units
Building Description Vinyl Siding, No
Sewer Public Sewer,Storm Sewer
Water Lake Michigan,Public
Structure Type Vinyl Siding
New Construction false
Schools
Elementary Schools Goethe Elementary School
Middle Schools Clemente Community Academy Senio
School District 299 ,299, 299
Others
Ownership Fee Simple
Special Listing Condition None