Apartments For Sale
30,000 Sq Ft
Purchase a majority share of units in a great well-maintained building. Recent improvements include brand new roof 2017, new elevator hardware, ram and cylinder 2018, decorated hallways and stairways, brand new machines in the laundry, additional parking lot lights, new camera monitoring system, new hot water heater 2015. The location is a frisbees throw to the lake front amenities. Tenants will like the proximity to the Marianos, CTA trains and express buses.
The 27 units range from 425 sf studios to 1,100 sf two bedrooms. Assessments are low and reasonable. The parking lot includes half covered spots and some uncovered and is owned by the condo association.
More than 80% of the units have hardwood floors a couple hav parquet floors, the ground floor units all have ceramic floors and the balance have carpeting. All the units have appliances and air conditioners.
The numbers here indicate that for a Capitalization rate of 5.5% using proforma rents and book keeping costs, also the latest available Real Estate taxes, turn over costs and the current monthly Condo assessments the value of these 27 units in a Condo Association of 37 is at $4,100,000. The gross rental income of $29,000 monthly is an indicator of its lake front address and excellent walkability to future eclectic neighborhood attractions. Imagine what high end units would garner at this location in this building. Note that the city has invested heavily in the local El Stops and the Vietnamese neighborhood on Argyle and Winthrop. Now is the time to buy