1632 W Chase Avenue

Description

Enormous 6-Flat with 9-foot ceilings from the basement through the third floor. This building is larger than ANY MLS sale of 5,6 or 7-Unit buildings in Roger's Park or Edgewater since 2018. All 6 apartments have around 1900 square feet and boasts 3 bedrooms and 2 full baths with one of the baths being a shared ensuite. All units have Living rooms that are huge with tons of light since their orientation is south. The formal dining rooms could comfortably accommodate a dinner for ten or twelve. Two of the units were wonderfully renovated to condo quality standards and gross $2,100/mo. respectively. The other units will require updating to maximize their rent potential. Updating for those apartments will range from 1) full renovation floor to ceiling in the vacant unit; 2) kitchens and some bath upgrading; 3) mostly paint or cosmetic touches. The minor to major updating of 4 of the apartments will go a long way to raise all units to minimally $2100 monthly rentals. Conservatively, this multiunit should exceed $150,000 Annually as a 6-unit. Major building improvements include new windows (2018), water heater (2017), boiler (2018) and wrought iron fencing. Roofs for both the building and garages were replaced around 2015, and the tuckpointing has been properly maintained over the years. There are two self-contained garage spaces and 2 or 3 exterior spaces for additional revenue. The back stairs enclosed a number of years ago, with aluminum siding inside and out. With some vision money and skill, this building has the phenomenal long-term potential. Nestled between Northwestern and Loyola, this building has had many student-tenants over the years. A "Walk Score of 89" makes this a very accessible option for tenants. It's only a few blocks from Touhy or Pottawattomie Parks and the Jarvis Red-Line stop. Less than a half mile to the Metra at Lunt or the Lake Michigan and Leone Park & Beach. Two shared washers and dryers as well as storage lockers are available in the basement. Property income numbers belie the true value of this gem since the owner lives in one and one other is vacant, awaiting renovation. Rent numbers are derived from only 4 of the 6 units. This property, held in a land trust is being sold AS-IS. First showings should allow for access to 2 to 3 units & the common areas.

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