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About the Listing 87121 - 108861
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 Brand NEW ROOF, very large, rear addition and huge rehabbed 1ST FLOOR UNIT SIMPLEX + 2 Rehabbed 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 $6,780 PER MONTH TOTAL and breakdown as follows; *UNIT #1 @ $2,190 per mo and on a month-to-month lease (been there 3 years), *UNIT #2F @ 2,190 per month and lease expires 9/26 (2 years) & *UNIT #2R @ $2,400 and lease expires 9/26 (new tenant). The basement is currently unfinished, but it is a legal 4th garden unit and can be finished for $160K. ***EXCELLENT TOTAL ANNUAL INCOME of $81,360 minus - $16,336 in expenses (RE taxes, water & insurance) = $65,024 (NOI) TOTAL ANNUAL NET OPERATING INCOME for a Solid 7.4% CAP RATE.***Also, investing an additional $160K in finishing the legal 4th garden unit, brings the CAP rate up to 8.8%!! (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).
Listing Highlights for 2531 W Lyndale St
Status
Active
Days on Site
14
Property Type
Multi-Family
MLS ®
12460557
Year Built
Total Square Footage
0
Lot/Acreage
28X110
County
Cook
Area
CHI - Logan Square
School District
299
Elementary School
Goethe Elementary School
Middle School
Clemente Community Academy Senio
Interior Details
- Bedrooms: 8
- Bathrooms: 5 Full
- Appliances:
- Air Cond:
- Heating: Natural Gas,Forced Air,Steam,Sep Heating Systems - 2+,Zoned
- Fireplaces:
- Floor:
- Above Ground Sq Ft:
- Below Ground Sq Ft: n/a
- Basement: Unfinished,Exterior Entry,Bath/Stubbed,Full,Walk-Out Access
- Other:
- Water: Lake Michigan,Public
Exterior Details
- Garage Capacity: 2 car
- Parking Spaces: 2
- Lot Dimensions: 28X110
- Zoning: MULTI
- Roof:
- Others:
- Sewer: Public Sewer,Storm Sewer
- Parking Features: Garage Door Opener,On Site,Garage Owned,Detached,Garage
Financial Details
- Tax Amount: $11,264
- Taxes w/Assessments: N/A
- Tax/Property ID: 13362160110000
- Tax Year: 2023
Payment Calculator
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Listing Location
Questions About..
2531 W Lyndale St Chicago, IL 60647
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