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739 S Western Avenue

Chicago, IL 60612
  • $719,000
  • STATUS: Active
  • ON SITE: 64 Days
  • MLS #: 11231249
UPDATED: 11 min ago
$719,000
  • 0
    BEDS
  • N/A
    ACRES
  • 0
    BATHS
  • 0
    1/2 BATHS
Neighborhood:
Type:
Commercial
Built:
1883
County:

School Ratings & Info

Description

Tremendously cool building and great opportunity for the right buyer. Located 1/2 way between I-290 and Taylor St/Roosevet Rd own Western Ave in BOOMING Tri-Taylor. Crossroads and center of the city near the Blue Line EL, multiple buses, minutes from downtown and walking distance to UIC West, Medical District and Rush, Cook, UIC and West Side VA hospitals. I have lived here for 35 years. And i have watched it slowly transform along with the rest of the city. The amount of new construction and development right now is enormous and overwhelming. The neighborhood is finally starting to "turn and finish up" etc. Here are the HUGE projects rolling through 1. Cook County Hospital renovation 2. IMD Gateway at Damen/Polk/Ogden Property ($300 million Commercial, Hotel and Apartment Building) 3. Medical District Apartments Harrison/Damen/Ogden 4. Tons of new construction 3-flats, condos and luxury single family homes W of Western 5. Renewed IMD re-zoning (up) and push for larger development. So buying this property or anything like it in Tr-Taylor is "money in the bank". This property was rehabbed 8 years ago. The 1st floor is 2000 sf of customized commercial space with 5 private offices and 5 workstations. As well as a conference room and kitchen area. It currently generates $2000/mo with a max potential of $3750/mo. And a market rate of $2500/mo for a single tenant. The 2 upper floors are very large 1500 sf 3 BR 2 BA apartments. Current rents are older long term tenants at $1400/mo but market is an easy $2000/mo. I have personally rent many in the area for this amount. So current total rents are $4800/mo. Full updated market rents are $7750/mo. This building can be used as owner-use with rental income or straight up investment with a current cap rate of 6% and a potential cap rate of as high as 11%!!!! Building also includes a 1500 sf high, dry and useable basement. For storage or duplex down renovation. This building is all upside with no downside. And a fantastic mid-term to long term investment.

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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 Carolyn and Hillary Homes | Charles Rutenberg Realty. Based on information submitted to the MRED as of 2021-12-02T17:01:21.377 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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739 S Western Avenue Chicago, IL 60612

  • Price: $719,000
  • Status: Active
  • On Site: 64 Days
  • Updated: 11 min ago
  • MLS #: 11231249
0
Beds
0
Baths
0
½ Baths
N/A
Acres
1883
Built
Neighborhood:
Chi - Near West Side
County:
Cook
Area:
Chi - Near West Side
Property Description
Tremendously cool building and great opportunity for the right buyer. Located 1/2 way between I-290 and Taylor St/Roosevet Rd own Western Ave in BOOMING Tri-Taylor. Crossroads and center of the city near the Blue Line EL, multiple buses, minutes from downtown and walking distance to UIC West, Medical District and Rush, Cook, UIC and West Side VA hospitals. I have lived here for 35 years. And i have watched it slowly transform along with the rest of the city. The amount of new construction and development right now is enormous and overwhelming. The neighborhood is finally starting to "turn and finish up" etc. Here are the HUGE projects rolling through 1. Cook County Hospital renovation 2. IMD Gateway at Damen/Polk/Ogden Property ($300 million Commercial, Hotel and Apartment Building) 3. Medical District Apartments Harrison/Damen/Ogden 4. Tons of new construction 3-flats, condos and luxury single family homes W of Western 5. Renewed IMD re-zoning (up) and push for larger development. So buying this property or anything like it in Tr-Taylor is "money in the bank". This property was rehabbed 8 years ago. The 1st floor is 2000 sf of customized commercial space with 5 private offices and 5 workstations. As well as a conference room and kitchen area. It currently generates $2000/mo with a max potential of $3750/mo. And a market rate of $2500/mo for a single tenant. The 2 upper floors are very large 1500 sf 3 BR 2 BA apartments. Current rents are older long term tenants at $1400/mo but market is an easy $2000/mo. I have personally rent many in the area for this amount. So current total rents are $4800/mo. Full updated market rents are $7750/mo. This building can be used as owner-use with rental income or straight up investment with a current cap rate of 6% and a potential cap rate of as high as 11%!!!! Building also includes a 1500 sf high, dry and useable basement. For storage or duplex down renovation. This building is all upside with no downside. And a fantastic mid-term to long term investment.
Exterior Features

Exterior Building Type Brick Foundation Details Stone Outdoor Parking 1-5 Spaces Parking Total 4 Roof Rubber Roof Structure Flat

Interior Features

Cooling Central AirCentral Individual Flooring TileWood Heat Ventilation Central Heat/Indiv ControlsForced AirGas Number Of Dryers 2 Number Of Ranges 2 Number Of Washers 2

Property Features

Additional Parcels YN No Approximate Age New Rehab Building Area Total 5000 Built Before1978 YN Yes Electric Circuit BreakersService - 0 To 100 Amps Fire Protection Fire Extinguisher/SCarbon Monoxide Detector(S) Geographic Locale Downtown Chicago Gross Income 57600 Gross Scheduled Income 57600 Insurance Expense 3600 Net Operating Income 42600 Operating Expense 15000 Property Sub Type Mixed Use Rental Price 0 Tax Annual Amount 10082 Tax Year 2020 Tenant Pays Air ConditioningElectricityHeat Total Monthly Income 4800 Type Mixed Use Zoning Commr

Listing information © 2021 Midwest Real Estate Data LLC.
Listing provided courtesy of Art Of Real Estate 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 Carolyn and Hillary Homes | Charles Rutenberg Realty. Based on information submitted to the MRED as of 2021-12-02T17:01:21.377 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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