Property Attributes
- MLS#12017190
- TypeContingent
- CountyCOOK
- CityMelrose Park
- AreaMelrose Park
- Zip60160
- Style
- Year Built1960
- Taxes$ 7778
- Price$ 574,000
- Bedrooms5
- Full Bathrooms4
- Half Bathrooms0
Data Source:
Midwest Real Estate Data (MRED)
Property Description
Welcome to a lucrative investment opportunity nestled in the heart of Melrose Park, where prime real estate meets exceptional potential. This investment gem sits within close proximity to shopping centers, central highways, schools, parks, and public transportation. Its strategic location not only enhances its desirability for tenants and investors alike but also presents long-term appreciation in property value. A well-maintained 4-unit brick building comprises of three spacious single-bedroom apartments and one large 2-bedroom unit. Apartments are all in excellent condition with some recent undergone renovations. A Large laundry room with coin operated washer and dryer and additional storage for each apartment is on site. There are 6 parking spots for the tenant's use, as well as newer roof and gutters (2017), new fire-resistant doors and newer water heater. All units are currently occupied by long-term tenants and the rent amount is below the current market value. With brought up to market value rent, the capitalization rate is above 6%. This property offers investors a rare opportunity for substantial returns on their investment in today's flourishing market. Whether you're an experienced investor seeking to diversify your portfolio or a newcomer looking to capitalize on the real estate market's potential. Look no further because this opportunity combined with a very strong rental market demand grants both immediate return on investment and long-term growth. One of the owners is a licensed real estate agent and occupies one apartment.
Elementary School | Middle School |
---|---|
Rhodes Elementary School | Rhodes Elementary School |
Price History | |
---|---|
4/2/2024 | Listed $649,000 |
4/26/2024 | 12% - $574,000 |
General Features
Heating | Natural Gas |
---|---|
Possession | Closing,Tenant's Rights |
Roof | Asphalt |
Year Built | 1960 |
Township | Leyden |
Tax Year | 2021 |
Percent Ownership | Fee Simple |
Gross Income | 32000 |
County | Cook |
New Construction | No |
Property Type | Residential Income |
Contingency | Attorney/Inspection |
Other Structures | Shed(s) |
Total Rooms | 14 |
Status | Contingent |
Directions | North Ave (Rt 64) to 18th Ave N to building |
City | Melrose Park |
High School District | 212 |
MLS Area | Melrose Park |
Waterfront Y/N | No |
Street Name | 18th |
Elementary School | Rhodes Elementary School |
Tax Annual Amount | 7778 |
Electric Expense | 700 |
Middle/Junior High School | Rhodes Elementary School |
Water Sewer Expense | 1200 |
Days on Market | 33 |
Standard Status | Active Under Contract |
Middle/Junior School District | 84.5 |
Elementary School District | 84.5 |
Property Type | Two to Four Units |
Interior Features
Basement | None |
---|---|
Street Suffix | Avenue |
Total Bedrooms | 5 |
Total Baths | 4 |
Bedrooms Possible | 5 |
Basement | None |
Full Baths Building | 4 |
Total Number of Units | 4 |
Exterior Features
Parking Features | Assigned |
---|---|
Water Source | Lake Michigan |
Total Parking | 6 |
Foundation Details | Concrete Perimeter |
Lot Dimensions | 5262 SQF |
Exterior | Brick |
Amenities
- Foreclosure
- Views
- Short Sale
- New Construction
- Adult 55+
- Lease To Own
- No HOA Fees
- Furnished
- Primary On Main
- Air Conditioning
- Seller Finance
- Green
- Fixer Upper
- Horse
- Golf
- Fireplace
- Deck
- Garage
- Basement
- Pool