Address
171 N 25th Avenue, Melrose Park, IL
Price
$ 1,590,000
Property Attributes
- MLS#11796776
- TypeContingent
- CountyCOOK
- CityMelrose Park
- AreaMelrose Park
- Zip60160
- StyleMulti-Family
- Year Built1945
- Taxes$ 34993
- Price$ 1,590,000
- Bedrooms3
- Full Bathrooms0
- Half Bathrooms0
- Lot Size0.42 Acres
Data Source:
Midwest Real Estate Data (MRED)
Property Description
Buyer suffered cold feet is your opportunity now to be the new buyer/owner. **Price Reduction** Prime Melrose Park Multi-Family consisting of a 2-story brick & stone building containing 20 residential apartments (made up of 10 one-bedroom and 10 two-bedroom apartments). All have leases mostly in place early 2024. Has 22 parking spaces. Healthy generating NOI and with further room to grow by decreasing expenses and bringing units closer to market rent. In addition, the 8,000 square foot basement can be sub divided for further rental income to either tenant storage, or two businesses. Plus, even more additional income is available by finishing the coin operated laundry room on 1st floor by adding 2 washers / 2 dryers, and if separate office space is rented out. This property is ideally located with many employment opportunities, retail, and restaurants all within short walking distance. If you're looking to add a cash cow to your portfolio, this is the one.
| Price History | |
|---|---|
| 6/1/2023 | Listed $1,800,000 |
| 6/15/2023 | 9% - $1,650,000 |
| 8/25/2023 | 4% - $1,590,000 |
General Features
| Cooling | Wall Sleeve |
|---|---|
| Utilities | Water-Municipal,Cable Available |
| Roof | Composition,Membrane,Rubber,Varies |
| Zoning | MULTI |
| Construction Materials | Brick,Stone |
| Year Built | 1945 |
| Electric | Circuit Breakers |
| Tenant Pays | Electricity |
| Stories | 2 |
| Township | Proviso |
| Tax Year | 2021 |
| Current Use | Multi-Family |
| Gross Income | 235573 |
| County | Cook |
| Net Operating Income | 130841 |
| Operating Expense | 93146 |
| Insurance Expense | 7901 |
| Property Type | Commercial Sale |
| Contingency | Attorney/Inspection |
| MaintenanceExpense | 10300 |
| Possible Use | Commercial |
| Status | Contingent |
| Directions | Lake Street and 25th Ave. |
| City | Melrose Park |
| Total Units | 20 |
| MLS Area | Melrose Park |
| Lot Size Square Feet | 18200 |
| Street Name | 25th |
| Tax Annual Amount | 34993 |
| Electric Expense | 1850 |
| Fuel Expense | 10558 |
| Trash Expense | 5315 |
| Water Sewer Expense | 5736 |
| Additional Parcels Y/N | Yes |
| Days on Market | 331 |
| Standard Status | Active Under Contract |
| Property Type | Multi Family 5+ |
Interior Features
| Street Suffix | Avenue |
|---|---|
| Basement | Unfinished,Exterior Access,Bathroom Rough-In,Concrete Block,Stone/Rock,Storage Space,Walk-Up Access |
Exterior Features
| Foundation Details | Concrete Perimeter |
|---|---|
| Lot Dimensions | 135X135 |
| Lot Size Acres | 0.42 |
| Exterior | Brick,Stone |
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
Property vs Contingent Average in 60160
Price
Taxes
Visits
Year Built
Walkscore
Midwest Real Estate Data (MRED) All information deemed reliable but not guaranteed. All properties are subject to prior sale, change or withdrawal. Neither listing broker(s) or information provider(s) shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. Listing(s) information is provided for consumer's personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. The data relating to real estate for sale on this website comes in part from the Internet Data Exchange program of the Multiple Listing Service. Real estate listings held by brokerage firms other than NextHome Select Realty may be marked with the Internet Data Exchange logo and detailed information about those properties will include the name of the listing broker(s) when required by the MLS. Copyright ©2024 All rights reserved.Based on information submitted to the MLS GRID as of May 15, 2024 8:08 AM UTC All data is obtained from various sources and may not have been verified by broker or MLS GRID. Supplied Open House Information is subject to change without notice.
Data is updated as of May 15, 2024 8:08 AM UTC
