Address
14 S Leavitt Street, Chicago, IL
Price
$ 1,725,000
Property Attributes
- MLS#11997796
- TypeMulti-Family
- CountyCOOK
- CityChicago
- AreaCHI - Near West Side
- NeighborhoodUnited Center
- Zip60612
- StyleMulti-Family
- Year Built2004
- Taxes$ 29092
- Price$ 1,725,000
- Bedrooms2
- Full Bathrooms0
- Half Bathrooms0
- Sqr Footage8000
- Lot Size3,049 SqFt
Data Source:
Midwest Real Estate Data (MRED)
Property Description
Rare opportunity to find a newer construction apartment building at this price point with upside opportunity. This impressive 7-unit property, originally built as condos in 2004, offers an attractive real estate investment in a prime location. This solid brick and block construction building features elevator service to all floors. The building consists of six spacious 2-bedroom, 2-bathroom units and 1 store front (or 7th apt) and 6 attached garage spaces. The 7th unit features a separate entrance from the sidewalk, making it ideal for a small business office space or short-term rental. Located on the Near West Side of Chicago, walking distance to the United Center Arena, Madison St bus lines, Illinois Medical District, and expressways. Tenants will love the easy commutes and convenient access to amenities, entertainment, and transportation. The property currently operates at a 5.7% CAP rate, with a strong Net Operating Income (NOI) of $97,571. Rents are considerably below market and present the opportunity to increase cash flow and ultimately property value, with new leases. We project an NOI of $131,120 and corresponding CAP rate of 7.6% when new rents are put in place. With its newer construction, prime location, versatile floor plans, and the potential for future rent growth & value enhancement, this 7-unit apartment building represents a solid investment choice. Call today.
| Price History | |
|---|---|
| 3/12/2024 | Listed $1,725,000 |
General Features
| Cooling | Central Air |
|---|---|
| Possession | Closing |
| Zoning | MULTI |
| Construction Materials | Brick,Concrete |
| Year Built | 2004 |
| Tenant Pays | Air Conditioning,Electricity,Heat |
| Stories | 4 |
| Tax Year | 2022 |
| Current Use | Multi-Family |
| Gross Income | 180600 |
| County | Cook |
| Net Operating Income | 131120 |
| Operating Expense | 49480 |
| Insurance Expense | 4580 |
| Property Type | Commercial Sale |
| Status | Active |
| Directions | Located on the west side of Leavitt between Madison and Monroe |
| City | Chicago |
| Total Units | 7 |
| MLS Area | CHI - Near West Side |
| Lot Size Square Feet | 3300 |
| Street Name | Leavitt |
| Tax Annual Amount | 29092.1 |
| Electric Expense | 4800 |
| Trash Expense | 1894 |
| Water Sewer Expense | 1657 |
| Additional Parcels Y/N | Yes |
| Days on Market | 6 |
| Standard Status | Active |
| Property Type | Multi Family 5+ |
Interior Features
| Street Suffix | Street |
|---|
Exterior Features
| Foundation Details | Concrete Perimeter |
|---|---|
| Building Area Total | 8000 |
| Lot Dimensions | 25X132 |
| Lot Size Acres | 0.07 |
| Frontage Type | City Street,Alley Access |
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 Multi-Family Average in 60612
Price
Taxes
Visits
Year Built
