Address
7257 S Princeton Avenue, Chicago, IL
Price
$ 849,000
Property Attributes
- MLS#12018447
- TypeContingent
- CountyCOOK
- CityChicago
- AreaCHI - Greater Grand Crossing
- NeighborhoodGrand Crossing
- Zip60621
- Style
- Year Built1921
- Taxes$ 11763
- Price$ 849,000
- Bedrooms5
- Full Bathrooms0
- Half Bathrooms0
Data Source:
Midwest Real Estate Data (MRED)
Property Description
A charming twelve-unit walk-up building situated in the Grand Crossing neighborhood on Chicago's South Side. Nestled on a serene, tree-lined street, this property offers tenants the convenience of quick and easy access to downtown Chicago, with the I-94 Express just blocks away. 7257 S. Princeton boasts an exceptional unit mix, comprising solely of two and three-bedroom apartments. With six (6) 2b/1ba units and six (6) 3b/1ba units, the building provides spacious living spaces that have been meticulously maintained and protected by security cameras. The beautiful hardwood flooring is throughout each unit with gorgeous balconies, that provide residents with a private outdoor oasis where they can unwind, and enjoy the fresh air. Noteworthy recent improvements have been made to the property, including a newer boiler, updated hot water storage tanks, modernized copper plumbing, upgraded windows, and newly constructed porches that meet code requirements. These enhancements ensure that 7257 S. Princeton stands as a stable and robust investment, generating consistent cash flow. From day one, a new owner can expect a cap rate of 10.1% with the possibility to use an existing management company Taty Management. However, the true potential lies in the opportunity to increase rental income, since rent is below the market. By doing so, an investor can attain a remarkable cap rate exceeding 12.6%, along with an exceptional cash-on-cash yield. 7257 S. Princeton represents a rare chance to acquire a well-established income-generating asset in the Grand Crossing neighborhood of Chicago. With its strong tenant base and attractive financial prospects, this property offers a solid investment opportunity.
| Price History | |
|---|---|
| 4/2/2024 | Listed $849,000 |
General Features
| Year Built | 1921 |
|---|---|
| Tenant Pays | Electricity |
| Stories | 3 |
| Tax Year | 2021 |
| Gross Income | 150384 |
| County | Cook |
| Net Operating Income | 101382 |
| Operating Expense | 49002 |
| Insurance Expense | 7008 |
| Property Type | Commercial Sale |
| Contingency | Attorney/Inspection |
| MaintenanceExpense | 6500 |
| Status | Contingent |
| Directions | From the Dan Ryan,head west on 71st Street. Turn left (south) onto Princeton Ave. The building is on your left and is on the Northeast corner of 73rd and Princeton |
| City | Chicago |
| Total Units | 12 |
| MLS Area | CHI - Greater Grand Crossing |
| Street Name | Princeton |
| Tax Annual Amount | 11763 |
| Electric Expense | 961 |
| Fuel Expense | 17778 |
| Trash Expense | 1678 |
| Water Sewer Expense | 5658 |
| Additional Parcels Y/N | No |
| Days on Market | 33 |
| Standard Status | Active Under Contract |
| Property Type | Multi Family 5+ |
Interior Features
| Street Suffix | Avenue |
|---|
Exterior Features
| Lot Dimensions | 60' X 125' |
|---|
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 60621
Price
Taxes
Visits
Year Built
