Address
3123 W Monroe Street, Chicago, IL
Price
$ 595,000
Property Attributes
- MLS#12048173
- TypeContingent
- CountyCOOK
- CityChicago
- AreaCHI - East Garfield Park
- NeighborhoodGarfield Park
- Zip60612
- Style
- Year Built1905
- Taxes$ 3213
- Price$ 595,000
- Bedrooms12
- Full Bathrooms4
- Half Bathrooms0
Data Source:
Midwest Real Estate Data (MRED)
Property Description
Welcome to Fifth City/East Garfield Park, where opportunity knocks louder than ever before! This listing presents an unparalleled turnkey investment opportunity with boundless potential for growth. Let's delve into the remarkable features that make this property a standout choice for savvy investors: Prime Location: Nestled in the vibrant Fifth City/East Garfield Park area, this property enjoys proximity to Fifth City Commons, a newly developed 43-unit apartment complex, signaling the neighborhood's upward trajectory. Recent Renovation: A comprehensive interior renovation in 2019 ensures that this property offers modern comforts while preserving its classic charm, setting the stage for immediate occupancy or further enhancement. Investor's Dream: With 3 out of 4 current leases held by CHA tenants, this property presents a lucrative opportunity for investors seeking stable rental income. Development Potential: Positioned amidst city-owned lots earmarked for development, this property stands to benefit from the area's planned growth initiatives, driving up property values in the near future. ARO Program Inclusion: As part of the City of Chicago's Affordable Requirements Ordinance (ARO) program at 100% AMI, this building aligns with the city's commitment to affordable housing, offering potential incentives for investors. Expansion Possibilities: Approved permit plans for the addition of two garden-level units provide a clear path to substantially increase revenue streams, maximizing the property's income potential. Zoning Advantages: Zoned RM-5, this property presents opportunities for further unit additions, subject to evaluation, allowing investors to explore expansion possibilities within the regulatory framework. This property represents a gateway to a lucrative investment journey in one of Chicago's most promising neighborhoods. Don't miss out on this golden opportunity to secure your foothold in Fifth City/East Garfield Park's thriving real estate market! Pro Forma Income: (4) Units - $81,600 | (6) Units - $115,200
| Price History | |
|---|---|
| 5/6/2024 | Listed $595,000 |
General Features
| Heating | Natural Gas |
|---|---|
| Possession | Closing |
| Year Built | 1905 |
| Township | West Chicago |
| Tax Year | 2022 |
| Percent Ownership | Fee Simple |
| Gross Income | 71508 |
| Community Features | Sidewalks,Street Lights,Street Paved |
| County | Cook |
| Net Operating Income | 53416 |
| Insurance Expense | 1600 |
| New Construction | No |
| Property Type | Residential Income |
| Contingency | Attorney/Inspection |
| Total Rooms | 5 |
| Status | Contingent |
| Directions | Kedzie St & I 290: Eastbound exit Sacramento Blvd | Westbound exit Van buren St Kedzie St & Madison St: 1/4 mile south of Madison St to Monroe St |
| City | Chicago |
| High School District | 299 |
| MLS Area | CHI - East Garfield Park |
| Waterfront Y/N | No |
| Street Name | Monroe |
| Tax Annual Amount | 3213.18 |
| Electric Expense | 438 |
| Trash Expense | 190 |
| Water Sewer Expense | 1600 |
| Additional Parcels Y/N | Yes |
| Days on Market | 6 |
| Standard Status | Active Under Contract |
| Middle/Junior School District | 299 |
| Elementary School District | 299 |
| Property Type | Two to Four Units |
Interior Features
| Basement | Full |
|---|---|
| Street Suffix | Street |
| Total Bedrooms | 12 |
| Total Baths | 4 |
| Bedrooms Possible | 12 |
| Basement | Unfinished |
| Full Baths Building | 4 |
| Total Number of Units | 4 |
Exterior Features
| Parking Features | Off Alley |
|---|---|
| Water Source | Public |
| Total Parking | 2 |
| Lot Dimensions | 48 X 98 |
| 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
Property vs Contingent Average in 60612
Price
Taxes
Visits
Year Built
