41.940823 -87.66653

1502 W Melrose Street Chicago, IL 60657

274250164 41.940823 -87.66653 129 /listing/274250164-150265607/1502-w-melrose-street-chicago-il-60657 False 0 875000.0 105 8 5 10769606 True
  • $875,000
  • 8 bd
  • 5 ba
  • 0.07 lot
  • Est payment $4697.19/mo

Property & Neighborhood Info

Courtesy Of Keller Williams Preferred Realty

Multifamily in Chicago

Bright & spacious turnkey Southport Corridor 3-unit investment property with two 3-bedroom apartments in front building plus three level 2-bedroom coach house! Exceptionally clean & well-maintained apartments feature vintage charm including hardwood floors, original woodwork & built-in hutches. All units have large eat-in kitchens with dishwashers, microwave ovens & garbage disposals, gas forced air heat and central air. Free shared washer and dryer in front building and private washer/dryer in coach house. Huge back deck with pergola separating front building and coach house is a huge draw for tenants while offering maintenance free landscaping. Easy Zone 383 street parking. Unfinished attic with high ceiling in front building offers potential for expansion and increased rental income. Many recent capital improvements including all 3 water heaters replaced since 2018, coach house AC installed in 2017, New windows on 2nd floor in 2013 & insulation blown into all building walls and attic in 2013. Fantastic location is close to tons of restaurants, nightlife, Whole Foods, Jewel, Target, Wrigley Field, Lake/Belmont Harbor, Southport Corridor, Roscoe Village, Southport Brown Line & Belmont Red, Purple & Brown Lines. Amazing investment opportunity produces $21,400/year in positive cash flow with 20% down payment & 4% interest rate! 7.0 % Cap Rate, 12 % Cash on Cash return!

Courtesy Of Keller Williams Preferred Realty
  1. 8 Beds
  2. 5 Baths
  3. 0.07 Lot

Main Features

  • Listing Status: For Sale Under Contract
  • Year Built: 1890
  • Rooms: 14
  • School District: Elem:299/Midl:299/High:299
  • County: Cook County
  • Taxes: $12,616.28
  • Tax Year: 2019
  • Units: 3
  • Zoning: MULTI
  • MLS Number:10769606

Additional Features

  • Multi- Family Type:
    • 3 Flat
  • Number Of Units:
    • 3
  • Type:
    • Two to Four Units
  • Water Source:
    • Lake Michigan
  • Basement:
    • Full
    • Unfinished
    • Walkout
  • Exterior:
    • Aluminum Siding
    • Frame
  • Exterior Features:
    • Deck
  • Other Structures:
    • Pergola
  • Parking Spaces:
    • None
    • 0
  • Heating:
    • Forced Air
    • Natural Gas
  • Sewer:
    • Public Sewer
  • Community Features:
    • Curbs
    • Sidewalks
    • Street Lights
    • Street Paved
  • Township:
    • Lake View
  • Broker Owned:
    • No
  • Contingency:
    • Attorney/Inspection
  • Gross Income:
    • 76800
  • Net Operating Income:
    • 61529
  • Tax Exemptions:
    • None
  • Special Assessments:
    • N
  • Status Detail:
    • Contingent
  • Board Code:
    • 8
  • Document Count:
    • 1
  • Insurance Exp:
    • 1576
  • Lot Size Acres:
    • 0.07
  • New Construction YN:
    • false
  • Other Equipment:
    • Ceiling Fan(s)
    • CO Detectors
    • Multiple Water Heaters
  • Parcel Number:
    • 14203240420000
  • Possession:
    • Tenant's Rights
  • Special Listing Conditions:
    • None
  • Trash Expense:
    • 342
  • Unit 1 Bed Rooms:
    • 3
  • Unit 1 Full Baths:
    • 1
  • Unit 1 Half Baths:
    • 0
  • Unit 1 Rooms:
    • 5
  • Unit 2 Bed Rooms:
    • 3
  • Unit 2 Full Baths:
    • 1
  • Unit 2 Half Baths:
    • 0
  • Unit 2 Rooms:
    • 5
  • Unit 3 Bed Rooms:
    • 2
  • Unit 3 Full Baths:
    • 2
  • Unit 3 Half Baths:
    • 1
  • Unit 3 Rooms:
    • 4
  • Waterfront YN:
    • false
  • Water Sewer Expense:
    • 948
  • Lot Size Dim:
    • 25X125.25
  • Lot Size Dim:
    • Less Than .25 Acre
Neighborhood info courtesy of Homes.com © 2020

What's My Mortgage?

$38,769.95*
*Estimated monthly payment is a starting point to help assist you with your home search. To find out more about mortgage pre-qualification, click here.
Michael J Frank
Michael J Frank
GRI, Broker
939 West North Avenue Suite 750 Chicago IL 60642
Let us help you!
41.940823 -87.66653

1502 W Melrose Street Chicago, IL 60657

274250164 41.940823 -87.66653 129 /listing/274250164-150265607/1502-w-melrose-street-chicago-il-60657 False 0 875000.0 105 8 5 10769606 True
  • $875,000
  • 8 bd
  • 5 ba
  • 0.07 lot
  • Est payment $4697.19/mo