640 North Cicero Avenue, Unit 42Chicago, IL 60644Price: $450,000

  • Price: $450,000
  • 79 Days on Market
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Federal 30-year interest rate: 3.09% last updated on Oct 21, 2021
* All Figures are estimates. Check with your bank or proposed mortgage company for actual interest rates.
This product uses the FRED® API but is not endorsed or certified by the Federal Reserve Bank of St. Louis.
  • 6,000Square Feet
  • 1920Year Built

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640-42 N. Cicero is comprised of (4) 2 Bedroom 1 Bath residential units & (2) occupied retail units of approximately 1,450 square feet each with two bathrooms. The commercial spaces (both) are occupied by a long-term Church, who have occupied the premises at least 9+ years. The space at 640 is the church and the space at 642 is utilized for community related activities e.g. working out, dance studios, performance center, etc. All of the residential units are spacious with a feel of an open floor plan and boasted hardwood flooring throughout with updated kitchens and baths. Furthermore, there have been several capital improvements, which included but not limited to, new electric service, hot water heaters, furnaces, porches, and sewer lines. This property is lined with copper piping, a security system with ten high-tech cameras, & six parking spaces in the back of building that is fenced in. 640-42 N. Cicero presents an investor the unique opportunity to acquire a stabilized, cash flowing property in Chicago's Austin neighborhood from day one. There is no gas expense as all the units are individually metered and the the dryer is electric. There is no separate expense for scavenger. A new investor will realize in-place CAP Rate of 10.08% as well as an in-place Cash-on-Cash return of over 20.70%. Additionally, solely through improved leasing and bringing current rents to market rate levels, an investor can achieve a CAP Rate closer to 10.5% and a Cash-on-Cash return closer to 23%. This property is self-managed, which shows as it is very clean & a very solid building overall. This is a perfect building for an investor who is looking for their first asset or to add more units to a growing portfolio!! **NOTE** In the financial section of this listing, additional income for laundry and an estimated vacancy rate was taken into consideration to conclude the Gross Operating Income. Call Listing Agent for further financial information.

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Listed by Marco Cesario of RE/MAX Next

Based on information submitted to MRED  as of October 28, 2021 . All data is obtained from various sources and has not been, and will not be, verified by broker or MRED.   All information should be independently reviewed and verified for accuracy.  Properties may or may not be listed by the office/agent presenting the information. NOTICE: Many homes contain recording devices, and buyers should be aware they may be recorded during a showing.

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