739 South Western AvenueChicago, IL 60612Price: $719,000

  • Price: $719,000
  • 21 Days on Market
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Federal 30-year interest rate: 3.05% last updated on Oct 14, 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.
  • 5,000Square Feet
  • 1883Year Built

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Tremendously cool building and great opportunity for the right buyer. Located 1/2 way between I-290 and Taylor St/Roosevet Rd own Western Ave in BOOMING Tri-Taylor. Crossroads and center of the city near the Blue Line EL,multiple buses,minutes from downtown and walking distance to UIC West,Medical District and Rush,Cook,UIC and West Side VA hospitals. I have lived here for 35 years. And i have watched it slowly transform along with the rest of the city. The amount of new construction and development right now is enormous and overwhelming. The neighborhood is finally starting to "turn and finish up" etc. Here are the HUGE projects rolling through 1. Cook County Hospital renovation 2. IMD Gateway at Damen/Polk/Ogden Property ($300 million Commercial,Hotel and Apartment Building) 3. Medical District Apartments Harrison/Damen/Ogden 4. Tons of new construction 3-flats,condos and luxury single family homes W of Western 5. Renewed IMD re-zoning (up) and push for larger development. So buying this property or anything like it in Tr-Taylor is "money in the bank". This property was rehabbed 8 years ago. The 1st floor is 2000 sf of customized commercial space with 5 private offices and 5 workstations. As well as a conference room and kitchen area. It currently generates $2000/mo with a max potential of $3750/mo. And a market rate of $2500/mo for a single tenant. The 2 upper floors are very large 1500 sf 3 BR 2 BA apartments. Current rents are older long term tenants at $1400/mo but market is an easy $2000/mo. I have personally rent many in the area for this amount. So current total rents are $4800/mo. Full updated market rents are $7750/mo. This building can be used as owner-use with rental income or straight up investment with a current cap rate of 6% and a potential cap rate of as high as 11%!!!! Building also includes a 1500 sf high,dry and useable basement. For storage or duplex down renovation. This building is all upside with no downside. And a fantastic mid-term to long term investment.

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Listed by Michael Ramstedt of Art of Real Estate LLC

Based on information submitted to MRED  as of October 19, 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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