8011 South Ellis AvenueChicago, IL 60619Price: $599,000

  • Price: $599,000
  • 91 Days on Market
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Federal 30-year interest rate: 3.56% last updated on Jan 20, 2022
* 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.
  • 0.11Acreage
  • 7,062Square Feet
  • 1925Year Built

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Extremely rare opportunity to purchase a true unicorn multi-unit asset in Chicago's Chatham neighborhood! The one-of-a-kind 6-unit was remarkably constructed by one of Chicagoland's best developers with over $1.6 million invested into this multi-unit in 2016! This 6-unit includes all 2 bedroom, 1 bath units with central air, new HVAC, and hardwood floors throughout! This multi-unit also includes 2 elevators for freight and handicap accessibility, a state-of-the-art security system and laundry facility in the basement! Fully occupied with paying tenants! With so much invested, a new buyer can cash flow this property for decades without the worry of coming out of pocket for any major expenses! 4-parking spaces in the back provide additional cash flow upside! This building is currently grossing $5,552 per month in rental income! While there were two vacancies for the majority of 2021, now at full capacity this building will produce $66,624 per year in gross revenue and a $49,200.67 annual net operating income! Boasting a 7.87% cap rate, this building far exceeds Chicago's 2021 average cap rate of 4.13% according to Chicago Real Estate Source. This building appraised for $600,000 May 17th, 2021! The 6-unit building next door is also being renovated from top to bottom, further increasing the value of the neighborhood and quality of this Chicago block. Seller is very cooperative - investors don't miss out on this opportunity! Documentation such as the appraisal, detailed construction documentation and rent rolls are available in the broker comments and MLS documents. Schedule a tour, make an offer!

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Listed by Michael Applegate and D'Andre Daye of Straight-A Realty,LLC

Based on information submitted to MRED  as of January 23, 2022 . 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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