705-711 W 71st South Union AvenueChicago, IL 60621Price: $600,000

  • Price: $600,000
  • 65 Days on Market
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Federal 30-year interest rate: 6.58% last updated on Nov 23, 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.
  • 1907Year Built

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Huge value add building with great unit mix in Englewood on corner lot within opportunity and enterprise zone! 14 total units with 5 units currently vacant, units that are rented are below market rent. New buyer can update empty units to reach market rents and transition occupied units as they become available, cosmetic interior upgrades will be needed to fetch higher rents. Boiler 4 years old, a section of the roof was rebuilt other areas are silver-coated as needed, and fairly new hot water heater. Incentives in Chicago's six Enterprise Zones * State sales tax (6.25%) on building materials is waived with the Building Materials Exemption (this is common to all Illinois Enterprise Zones). * Real Estate Transfer Tax Exemption - This is a tax on the value of sold real estate. * Machinery & Equipment Sales Tax Exemption. This exemption includes repair and replacement parts for machinery and equipment used primarily in the wholesale or retail sale or lease, and equipment, manufacturing fuels, material and supplies for the maintenance, repair or operation of manufacturing, or assembling machinery or equipment. * Utility Tax Exemption. A 5 percent state tax exemption on gas, electricity and the Illinois Commerce Commission 0.1 percent administrative charge and excise taxes on the act or privilege of originating or receiving telecommunications. * Enterprise Zone Investment Tax Credit. A 0.5 percent credit against the state income tax for investments in qualified property, which is placed in service in an enterprise zone. * Contribution Deduction. A deduction from taxable income worth double the value of a cash or in-kind contribution to an approved project.

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Listed by Ayebitorofa Itima of Root Realty,Inc.

Based on information submitted to MRED  as of November 27, 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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