2501 South Springfield Avenue AvenueChicago, IL 60623Price: $980,000

  • Price: $980,000
  • 95 Days on Market
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Federal 30-year interest rate: 6.13% last updated on Jan 26, 2023
* 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.
  • 1917Year Built

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Little Village is the next Pilsen, and we are featuring the for sale offering of a Nine-unit Corner all-brick building on an oversized 75' x 150' lot with an attached former Cookie Factory. The building is vacant and needs a complete gut rehab; the existing nine units combined with the Cookie Factory's studio and 2400 sq foot loft create 3 more units for a 12-unit build-out. There has been no pre-marketing or off-marketing...genuinely a first-time offering of this masterpiece of a building. All investors and rehabbers get prepared for your best investment yet. This is a phenomenal opportunity to purchase one of the most significant multi-unit residential buildings in Little Village. The building is an architectural jewel, inside and outside, built like a fortress. In addition to the former 2400 sq ft Cookie Factory, there are two attached massive three-car garages for six cars. All financials are based on the Estimated Cost with a projection of 12 Units @75k Each plus $150k for the Garage & Common Areas, including soft costs, for an estimated $1,050,000 rehab plus the $980,000 Purchase Price for a projected project cost, all in at $2,030,000. This cost and the below-market after-improved rents used on the Financial Projection spreadsheet create a projected 12.0 Cap Rate. The Financial Projection spreadsheet is attached under Additional Information. The building is currently uninhabitable. No electricity or other utilities; bring flashlights. Cash Offers, with proof of cash funds only and an in-person viewing for the offer to be presented, per ownership. Cash Only, As Is.

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Listed by Alexis Eldorrado of Eldorrado Chicago Real Estate

Based on information submitted to MRED  as of January 30, 2023 . 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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