1618 North Tripp AvenueChicago, IL 60639Price: $1,695,000

  • Price: $1,695,000
  • 18 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.
  • 0.21Acreage
  • 1926Year Built

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1618-20 N. Tripp Ave., a twelve-unit L-shaped walk-up apartment building near the corner of Tripp Ave. and North Ave. This offering includes a separate adjacent parcel which is currently used for tenant parking. The building's unit mix consists of six (6) one-bedroom / one-bath, five (5) two-bedroom / one-bath, and one (1) three-bed / one-bath apartments. Most operators would easily convert the two (2) two-bedroom layouts in the 1620 East tier into three-bedroom apartments by simply utilizing the formal dining room as the extra bedroom. The building also contains two (2) non-conforming one-bedroom / one-bathroom garden apartments that currently generate additional income. Seven of the twelve above grade apartments have been recently remodeled with high-end finishes and five of the layouts include standard rental finishes. Remodeled apartments feature refinished hardwood floors, stone countertops, stainless appliances, and quality cabinetry. Notable improvements to the building include individual gas forced furnaces, separately metered electric, a new hot water tank, regular roof maintenance, and a mix of copper & galvanized plumbing. Tenants have access to laundry in the basement of the building; both machines are coin-operated and building owned. Additionally, the separate parcel offers thirteen (13) surface parking spaces that can provide significant additional income.

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Listed by Daniel Shepherd of Essex 312,LLC

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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