14 South Leavitt StreetChicago, IL 60612Price: $1,899,000

  • Price: $1,899,000
  • 81 Days on Market
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Federal 30-year interest rate: 7.19% last updated on Sep 21, 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.
  • 0.07Acreage
  • 8,000Square Feet
  • 2004Year Built

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Introducing a rare opportunity - a newer construction apartment building with immense potential. This impressive 7-unit property, originally built as condos in 2004, offers an attractive real estate investment in a prime location. This solid brick and block construction building features elevator service to all units. The building consists of six spacious 2-bedroom, 2-bathroom units and 1 store front (or 7th apt) and 6 attached garage spaces. The 7th unit features a separate entrance from the sidewalk, making it ideal for a small business office space or short-term rental. Located on the Near West Side of Chicago, walking distance to the United Center Arena, Madison St bus lines, Illinois Medical District, and expressways. Tenants will love the easy commutes and convenient access to amenities, entertainment, and transportation. The property currently operates at a 5.4% CAP rate, with a strong Net Operating Income (NOI) of $101,839. Rents are considerably below market and present the opportunity to increase cash flow and ultimately property value, with new leases. We project an NOI of $136,808 and corresponding CAP rate of 7.2% when new rents are put in place later in 2023 / 2024. With its newer construction, prime location, versatile floor plans, and the potential for future rent growth & value enhancement, this 7-unit apartment building represents a solid investment choice. Act quickly to secure this outstanding property - call today.

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Listed by Kevin Hinton and Ashley Carter of Keller Williams ONEChicago

Based on information submitted to MRED  as of September 23, 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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