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Key Details
Sold Price $574,000
Property Type Multi-Family
Sub Type Two to Four Units
Listing Status Sold
Purchase Type For Sale
MLS Listing ID 12017190
Sold Date 06/26/24
Bedrooms 5
Year Built 1960
Annual Tax Amount $7,778
Tax Year 2021
Lot Dimensions 5262 SQF
Property Description
Welcome to a lucrative investment opportunity nestled in the heart of Melrose Park, where prime real estate meets exceptional potential. This investment gem sits within close proximity to shopping centers, central highways, schools, parks, and public transportation. Its strategic location not only enhances its desirability for tenants and investors alike but also presents long-term appreciation in property value. A well-maintained 4-unit brick building comprises of three spacious single-bedroom apartments and one large 2-bedroom unit. Apartments are all in excellent condition with some recent undergone renovations. A Large laundry room with coin operated washer and dryer and additional storage for each apartment is on site. There are 6 parking spots for the tenant's use, as well as newer roof and gutters (2017), new fire-resistant doors and newer water heater. All units are currently occupied by long-term tenants and the rent amount is below the current market value. With brought up to market value rent, the capitalization rate is above 6%. This property offers investors a rare opportunity for substantial returns on their investment in today's flourishing market. Whether you're an experienced investor seeking to diversify your portfolio or a newcomer looking to capitalize on the real estate market's potential. Look no further because this opportunity combined with a very strong rental market demand grants both immediate return on investment and long-term growth. One of the owners is a licensed real estate agent and occupies one apartment.
Location
State IL
County Cook
Area Melrose Park
Rooms
Basement None
Interior
Heating Natural Gas
Fireplace N
Exterior
Roof Type Asphalt
Building
Water Lake Michigan
New Construction false
Schools
Elementary Schools Rhodes Elementary School
Middle Schools Rhodes Elementary School
School District 84.5 , 84.5, 212
Others
Ownership Fee Simple
Special Listing Condition None
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© 2024 Listings courtesy of MRED as distributed by MLS GRID. All Rights Reserved.
Bought with Anita Ortega • eXp Realty, LLC