FOR SALE
$1,575,000

2417 W Fullerton Avenue
Chicago, IL 60647

Other
Residence
N/A
Acre Lot
1of
Photos
Map
Courtesy: Ask Nagel
CB Today> Illinois> Chicago> 60647
This All Brick Center Entrance 6 Flat Was Gut Rehabbed in 2013. This Property Enjoys A Massive 50x155 Lot In Logan Square / Bucktown Just 5 Blocks To The Western / Cortland Blue Line Stop That Is Exploding W/ Development. This property is a Cash Machine With $10,975 in monthly Rent. At Full list price this is a 6.8% cap rate building, that cash flows $3,103 per month or 9.46 % cash on cash. Add this is using 4.25% when the current rate quoted was 4 and 1/8 from Blueleaf Lending. See attached Proforma P&L in Additional Info Or Upon Request. Building Is Nearly Fully Rented With One Unit Vacant To Facilitate Safe Showing, & Enjoys Excellent Cash Flow Despite Having Below Market Rents. Needless To Say That There Is New Development All Around This Location In Literally Every Direction W/ Lots Of Potential For The Neighborhood & Rents To Further Improve. Adjacent Lot Has New Construction "Gateway To Logan" Project Well Underway That Includes 21 Luxury Condos + Two 1st Floor Commercial Spaces Further Improving Expected Rents & Rental Parking Opportunity. Bonus Exit Development Strat As This 50x155 B3-2 Property Is Sandwiched Between B3-3 Zoning On Each Side So Potential Is Enormous, & Additional B3-3 Condo At 2509 W Western Down The Street. Gut Rehabbed In 2013, All The Units Are 3 Bed 1 Bath, Nearly Identical To Each Other Ideal For Easy Marketing & Management, & 12/18 BR's Comfortably Fit Queen Beds. These Apartments Enjoy Near Condo Quality Level Finishes Including 3 Front Bay Windows That Drench The Units In Light, Gas Forced Heat, Central AC, & Hardwood Floors Throughout. The Kitchens Enjoy All Stainless Steel Appliances, Granite Counter Tops, & Mocha Colored Contemporary Cabinets. Fully Rehabbed Baths W/ Stone & Glass Tile, Glass Shower Door, Contemporary vanities W/ Granite Counters, SS Faucets, & Modern Lighting. Each Unit Has Access To Massive Newer Back Deck With Shared Yard For Grilling & Relaxing. 4 Car Garage & Basement Coin Operated Laundry Provide Additional Rental Income & Storage. Ultra-Convenient Location W/ Easy Access To 90/94 Expressway, 5 Blocks To Western Blue. Surrounded By Renowned Logan Square Dining & Entertainment Options. Some Of The Local Hangouts Include: Quenchers, Logan Arcade, Wonder Chop, Chef's Special, Radler, Revolution Brewery, Longman & Eagle And So Much More! See attachments: Proforma P&L, & Survey.
10829128
Other, 3+ Story
Cook
1894
3
Brick
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