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HomeSmart Realty
1629-1631 W Estes Avenue, Chicago, Illinois 60626
- $2,225,000
- List Price
- $2,225,000
- MLS#
- 12793794
- Status
- ACTIVE
- Type
- Commercial
- Subtype
- Commercial Sale
- County
- Cook
- City
- Chicago
- Neighborhood
- Rogers Park
- Days On Market
- Unknown
Property Description
FULLY LEASED EAST ROGERS PARK INVESTMENT OPPORTUNITY --- Annualized scheduled apartment and parking income of $208,200, plus approximately $3,000 in estimated coin laundry income, yields $211,200 in total pro forma annual income. Pro forma NOI is approximately $151,424, representing a 6.81 cap rate at the $2,225,000 asking price. The pro forma is based on current lease rates and includes a $10,560 vacancy/credit-loss allowance; professional management is not included. RENTAL INCOME & UPSIDE --- The recently renovated Unit 1W leased for $2,450/month plus $100 for parking. The four other two-bedroom apartments currently rent for $1,700, $2,000, $2,000 and $2,100; one of the $2,000 units also has a separate $100 parking charge. This suggests potential for additional rental income as opportunities arise. The other nine occupied units are month-to-month. Any future rent increases would be additional upside and are not included in the pro forma income, NOI or cap rate. PROPERTY OVERVIEW --- Well-maintained and substantially updated vintage 10-unit property consisting of a classic front 8-flat plus a rear 2-unit coach house. Unit mix includes 5 two-bedroom/1-bath apartments, 3 one-bedroom/1-bath apartments and 2 studio/1-bath units. Nine of the ten kitchens have been renovated with newer cabinetry and stainless-steel appliances; seven have granite countertops. Tenants pay their own gas heat and electricity, and 8 of the 10 units have central air. CAPITAL IMPROVEMENTS (PER OWNER) --- Roof approximately 3 years old; replacement of all metal lintels above the front-facing windows of the front building; rebuilt upper brickwork; and completed tuckpointing. All furnaces throughout the property are less than 10 years old, including new furnaces serving Unit 1W and the second-floor rear apartment. All 8 central air compressors are also less than 10 years old. The front building's water heater is approximately 8 years old, while the rear building has two water heaters approximately 2 and 6 years old. REAR BUILDING IMPROVEMENTS & POTENTIAL --- In 2019, the interior walls of both rear apartments were gutted, completely insulated and drywalled. The second-floor rear apartment is the only unit without a high-end kitchen remodel and features an interior staircase leading to a spacious attic, offering potential for a future duplex-up conversion when the kitchen is renovated. The rear building also has a full unfinished basement with individual storage units for the property. ADDITIONAL FEATURES --- Replacement windows, lovingly preserved original architectural character, large decks, a beautiful backyard, and basement coin laundry with 3 newer washers and 3 newer dryers, all owned rather than leased. Remote-controlled gated parking provides 3 legal spaces, including one tandem space, accommodating 4 cars total. LOCATION --- Approximately 3 blocks from Lake Michigan with convenient access to public transportation, shopping, dining and neighborhood amenities.
Additional Information
- Tax Year
- 2025
- Year Built
- 1917
- Lot Dimensions
- 50x172
- Air Conditioning
- Central Air
- Basement
- Yes
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