Description
5861 N. Magnolia Ave. is a traditional Chicago three-flat located in the desirable Magnolia Glen neighborhood within Chicago's Edgewater community. The building is comprised of two (2) three bedroom/1.5 bath and one (1) three bedroom/one bath. The first-floor unit is a duplex down, though the lower level is currently sealed off and being used as storage. Each apartment features decorative fireplaces, hardwood floors throughout, spacious bedrooms with generous closet space, a formal dining room, updated kitchen with white appliances and wood cabinetry. In addition, the building provides free laundry in the basement. Building mechanicals include a Peerless boiler (2012), 72 gallon hot water tank (2012), copper plumbing, a recently resurfaced roof (2020). The property also includes three surface parking spaces in the rear. Presently, the first floor apartment is operating as a fully furnished, corporate short term rental. A new owner has the opportunity to leverage this strategy or convert the unit back to annual lease for ease of management. Additionally, investors may seek to reopen the duplex down in the first-floor unit and basement space at 5861 N. Magnolia Ave. to create a 4Bd/2Ba apartment or owner's unit. ***NOTE: This property can be purchased along with the property next door, 5865 N. Magnolia (#11327486)
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9BEDS
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0.09ACRES
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0BATHS
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01/2 BATHS
Description
5861 N. Magnolia Ave. is a traditional Chicago three-flat located in the desirable Magnolia Glen neighborhood within Chicago's Edgewater community. The building is comprised of two (2) three bedroom/1.5 bath and one (1) three bedroom/one bath. The first-floor unit is a duplex down, though the lower level is currently sealed off and being used as storage. Each apartment features decorative fireplaces, hardwood floors throughout, spacious bedrooms with generous closet space, a formal dining room, updated kitchen with white appliances and wood cabinetry. In addition, the building provides free laundry in the basement. Building mechanicals include a Peerless boiler (2012), 72 gallon hot water tank (2012), copper plumbing, a recently resurfaced roof (2020). The property also includes three surface parking spaces in the rear. Presently, the first floor apartment is operating as a fully furnished, corporate short term rental. A new owner has the opportunity to leverage this strategy or convert the unit back to annual lease for ease of management. Additionally, investors may seek to reopen the duplex down in the first-floor unit and basement space at 5861 N. Magnolia Ave. to create a 4Bd/2Ba apartment or owner's unit. ***NOTE: This property can be purchased along with the property next door, 5865 N. Magnolia (#11327486)
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