Description
Woodlawn is one of the fastest appreciating neighborhoods in the entire nation! This Brick 2-unit is available for an absolute steal! There is so much upside for an investor looking to make a large profit or a homeowner looking to plant their feet in an area that will continue to aggressively appreciate for years to come! This Brick 2-flat includes two large residential units, a full walkout basement and a private enclosed back yard! Unit #1 has 2-bedrooms, and 1 full bathroom which can easily be converted into a 3-bedroom by compromising the dining room. Unit #2 has 4-bedrooms and 2 full bathrooms. Updated 3-bedroom apartments can rent for $1,700+ per month and updated 4-bedroom apartments can rent for $2,000+ in this neighborhood! The strategy that will yield the maximum equity or profit margin will be achieved by improving this 2-unit into a legal 3-unit by converting the large unfinished basement into a legal dwelling unit and cooperating with the city of Chicago to improve the zoning from a 2 to 3-unit residential property. This strategy was effective at 6235 S. Eberhart which was sold in December of 2022 for $585,000. The after-repair-value for non-new construction 3-units or 2-units with legal garden apartments is $523,000, based on comparable sales within the past 6 months within a half mile radius of the subject property! With the right construction strategy there is an approximate $150,000+ profit margin available! In 2020 the city of Chicago passed the Additional Dwelling Unit Ordinance which provides owners of multi-units with up to $35,000 in funds in the form of a forgivable loan to create additional living space in the basement! For more ambitious investors, there is also potential to build a coach house in the back yard which the ADU ordinance also supports in the effort to achieve an even higher valuation ($550,000+). There are a plethora of new construction projects in this area which speaks to the future of this neighborhood and high consumer confidence! Minutes from the Lakefront, proximity to The University of Chicago, the Obama Presidential Library, Dan Ryan, Red Line and Jackson Park! Priced to sell so please act swiftly! ***This property is already hard money approved with our lender that requires 7% down and will finance 100% of the renovation***
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6BEDS
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N/AACRES
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0BATHS
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01/2 BATHS
Description
Woodlawn is one of the fastest appreciating neighborhoods in the entire nation! This Brick 2-unit is available for an absolute steal! There is so much upside for an investor looking to make a large profit or a homeowner looking to plant their feet in an area that will continue to aggressively appreciate for years to come! This Brick 2-flat includes two large residential units, a full walkout basement and a private enclosed back yard! Unit #1 has 2-bedrooms, and 1 full bathroom which can easily be converted into a 3-bedroom by compromising the dining room. Unit #2 has 4-bedrooms and 2 full bathrooms. Updated 3-bedroom apartments can rent for $1,700+ per month and updated 4-bedroom apartments can rent for $2,000+ in this neighborhood! The strategy that will yield the maximum equity or profit margin will be achieved by improving this 2-unit into a legal 3-unit by converting the large unfinished basement into a legal dwelling unit and cooperating with the city of Chicago to improve the zoning from a 2 to 3-unit residential property. This strategy was effective at 6235 S. Eberhart which was sold in December of 2022 for $585,000. The after-repair-value for non-new construction 3-units or 2-units with legal garden apartments is $523,000, based on comparable sales within the past 6 months within a half mile radius of the subject property! With the right construction strategy there is an approximate $150,000+ profit margin available! In 2020 the city of Chicago passed the Additional Dwelling Unit Ordinance which provides owners of multi-units with up to $35,000 in funds in the form of a forgivable loan to create additional living space in the basement! For more ambitious investors, there is also potential to build a coach house in the back yard which the ADU ordinance also supports in the effort to achieve an even higher valuation ($550,000+). There are a plethora of new construction projects in this area which speaks to the future of this neighborhood and high consumer confidence! Minutes from the Lakefront, proximity to The University of Chicago, the Obama Presidential Library, Dan Ryan, Red Line and Jackson Park! Priced to sell so please act swiftly! ***This property is already hard money approved with our lender that requires 7% down and will finance 100% of the renovation***
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