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9032 S Houston Avenue S

Chicago, IL 60617
  • $250,000
  • STATUS: Active
  • ON SITE: 29 Days
  • MLS #: 11384554
UPDATED: 17 min ago
$250,000
  • 9
    BEDS
  • N/A
    ACRES
  • 0
    BATHS
  • 0
    1/2 BATHS
Neighborhood:
Type:
Multi-Family
Built:
1890
County:

School Information

School District:
299

Description

Turn key investment with 12%+ Cap rate Annualized Gross rent multiplier under a 6. With $50k down and market rents at $45,600 annually that's a 30% return on down payment after realistic expenses. With 3 of them large apartments on the 2nd,3rd,&4th levels you can raise rents further-there is full laundry in each of the kitchen pantry's of these units and all benefit from the common steam boiler heat. And, there is $550 a month "other income" from a space in garden ... This is priced to sell - there is cashflow income here with hi returns and extra to build reserves and make long-term improvements over time. This block lies in the center of the South Chicago Neighborhood that has just gotten funding for new development along Commercial avenue among other local funding initiatives from local banks(YMCA rebuild/business incubator center, artscaping on Commercial avenue...etc).. This "pocket" area of Chicago is nicely "boxed" in between the Skyway and the lake keeping it "quietly" to itself to grow and be developed on all the vacant infill lots on these blocks. The area has LOW density due to the hundreds of vacant lots between here and the lake where the former Southworks steel land is for sale and awaiting the next chapter of the community. For transportation: The I90/94 ramp at 91st is 2 minutes, 6 bus routes hit the corner 100 steps away, the area Library, Grocery and Sky Art art school are all at the corner. Perfect commuter location. Metra a few blocks, and shopping district. This Tall frame building with over 3300 sf + a 1000 sf on-grade level and a semi-finished attic with two exits gives you square footage to grow over time. Apartment Summary: Small garden space(on grade level) for your manager (currently collects $550 a month). Unit on 2nd floor offers a Large two bed and den unit. Unit on 3rd is Three bed apartment. Unit on 4th is a 3 bed 1 bath with small stair to duplex up to attic with 2 exits. All units have laundry ready in unit. The building is on grade - 4 levels above ground(raised sidewalks) . Large yard due to 140' oversized lot. 2 Car garage in back. Many improvements, several updates but cosmetic wear and tear on units so TLC on cosmetics needed at some point as units turn over. Conventional loans and cash buyers preferred. Fha, Naca won't work here.

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© 2022 Midwest Real Estate Data LLC. All rights reserved. IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Information is deemed reliable but is not guaranteed accurate by MTP, MRED or John Lyons Real Estate | Baird & Warner. Based on information submitted to the MRED as of 2022-05-25T00:00:21.04 UTC. All data is obtained from various sources and has not been, and will not be, verified by broker or MRED. MRED supplied Open House information is subject to change without notice. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information. Some properties which appear for sale on this website may subsequently have sold and may no longer be available. NOTICE: Many homes contain recording devices, and buyers should be aware they may be recorded during a showing.

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9032 S Houston Avenue S Chicago, IL 60617

  • Price: $250,000
  • Status: Active
  • On Site: 29 Days
  • Updated: 17 min ago
  • MLS #: 11384554
9
Beds
0
Baths
0
½ Baths
N/A
Acres
1890
Built
Neighborhood:
Chi - South Chicago
County:
Cook
Area:
Chi - South Chicago
Elementary School:
Mireles Elementary School Academ
School District:
299
Property Description
Turn key investment with 12%+ Cap rate Annualized Gross rent multiplier under a 6. With $50k down and market rents at $45,600 annually that's a 30% return on down payment after realistic expenses. With 3 of them large apartments on the 2nd,3rd,&4th levels you can raise rents further-there is full laundry in each of the kitchen pantry's of these units and all benefit from the common steam boiler heat. And, there is $550 a month "other income" from a space in garden ... This is priced to sell - there is cashflow income here with hi returns and extra to build reserves and make long-term improvements over time. This block lies in the center of the South Chicago Neighborhood that has just gotten funding for new development along Commercial avenue among other local funding initiatives from local banks(YMCA rebuild/business incubator center, artscaping on Commercial avenue...etc).. This "pocket" area of Chicago is nicely "boxed" in between the Skyway and the lake keeping it "quietly" to itself to grow and be developed on all the vacant infill lots on these blocks. The area has LOW density due to the hundreds of vacant lots between here and the lake where the former Southworks steel land is for sale and awaiting the next chapter of the community. For transportation: The I90/94 ramp at 91st is 2 minutes, 6 bus routes hit the corner 100 steps away, the area Library, Grocery and Sky Art art school are all at the corner. Perfect commuter location. Metra a few blocks, and shopping district. This Tall frame building with over 3300 sf + a 1000 sf on-grade level and a semi-finished attic with two exits gives you square footage to grow over time. Apartment Summary: Small garden space(on grade level) for your manager (currently collects $550 a month). Unit on 2nd floor offers a Large two bed and den unit. Unit on 3rd is Three bed apartment. Unit on 4th is a 3 bed 1 bath with small stair to duplex up to attic with 2 exits. All units have laundry ready in unit. The building is on grade - 4 levels above ground(raised sidewalks) . Large yard due to 140' oversized lot. 2 Car garage in back. Many improvements, several updates but cosmetic wear and tear on units so TLC on cosmetics needed at some point as units turn over. Conventional loans and cash buyers preferred. Fha, Naca won't work here.
Exterior Features

Exterior Building Type Vinyl SidingFrame Exterior Features Deck Garage Details 7 Foot Or More High Garage Door Garage Onsite Yes Garage Ownersite Owned Garage Type Detached Lot Size Less Than .25 Acre Multi Family Type 3 Flat Parking Details Garage Roof Asphalt Waterfront YN No

Interior Features

Basement None Basement Bathrooms YN No Basement Details None Bathroom No Tub Bedrooms Below Grade 0 Bedrooms Total 9 Full Baths In Building 4 Half Baths In Building 0 Heating Natural Gas Rooms Total 17

Property Features

Age 100+ Years Built Before1978 YN Yes Community Features ParkCurbsSidewalksStreet LightsStreet Paved Corporate Limits Chicago General Information School Bus ServiceCommuter BusCommuter Train Gross Income 39000 Insurance Expense 2300 Maintenance Expense 2100 Mls Actual Status Active Net Operating Income 30940 New Construction YN No Other Additional Income Other Other Equipment Ceiling Fan(S)Sump PumpBackup Sump Pump;Multiple Water Heaters Ownership Fee Simple Rebuilt Year 2013 Rebuilt YN Yes Sewer Public Sewer Special Listing Conditions List Broker Must Accompany Tax Annual Amount 2522.35 Tax Year 2020 Total Numberof Unitsin Building 4 Total Rental Income 39000 Township Hyde Park Type Two To Four Units Water Source Public Zoning Multi

Listing information © 2022 Midwest Real Estate Data LLC.
Listing provided courtesy of Better Living Realty.


© 2022 Midwest Real Estate Data LLC. All rights reserved. IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Information is deemed reliable but is not guaranteed accurate by MTP, MRED or John Lyons Real Estate | Baird & Warner. Based on information submitted to the MRED as of 2022-05-25T00:00:21.04 UTC. All data is obtained from various sources and has not been, and will not be, verified by broker or MRED. MRED supplied Open House information is subject to change without notice. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information. Some properties which appear for sale on this website may subsequently have sold and may no longer be available. NOTICE: Many homes contain recording devices, and buyers should be aware they may be recorded during a showing.

Digital Millennium Copyright Act
 
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