317 E 116th ST Active Save Request In-Person Tour Request Virtual Tour
Chicago,IL 60628
Key Details
Property Type Multi-Family
Sub Type Multi Family 5+
Listing Status Active
Purchase Type For Sale
MLS Listing ID 12409483
Maintenance Fees $1,149
Year Built 1902
Annual Tax Amount $2,832
Tax Year 2022
Property Sub-Type Multi Family 5+
Property Description
Amazing Cash Flow Opportunity in the Hot West Pullman Area! A rare investment opportunity. The parcel includes two buildings for the price of one, making it an ideal/cant miss opportunity for savvy investors or rehabbers. With owner financing available, this is a fantastic chance to secure a property with great potential. The front building has suffered fire damage and requires significant work, including a gut rehab of two of its four units and a new roof. Once completed, the property can generate up to $5300-$5800 in monthly rental income (Per seller, the property rent roll before the fire was $4300 with minimal rehab completed.) The second building on the property is in rentable condition with two units already available. The 2 units would ensure immediate cash flow while you work on completing the rehab of the front building. The owner is willing to consider a DP of $20,000 and will extend the loan balance for up to 12 months to allow the buyer ample time to finish the necessary work on the front building. The best estimates suggest that approximately $60,000 will be needed to complete the renovations, including the new roof and updating the units to a marketable standard. The owner is confident that once the renovations are completed and the apartments are rented, this property could easily sell for more than $300,000. This is a prime opportunity to invest in a property with enormous potential for appreciation. Whether you are looking for a long-term investment or a project to rehab and flip, this property offers great value. Great opportunity!
Location
State IL
County Cook
Area Chi - West Pullman
Building
Dwelling Type Multi Family 5+