1. Illinois
2. Chicago
3. 2531 W Lyndale Street

2531 W Lyndale Street, Chicago, IL 60647

• 8 beds |
• 5 baths

Property Description

Stunning rehabbed legal 4-unit in the Heart of Logan Square/West Bucktown! This multi-unit building is currently operating as a rehabbed 3-unit with a legal, 4th unit that is currently an unfinished garden apartment. This very large building was recently beautifully rehabbed and features a very large, rear addition and huge rehabbed 1ST FLOOR UNIT SIMPLEX + 2 DUPLEXED UNITS ON THE 2ND & 3RD FLOORS (front & rear) + an unfinished (but legal) 4th garden apartment. - UNIT #1 - Covers the entire first floor of the building and is a 2-bed/2-bath featuring a recently rehabbed & stunning chef's kitchen w/ granite countertops, breakfast bar, 42-inch cabs, high-end appliances, and custom backsplash, Full dining room & spacious living room w/ large master suite in the rear, (two full updated bathrooms) and in-unit laundry, hardwood floors, can lighting, newer windows, perfect for a live-in owner! - Both upper units (#2F & 2R) are newly rehabbed, super-bright duplex-ups w/ new HVAC (GFA w/ Central A/C), in-unit laundry, new kitchens & baths, hardwood floors throughout and great open layouts UNIT #2F is a large 2-bedroom + den with 1 full bath. UNIT #2R is also a large 2-bedroom with 1.5 baths. Terrific income-producing property, currently generating $6,620 PER MONTH TOTAL and breakdown as follows; *UNIT #1 @ $2,190 per mo and on a month-to-month lease, *UNIT #2F @ 2,090 per month and lease expires 9/25 & *UNIT #2R was @ $2,340 (just vacated and this included both garage parking spots). The basement is currently unfinished, but it is a legal 4th garden unit and can be finished for $160K. ***EXCELLENT TOTAL ANNUAL INCOME of $79,440 minus - $16,336 in expenses (RE taxes, water & insurance) = $63,104 (NOI) TOTAL ANNUAL NET OPERATING INCOME for a Solid 7% CAP RATE.***Also, investing an additional $160K in finishing the legal 4th garden unit, brings the CAP rate up to 8.4%!! (We have the certificate of zoning from the city in hand showing 4 legal units). A+ location, quiet one-way street, close to all the great restaurants, coffee shopping, night-life, parks & excellent schools in the Logan Square/Bucktown area with excellent transportation options and a short walk to both the Western Blue Line or California stops, easy access to 90/94, close to The 606 bike path & more!!! ***Note***The 2 current tenants have indicated they will waive their right of 1st refusal under Chicago's N/W Side Preservation Ordinance, Tenant Opportunity to Purchase (606) Block Pilot Program).

Listing Status:

Active

Listing Office:

Compass : 773-255-1550

Listing Agent:

Derek DiSera : 773-255-1550

MLS ID:

12301305

Interior

• Rooms: Den
• Master Bath: Separate ShowerSoaking Tub
• Basement: UnfinishedExterior EntryBath/StubbedFullWalk-Out Access
• Heating: Natural GasForced AirSteamSep Heating Systems - 2+Zoned

Exterior

Location

Lot

Utilities

Financial

This listing courtesy of Derek DiSera, Compass