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Listed by Peter Drossosof Peter Drossos Real Estate
$ 840,000
Est. payment /mo
Active Under Contract
6212 N Sacramento Avenue Chicago, IL 60659
5,913 SqFt
UPDATED:
Key Details
Property Type Commercial
Sub Type Multi Family 5+
Listing Status Active Under Contract
Purchase Type For Sale
Square Footage 5,913 sqft
Price per Sqft $142
MLS Listing ID 12528499
Year Built 1929
Annual Tax Amount $10,905
Tax Year 2023
Lot Size 3,920 Sqft
Lot Dimensions 33 x 123
Property Sub-Type Multi Family 5+
Property Description
PLEASE NOTE THAT WE ARE IN A HIGHEST-AND-BEST SITUATION. ALL OFFERS ARE DUE BY 12/17/2025 BY 6 PM. This all brick, 6-unit building is an investor's dream! There are three front facing units and three rear facing units. All units consist of 2-bedroom, 1-bathroom units. Each unit is quaint and cozy with several large windows that welcome natural sunlight, a formal living room, a spacious kitchen, two large bedrooms with ample closet space and a bathroom. Additionally, each unit is on a forced air system for heat and each unit has window A/C units for air conditioning. Tenants are responsible for gas and electricity and each unit is individually metered. More importantly, all rents are currently underpriced and all tenants are on month-to-month leases. Right now, the average rental price is about $1,045 per month, which comes out to $75,300 in gross rental income per year. However, the true market rent is easily $1,650 per month, which comes out to $118,800 in gross rental income per year. In short, rents can easily be increased by 50% or more, which will easily add about $25,000 per year in gross rental income to your bottom-line. These units do need a cosmetic refresh and some mechanical work. In addition to all of that, the area is excellent, which translates into a very strong rental market and, hence, low vacancies. There have been many recent upgrades too; namely, the porch was built in 2012; the hot water tank is about 5 years old; two furnaces are about 2 years old; the roof was silver coated in 2022; and, a couple windows were replaced. This building is also nestled in between the Kennedy and the Lake, and it is minutes away from Target, Home Depot, Aldi, restaurants, parks, transportation and much more! This is also an as-is, where-is sale. A must see! A 10! WASHER-AND-DRYER: The basement washer and dryer is not working. Tenants must use a local laundromat to wash and dry their clothes. Alternatively, the next prospective buyer can install an in-unit washer-and-dryer. VIOLATIONS: There are old City of Chicago violations and these are very minor in scope (i.e., a damaged garage overhead door, which has been now removed, holes/cracks in the interior staircase, loose door handles a dirty hallway carpet and a need for extermination, which has already been done in the past). The violations list is uploaded in the "Additional Information" tab of this listing sheet. AS-IS, WHERE-IS: This is an as-is, where-is sale. Prospective buyers may conduct an inspection for informational purposes only. The sellers will not give any credits and/or make any repairs whatsoever. UTILITIES: Tenants pay for gas (heat) and electricity. The City of Chicago water is on a metered account. GARAGE: This property features a rare, 3-car detached garage. GARAGE PARKING: The tenants in Unit 1R pay $950 per month in rent plus an extra $100 for garage parking. The total is $1,050 per month. The tenants in Unit 3R pay $925 per month in rent plus an extra $100 for garage parking. The total is $1,025 per month. The third garage parking spot is not rented.
Location
State IL
County Cook
Zoning MULTI
Rooms
Basement Unfinished
Interior
Cooling Wall Sleeve, Window Unit(s)
Fireplace Y
Exterior
View Y/N true
Building
Foundation Concrete Perimeter
Structure Type Brick
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