Bought with Katherine McCraren of @properties Christie's International Real Estate
$317,500
$300,000
5.8%For more information regarding the value of a property, please contact us for a free consultation.
1700 7th Street Winthrop Harbor, IL 60096
5,000 SqFt
Key Details
Sold Price $317,500
Property Type Commercial
Sub Type Mixed Use
Listing Status Sold
Purchase Type For Sale
Square Footage 5,000 sqft
Price per Sqft $63
MLS Listing ID 12299162
Year Built 1920
Annual Tax Amount $7,502
Tax Year 2023
Property Sub-Type Mixed Use
Property Description
100% LEASED INVESTMENT PROPERTY WITH GROUND FLOOR RETAIL SPACE WITH FOUR (1 BEDROOM, 1 BATHROOM) APARTMENTS UPSTAIRS. 5,000 SF building with a full basement and a history of high occupancy. Just one block east of Sheridan Rd on the only road to North Point Marina. 10% CAP rate at full asking price using actual 2024 operating income and expenses. Retail store (The Sweet Stop) pays rent and utilities while the separately metered all electric apartment bills are paid by the tenants. Building very well maintained with new blacktop to rear parking lot in 2019, replaced iron steps to rear second floor building entrance in 2021 and west wall brick corner replaced in 2023 and tuckpointed. Membrane roof about 11 - 12 years old and inspected last Fall. Large municipal parking lot just east of the property and there is additional street parking. Priced right for the savvy investor.
Location
State IL
County Lake
Zoning COMMR
Interior
Cooling Wall Sleeve
Exterior
View Y/N true
Building
Structure Type Brick
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