1938 N Halsted St, Chicago, IL 60614, USA

$ 2,299,000.00

HUGE VALUE-ADD OPPORTUNITY – 6 unit, 2 building complex on a sought-after Halsted Street double lot. Located in the heart of Chicago’s affluent Lincoln Park neighborhood, this property is offered at an exceptionally high 5.74% cap rate. Currently 100% leased at below market rents and also contains 9 exterior parking spaces which can be leased month-to-month or rented out to Spot Hero/ParqEx (not included in income assertions). The 1938 side features THREE 2-bed/1-bath units. The 1942 side features TWO 2-bed/1-bath units as well as a 3-bed/2-bath duplex-up apartment. Opportunity to either renovate unit interiors and increase rental rates OR teardown and build new apartments or condominiums across the double lot using the existing RT-4 zoning. 90-day kick-out clause on all existing leases. Showings by appointment only and requires a minimum of 72 hours’ notice. Register your interest today, this opportunity will not last long!

Basic Facts

Date added: 07/02/20 Post Updated: 2020-07-02 08:19:26 Type: Status:
Year built: 1886 MLS #: 10627392

Rooms&Units description

# Of Units: 6
# Of Bdrms - Unit 1: 2
# Of Bdrms - Unit 2: 2
# Of Bdrms - Unit 3: 2
# Of Bdrms - Unit 4: 2
# Of Rooms - Unit 1: 5
# Of Rooms - Unit 2: 5
# Of Rooms - Unit 3: 5
# Of Rooms - Unit 4: 5
# Of Rooms - Type 5: 5
# Of Rooms - Type 6: 6
# Of Units - Apt. Type 1: 1
# Of Units - Apt. Type 2: 1
# Of Units - Apt. Type 3: 1
# Of Units - Apt. Type 4: 1
# Of Units - Apt. Type 5: 1
# Of Units - Apt. Type 6: 1
# Of Bdrms - Type 5: 2
# Of Bdrms - Type 6: 3
# Of Full Bthrms - Type 1: 1
# Of Full Bthrms - Type 2: 1
# Of Full Bthrms - Type 3: 1
# Of Full Bthrms - Type 4: 1
# Of Full Bthrms - Type 5: 1
# Of Full Bthrms - Type 6: 2

View on map / Neighborhood

Location Details

Zoning Type: MULTI
Directions: HALSTED N OR S TO 1938-42, JUST SOUTH
Township: North Chicago
County: Cook
Compass Point: North

Property Details

Construction: Brick
Possession: Closing
Area Desc: CHI - Lincoln Park
Lot Dimensions: 50X125
Potential Use: Condominium
Current Use: Residential-Multi-Family
Frontage/Access: City Street
Listing Type: Exclusive Right To Sell
Acreage: .07

Property Features

Heat/Ventilation: Gas,Separate Per Unit
Foundation: Concrete
# Stories: 3
Air Conditioning: Central Air
Exterior Building Type: Brick
Land Amenities: Curbs and Gutters,Lighting/Exterior,Sidewalks,Cable Ready
# Parking Spaces: 9
# Of Washers: 2
# Of Fireplaces: 1
# Of Ranges: 6
# Of Dishwashers: 6
# Of Dryers: 2
# Of Refrigs: 6

Fees&Taxes

Taxes: $ 33,751.00
Tax Year: 2018

Miscellaneous

Board Number: 10
Tenant Pays: Air Conditioning,Electric,Heat,Hot Water
Gross Rental Income $: 183300
Gross Rent Multiplier: 13.1
Total Annual Income: 183300
Insurance Expense: 5952
Total Annual Exp: 43150
Water Expense: 2247
Total Monthly Income: 15275

Courtesy of

List Office Name: Chase Real Estate LLC