$ 559,000
1914 N 18th Avenue Melrose Park, IL 60160
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$ 559,000
Est. payment /mo
Price Dropped by $40K
1914 N 18th Avenue Melrose Park, IL 60160
7 Beds
UPDATED:
09/22/2024 01:25 AM
Key Details
Property Type Multi-Family
Sub Type Two to Four Units
Listing Status Active
Purchase Type For Sale
MLS Listing ID 12095359
Bedrooms 7
Year Built 1970
Annual Tax Amount $14,476
Tax Year 2022
Lot Dimensions 5552
Property Description
Welcome to a lucrative opportunity nestled in the heart of Melrose Park, where prime real estate meets exceptional potential. This property offers a blend of comfortable living space and exceptional rental income potential, making it ideal for investors looking to maximize returns in the real estate market, as well as a unique option to have a unit to reside in. This investment gem sits within close proximity to constantly developing shopping centers, major highways, schools, parks, and public transportation. Its strategic location not only enhances its desirability for tenants and investors alike, but also presents long-term appreciation in property value. A well-maintained 4-unit brick building comprises of three spacious 2-bedroom apartments and one large single-bedroom unit. A Large laundry room with coin operated washer and dryer and additional storage for each apartment. A Shed located in the back of the property, along with a common picnic area. The building also has 5 parking spots, a highly-desirable feature in the area. The building is equipped with a newer roof and gutters (2017) as well as new fire-resistant doors. All units are currently occupied by long-term tenants. With the current lower rents, the capitalization rate is 6.15 precent . With brought up to market value rent, the capitalization rate rises above 8.4 precent ! This property offers investors a rare opportunity for substantial returns on their investment in today's flourishing market. Whether you're looking to diversify your portfolio, generate passive income, or secure a residence with income potential, this investment promises to deliver both financial rewards and lifestyle benefits. One of the owners is a licensed real estate agent.
Location
State IL
County Cook
Rooms
Basement None
Interior
Heating Steam, Baseboard
Fireplace N
Exterior
Waterfront false
View Y/N true
Parking Type Assigned
Building
Sewer Public Sewer
Water Public
New Construction false
Schools
Elementary Schools Rhodes Elementary School
Middle Schools Rhodes Elementary School
School District 84.5, 84.5, 212
Others
Ownership Fee Simple
Special Listing Condition None
© 2024 Listings courtesy of MRED as distributed by MLS GRID. All Rights Reserved.
Listed by Sarit Levine • Altogether Realty Corporation