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1228 W Glenlake Avenue

Chicago, IL 60660
  • $1,049,000
  • STATUS: Active Under Contract
  • ON SITE: 217 Days
  • MLS #: 11889979
Under Contract
UPDATED: 150 min ago
$1,049,000
  • 6
    BEDS
  • N/A
    ACRES
  • 0
    BATHS
  • 0
    1/2 BATHS
Neighborhood:
Type:
Multi-Family
Built:
1920
County:

School Information

School District:
299

Description

Sunny, spacious and rare one of a kind Edgewater 3 apartment multi-family building. This beautiful solid and extra-wide high-income rental property rents quickly and is fully leased into 2024 and 2025, providing a reliable and steady income stream or possibly future owner occupied. Surrounded mostly by single-family homes on extra wide lots and located in the central heart of the Edgewater neighborhood offering a serene atmosphere with its beautiful tree canopies touching in the middle of the street and low density with close proximity to transportation, shops, groceries, retail, restaurants and lake and beach access. Also, prime location near Loyola University and Northwestern University makes it a desirable choice for students and faculty. RS-3 Zoning. Oversized 37.5'x125' lot; Gross Monthly Rental Income of $7,575 yields Annual Rental Income of $90,900. Rent Rolls for more details; 5.83 CAP rate and a GRM of 12.10!! The rents for all three apartments are well above comparable rates in the area due to the exceptional quality the property offers. The top-floor apartment is truly one-of-a-kind, featuring luxury finishes, lofted ceilings, exposed brick, custom cabinetry built by the Amish, designer features throughout and an abundance of natural light. With two fireplaces, multiple windows, and three skylights, the living space is filled with a warm ambiance. On the first floor, a vintage unit awaits, offering three bedrooms, one central bathroom, and an updated kitchen with quartz countertops and new flooring. The property has been impeccably maintained, blending original details and vintage charms with tasteful modern updates. The refinished hardwood flooring and newer kitchens with quartz counters and stainless steel appliances further enhance the appeal. Three open-air side by side parking spaces in back off alley. In-unit laundry in the top unit, while the other units have access to laundry facilities in the high and dry basement laundry room. Some common tenant storage and bike room storage. The high ceiling two egress door garden apartment features moisture-resistant hardwood floating floors, a spacious walk-in closet, and a bonus den or office area. With a Walk Score of 97/100, this property offers easy access to a ton of area amenities, including Whole Foods, Flaco Tacos, Ann Sathers, Gino's North, Cookies and Carnitas, Metropolis Coffee, and the iconic Lickity Split. Just a few blocks to the east, you'll find Lake Michigan Beaches, Lake Shore Drive access, and the scenic Lakefront Trail. Continuously well maintained over the years with recent capital work including a two-story rear code-compliant porch, stairs, and upper deck, new rear siding in 2020 and two new AC condensers in 2022, ensuring efficient cooling. New front-loaded laundry in top floor in 2023. Overhead sewer system with ejector pit prevents street sewer water from entering building in heavy rains. Appliances for most apartments are updated stainless steel. Some window replacements on top floor, hot water heaters over the years including one in 2023, masonry and tuckpointing work, new concrete entrance sidewalk and more. Situated near the Red Line stops at Granville or Thorndale, this location offers convenient transportation options. IL licensed agent-owned property. Don't miss out on this fantastic investment opportunity.

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© 2024 Midwest Real Estate Data LLC. All rights reserved. IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Information is deemed reliable but is not guaranteed accurate by MTP, MRED or Ryan Dallas Real Estate. Based on information submitted to the MRED as of 2024-04-24T23:04:20.92 UTC. All data is obtained from various sources and has not been, and will not be, verified by broker or MRED. MRED supplied Open House information is subject to change without notice. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information. Some properties which appear for sale on this website may subsequently have sold and may no longer be available. NOTICE: Many homes contain recording devices, and buyers should be aware they may be recorded during a showing.

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1228 W Glenlake Avenue Chicago, IL 60660

  • Price: $1,049,000
  • Status: Active Under Contract
  • On Site: 217 Days
  • Updated: 150 min ago
  • MLS #: 11889979
6
Beds
0
Baths
0
½ Baths
N/A
Acres
1920
Built
Neighborhood:
Chi - Edgewater
County:
Cook
Area:
Chi - Edgewater
Elementary School:
Peirce Elementary School Intl St
Middle School:
Peirce Elementary School Intl St
High School:
Senn Achievement Academy High Sc
School District:
299
Property Description
Sunny, spacious and rare one of a kind Edgewater 3 apartment multi-family building. This beautiful solid and extra-wide high-income rental property rents quickly and is fully leased into 2024 and 2025, providing a reliable and steady income stream or possibly future owner occupied. Surrounded mostly by single-family homes on extra wide lots and located in the central heart of the Edgewater neighborhood offering a serene atmosphere with its beautiful tree canopies touching in the middle of the street and low density with close proximity to transportation, shops, groceries, retail, restaurants and lake and beach access. Also, prime location near Loyola University and Northwestern University makes it a desirable choice for students and faculty. RS-3 Zoning. Oversized 37.5'x125' lot; Gross Monthly Rental Income of $7,575 yields Annual Rental Income of $90,900. Rent Rolls for more details; 5.83 CAP rate and a GRM of 12.10!! The rents for all three apartments are well above comparable rates in the area due to the exceptional quality the property offers. The top-floor apartment is truly one-of-a-kind, featuring luxury finishes, lofted ceilings, exposed brick, custom cabinetry built by the Amish, designer features throughout and an abundance of natural light. With two fireplaces, multiple windows, and three skylights, the living space is filled with a warm ambiance. On the first floor, a vintage unit awaits, offering three bedrooms, one central bathroom, and an updated kitchen with quartz countertops and new flooring. The property has been impeccably maintained, blending original details and vintage charms with tasteful modern updates. The refinished hardwood flooring and newer kitchens with quartz counters and stainless steel appliances further enhance the appeal. Three open-air side by side parking spaces in back off alley. In-unit laundry in the top unit, while the other units have access to laundry facilities in the high and dry basement laundry room. Some common tenant storage and bike room storage. The high ceiling two egress door garden apartment features moisture-resistant hardwood floating floors, a spacious walk-in closet, and a bonus den or office area. With a Walk Score of 97/100, this property offers easy access to a ton of area amenities, including Whole Foods, Flaco Tacos, Ann Sathers, Gino's North, Cookies and Carnitas, Metropolis Coffee, and the iconic Lickity Split. Just a few blocks to the east, you'll find Lake Michigan Beaches, Lake Shore Drive access, and the scenic Lakefront Trail. Continuously well maintained over the years with recent capital work including a two-story rear code-compliant porch, stairs, and upper deck, new rear siding in 2020 and two new AC condensers in 2022, ensuring efficient cooling. New front-loaded laundry in top floor in 2023. Overhead sewer system with ejector pit prevents street sewer water from entering building in heavy rains. Appliances for most apartments are updated stainless steel. Some window replacements on top floor, hot water heaters over the years including one in 2023, masonry and tuckpointing work, new concrete entrance sidewalk and more. Situated near the Red Line stops at Granville or Thorndale, this location offers convenient transportation options. IL licensed agent-owned property. Don't miss out on this fantastic investment opportunity.
Exterior Features

Exterior Building Type Brick Exterior Features DeckPatioPorchStorms/Screens Is Parking Included In Price Yes Lot Features Fenced Yard Lot Size Less Than .25 Acre Multi Family Type 2 Flat3 Flat Parking Details Space/s Parking Features AssignedOff Alley Parking Onsite Yes Parking Ownership Owned Parking Total 3 Roof Rubber Waterfront YN No

Interior Features

Basement FinishedUnfinished Basement Details FullWalkout Bathroom WhirlpoolSeparate ShowerFull Body Spray ShowerDouble ShowerSoaking Tub Bedrooms Below Grade 0 Bedrooms Total 6 Full Baths In Building 4 Half Baths In Building 0 Heating Natural GasForced Air Room Type DenEnclosed PorchUtility Room-Lower Level Rooms Total 21

Property Features

Additional Parcels YN No Age 100+ Years Built Before1978 YN Yes Community Features ParkCurbsGatedSidewalksStreet LightsStreet Paved Contingency Attorney/Inspection Continue To Show Yes Corporate Limits Chicago General Information Commuter BusCommuter Train Gross Income 91200 Mls Actual Status Contingent Net Operating Income 64450 New Construction YN No Other Equipment TV-CableCO DetectorsCeiling Fan(s)Multiple Water HeatersWater Heater-Gas Ownership Fee Simple Rebuilt Year 1999 Rebuilt YN Yes Rehab Year 2018 Sewer Public SewerSewer-Storm Special Listing Conditions None Tax Annual Amount 14266 Tax Year 2021 Total Numberof Unitsin Building 2 Total Rental Income 91200 Township Lake View Type Two to Four Units Water Source Lake MichiganPublic Zoning MULTI

Listing information © 2024 Midwest Real Estate Data LLC.
Listing provided courtesy of @properties Christie's International Real Estate: 773-472-0200.


© 2024 Midwest Real Estate Data LLC. All rights reserved. IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Information is deemed reliable but is not guaranteed accurate by MTP, MRED or Ryan Dallas Real Estate. Based on information submitted to the MRED as of 2024-04-24T23:04:20.92 UTC. All data is obtained from various sources and has not been, and will not be, verified by broker or MRED. MRED supplied Open House information is subject to change without notice. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information. Some properties which appear for sale on this website may subsequently have sold and may no longer be available. NOTICE: Many homes contain recording devices, and buyers should be aware they may be recorded during a showing.

Digital Millennium Copyright Act
 
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