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862 W Lill Avenue

Chicago, IL 60614
  • $2,400,000
  • STATUS: Active
  • ON SITE: 283 Days
  • MLS #: 11388637
UPDATED: 31 min ago
$2,400,000
  • 0
    BEDS
  • N/A
    ACRES
  • 0
    BATHS
  • 0
    1/2 BATHS
Neighborhood:
Type:
Commercial
Built:
1969
County:

School Ratings & Info

Description

Endless opportunities in the heart of Lincoln Park with 860-862 W Lill Ave. Enjoy a potential 5.6 cap rate in this 8-unit condo deconversion opportunity or start from scratch and develop this double lot (50x125) in a prime location for new construction. Zoned RT-4, this condo association consists of 8 -1 bedroom condos (7 tenants/1 owner occupied generating $141,600 in gross yearly rent). Projected/Stabilized yearly gross income $177,000. All units have central heat and 6 condos have washer/dryers. 6 units sport hardwood floors and dishwashers and have seen recent updates. The residents share 6 exterior parking spaces on first come, first serve basis. Currently a self managed HOA, the association can be dissolved through the sale of the property allowing investors and developers to use their imagination. Financials are available upon request. Tenants will not be vacating prior to closing. Last lease currently ends 10/23. This sale is "As Is". Must have min 48hr notice to show.

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© 2023 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 2023-02-06T07:02:16.553 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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862 W Lill Avenue Chicago, IL 60614

  • Price: $2,400,000
  • Status: Active
  • On Site: 283 Days
  • Updated: 31 min ago
  • MLS #: 11388637
0
Beds
0
Baths
0
½ Baths
N/A
Acres
1969
Built
Neighborhood:
Chi - Lincoln Park
County:
Cook
Area:
Chi - Lincoln Park
Property Description
Endless opportunities in the heart of Lincoln Park with 860-862 W Lill Ave. Enjoy a potential 5.6 cap rate in this 8-unit condo deconversion opportunity or start from scratch and develop this double lot (50x125) in a prime location for new construction. Zoned RT-4, this condo association consists of 8 -1 bedroom condos (7 tenants/1 owner occupied generating $141,600 in gross yearly rent). Projected/Stabilized yearly gross income $177,000. All units have central heat and 6 condos have washer/dryers. 6 units sport hardwood floors and dishwashers and have seen recent updates. The residents share 6 exterior parking spaces on first come, first serve basis. Currently a self managed HOA, the association can be dissolved through the sale of the property allowing investors and developers to use their imagination. Financials are available upon request. Tenants will not be vacating prior to closing. Last lease currently ends 10/23. This sale is "As Is". Must have min 48hr notice to show.
Exterior Features

Exterior Building Type Brick Foundation Details Concrete Perimeter Frontage Type City StreetAlley Access Outdoor Parking 6-12 Spaces Parking Total 6 Roof Rubber Roof Structure Flat

Interior Features

Basement None Cooling Wall SleeveWindow Unit(S) Fireplaces Total 8 Heat Ventilation Forced AirGasSeparate Per Unit Number Of Dishwashers 6 Number Of Dryers 6 Number Of Ranges 8 Number Of Washers 6

Property Features

Additional Parcels YN Yes Approximate Age Older Association Fee Includes WaterParkingInsuranceScavenger Built Before1978 YN Yes Current Use Condominium Electric Service - 0 To 100 Amps Gross Income 154600 Gross Scheduled Income 154600 Insurance Expense 3238 Location Central Business District Maintenance Expense 0 Mls Actual Status Active Net Operating Income 96810 Operating Expense 41990 Ownership Types Condo Possible Use CondominiumDevelopmentMulti-FamilySingle Family Tax Annual Amount 30939 Tax Year 2021 Tenant Pays Air ConditioningElectricityHeat Total Monthly Income 12883 Township Lake View Type Multi Family 5+ Zoning Multi

Listing information © 2023 Midwest Real Estate Data LLC.
Listing provided courtesy of Berkshire Hathaway Homeservices Chicago: 312-944-8900.


© 2023 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 2023-02-06T07:02:16.553 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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