2531 West Lyndale Street, Chicago, IL

$875,000

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8

Beds

5

Baths

About 2531 West Lyndale Street

Stunning rehabbed legal 4-unit in the Heart of Logan Square/West Bucktown! This multi-unit building is currently operating as a rehabbed 3-unit with a legal, 4th unit that is currently an unfinished garden apartment. This very large building was recently beautifully rehabbed and features a Brand NEW ROOF, very large, rear addition and huge rehabbed 1ST FLOOR UNIT SIMPLEX + 2 Rehabbed DUPLEXED UNITS ON THE 2ND & 3RD FLOORS (front & rear) + an unfinished (but legal) 4th garden apartment. - UNIT #1 - Covers the entire first floor of the building and is a 2-bed/2-bath featuring a recently rehabbed & stunning chef's kitchen w/ granite countertops, breakfast bar, 42-inch cabs, high-end appliances, and custom backsplash, Full dining room & spacious living room w/ large master suite in the rear, (two full updated bathrooms) and in-unit laundry, hardwood floors, can lighting, newer windows, perfect for a live-in owner! - Both upper units (#2F & 2R) are newly rehabbed, super-bright duplex-ups w/ new HVAC (GFA w/ Central A/C), in-unit laundry, new kitchens & baths, hardwood floors throughout and great open layouts UNIT #2F is a large 2-bedroom + den with 1 full bath. UNIT #2R is also a large 2-bedroom with 1.5 baths. Terrific income-producing property, currently generating $6,780 PER MONTH TOTAL and breakdown as follows; *UNIT #1 @ $2,190 per mo and on a month-to-month lease (been there 3 years), *UNIT #2F @ 2,190 per month and lease expires 9/26 (2 years) & *UNIT #2R @ $2,400 and lease expires 9/26 (new tenant). The basement is currently unfinished, but it is a legal 4th garden unit and can be finished for $160K. ***EXCELLENT TOTAL ANNUAL INCOME of $81,360 minus - $16,336 in expenses (RE taxes, water & insurance) = $65,024 (NOI) TOTAL ANNUAL NET OPERATING INCOME for a Solid 7.4% CAP RATE.***Also, investing an additional $160K in finishing the legal 4th garden unit, brings the CAP rate up to 8.8%!! (We have the certificate of zoning from the city in hand showing 4 legal units). A+ location, quiet one-way street, close to all the great restaurants, coffee shopping, night-life, parks & excellent schools in the Logan Square/Bucktown area with excellent transportation options and a short walk to both the Western Blue Line or California stops, easy access to 90/94, close to The 606 bike path & more!!! ***Note***The 2 current tenants have indicated they will waive their right of 1st refusal under Chicago's N/W Side Preservation Ordinance, Tenant Opportunity to Purchase (606) Block Pilot Program).

Features of 2531 West Lyndale Street

MLS® # 12460557
Price $875,000
Bedrooms 8
Bathrooms 5.00
Acres 0.00
Type Residential Income
Sub-Type Two to Four Units
Status Contingent

Community Information

Address 2531 West Lyndale Street
Area CHI - Logan Square
City Chicago
County Cook
State IL
Zip Code 60647

Amenities

Parking Spaces 2
Parking Garage Door Opener, On Site, Garage Owned, Detached, Garage
# of Garages 2
Is Waterfront No
Has Pool No

Interior

Heating Natural Gas, Forced Air, Steam, Sep Heating Systems - 2+, Zoned
Fireplace No
Has Basement Yes
Basement Unfinished, Exterior Entry, Bath/Stubbed, Full, Walk-Out Access

Exterior

Exterior Vinyl Siding

School Information

District 299
Elementary Goethe Elementary School
Middle Clemente Community Academy Senio

Additional Information

Days on Market 45
Zoning MULTI
Foreclosure No
Short Sale No
RE / Bank Owned No

Listing Details

OfficeCompass
Contact Info773-466-7150

Listing Map

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