3501 West Palmer Street, Chicago, IL

$779,000

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9

Beds

4

Baths

About 3501 West Palmer Street

Legal-4 unit building in an appreciating corridor of Logan Square with significant cash flow in-place. The building sits immediately west of Palmer Square and Kedzie Boulevard with recent, nearby new build single-family home sales under contract near $1.5 million. The existing rent roll comprises $84,120 of revenue or a 9.2x gross revenue multiple on in-place income. Additional revenue can be creted by (i) marking the existing rent roll to market, (ii) adding a parking slab with three exterior stalls at the rear of the building, and (iii) creating a small outdoor garden/amenity area in the existing gravel yard at rear. This value-add is projected to result in $96,200 of revenue or a stabilized 7.8x GRM, roughly a 10.0% return-on-cost. All units have furnaces and the large 4 bed / 1 bath duplex has central air conditioning.

Features of 3501 West Palmer Street

MLS® # 12502469
Price $779,000
Bedrooms 9
Bathrooms 4.00
Acres 0.00
Year Built 1897
Type Residential Income
Sub-Type Two to Four Units
Status Active

Community Information

Address 3501 West Palmer Street
Area CHI - Logan Square
City Chicago
County Cook
State IL
Zip Code 60647

Amenities

Parking Spaces 4
Parking Unassigned, Off Street, On Site, Owned
Is Waterfront No
Has Pool No

Interior

Heating Natural Gas
Fireplace No
Has Basement Yes
Basement Crawl Space, Partial

Exterior

Exterior Vinyl Siding
Lot Description Corner Lot
Roof Asphalt
Foundation Concrete Perimeter

School Information

District 299

Additional Information

Days on Market 9
Foreclosure No
Short Sale No
RE / Bank Owned No

Listing Details

OfficeEssex 312, LLC
Contact Infodan@essex312.com

Listing Map

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