708 West Melrose Street Chicago, IL 60657

$825,000
5
Beds
0.05
Acres
$825,000
5
Beds
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sold - 05/02/2023
1/22
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LOCATION, LOCATION! 3-UNIT APARTMENT BUILDING IN A PRIME EAST LAKEVIEW LOCATION. Located on a beautiful tree-lined street just 2 blocks from the Lakefront and Express Bus Stop to downtown, 3 blocks to the Red, Brown and Purple Line Stop at Belmont and a plethora of coffee shops, restaurants and shopping as well, there couldn't be a better location in the entire city. Building has great tenants although rents are below market value so there's a lot of room for improved cash flow with projected yearly market rents of around $78,000 or more without making any improvement and well over $80,000 with cosmetic upgrades. It would make a fantastic property for investor buyers looking to rent and hold in an A+ neighborhood, live-in owners, or redevelopment to a single-family home, new construction or for building out your dream 3BR, 2BTH duplex and having rental income to pay the mortgage. So many possibilities with this property. All units have their own HVAC systems and are separately metered and paying their own gas and electric bills so owner's costs are minimal. Beautiful, serene and very private backyard with shared paver patio for all to enjoy. Very clean basement offering further storage, and a common laundry room. Mechanicals have been recently updated.

LOCATION, LOCATION! 3-UNIT APARTMENT BUILDING IN A PRIME EAST LAKEVIEW LOCATION. Located on a beautiful tree-lined street just 2 blocks from the Lakefront and Express Bus Stop to downtown, 3 blocks to the Red, Brown and Purple Line Stop at Belmont and a plethora of coffee shops, restaurants and shopping as well, there couldn't be a better location in the entire city. Building has great tenants although rents are below market value so there's a lot of room for improved cash flow with projected yearly market rents of around $78,000 or more without making any improvement and well over $80,000 with cosmetic upgrades. It would make a fantastic property for investor buyers looking to rent and hold in an A+ neighborhood, live-in owners, or redevelopment to a single-family home, new construction or for building out your dream 3BR, 2BTH duplex and having rental income to pay the mortgage. So many possibilities with this property. All units have their own HVAC systems and are separately metered and paying their own gas and electric bills so owner's costs are minimal. Beautiful, serene and very private backyard with shared paver patio for all to enjoy. Very clean basement offering further storage, and a common laundry room. Mechanicals have been recently updated.

  • Neighborhood
  • Type
  • County
    Cook
  • Area
    CHI - Lake View
  • Tax Amount
    $14,680
  • Status
    Sold
  • Listing #
    11727176
  • Built
    1863
  • Lot Size
    0.05
  • Listed on site
    367 days
  • Sold Price
    825000

Listed by:
Baird & Warner

mls source logo © 2020 Midwest Real Estate Data LLC. All rights reserved. Listing courtesy of Baird & Warner.
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Property details

Community Features

  • Gated Community
  • No HOA

Exterior features

  • Fence
  • No Pool
  • Patio
  • Basement

Interior Features

  • Heat Gas

Style

  • Victorian

Property History

DateDays AgoEventNew Price
May 2, 202310 mos agoPrice decreased44,900 (5%)$825,000
Mar 1, 20231 yr agoNew on market$869,900
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