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$ 950,000

Est. payment -/mo

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Price Dropped by $50K

636 E 44th ST Chicago, IL 60653

7,425 SqFt

UPDATED:

10/20/2024 05:06 AM

Key Details

Property Type Multi-Family

Sub Type Multi Family 5+

Listing Status Active

Purchase Type For Sale

Square Footage 7,425 sqft

Price per Sqft $127

MLS Listing ID 12158894

Maintenance Fees $3,600

Year Built 1873

Annual Tax Amount $7,486

Tax Year 2023

Lot Size 4,791 Sqft

Lot Dimensions 4800

Property Description

636 E. 44th St., is a rarely available six (6) unit center entrance building in Chicago's booming Bronzeville neighborhood. This incredible investment is priced to sell at close to a 8 cap on current numbers with strong income from day one. The property sits on an extra-wide corner lot on the southeast corner of 44th Street and Champlain, overlooking Armstrong Park. Conveniently located near the CTA Green Line at 43rd (10-minute walk), numerous bus stops, nearby I-90, and Lake Shore Drive, renters have easy commuting access to downtown. The property comprises (4) 3-bed / 1-bath and (2) 2-bed / 1-bath apartments, offering a balanced mix to cater to a variety of potential renters. The units feature hardwood floors, updated kitchens & bathrooms, and spacious living/dining rooms. In addition to the cosmetic upgrades, the building has newer hot water tanks, a fully re-built boiler, newer windows, well-maintained roof, upgraded common area, stairwells/entryway and lighting. 636 E. 44th St. presents an investor a unique opportunity of a acquiring a stabilized and strong cash-flowing asset in in one of Chicago's most developing and desirable neighborhoods Bronzeville. Upon acquisition, a new owner may capitalize on an incredibly strong and rapidly growing tenant base and realize an in-place cap rate of 8.30 from day one. With ongoing development in the area, there is an opportunity to further add value by bringing rents to increasing market rate levels in existing condition, and/or convert unit 2E into a 3-bed / 1-bath layout or further unlock additional rental income by installing ventless all-in-one washer/dryer combos.

Location

State IL

County Cook

Area Chi - Grand Boulevard

Zoning MULTI

Interior

Fireplace N

Building

Dwelling Type Multi Family 5+

Level or Stories 3

Structure Type Brick

Listed by Harrison Cohen • Triton Realty Group LLC

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