27
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Listed by Wilfredo Aguilar Jrof Compass
-
Est. payment /mo
8 Beds
Active
1609-11 N Wood Street Chicago, IL 60622
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Key Details
Property Type Multi-Family
Sub Type Two to Four Units
Listing Status Active
Purchase Type For Sale
MLS Listing ID 12623718
Style Victorian
Bedrooms 8
Year Built 1889
Annual Tax Amount $17,684
Tax Year 2023
Lot Dimensions 48 X 47
Property Sub-Type Two to Four Units
Property Description
Proud to present this sensational center entrance 4 flat opportunity. Extra Wide structure rests on a 48 x 47 lot just north of North Ave. The property is centered around Wicker Park's many restaurants, boutique shops, bars, cafe's and so much more. The classic victorian structure features the original masonry facade with its ornate bay windows, red brick exterior, stone lintels and architectural details. The two story structure offers a center entrance which enhances the interior floor plans, high ceilings, and full unfinished basements for potential expansion. Each unit is separately metered with its own utilities which means each tenant pays for electricity, gas, and heat as well as hot water. OPPORTUNITY: The opportunity to duplex down and create 3 bedroom 2 bath duplexes from the first floor to the basement is high. The ceiling heights are tall on each level and so this could provide a new owner with a $4000 per month projected rental rate for each of the first floor untis post rehab. The second floor two bedrooms could be made into 3 bedroom units by eliminating the dining room and converting it to a 3rd bedroom . Taking the HVAC systems out of the second floor hallway closet provides a new opening into the living space allowing for you to separate out the third bedroom and collect $3000 per month for each of the upstairs units. Add value, increase the already low rents for the property and enjoy this marquee property in Wicker Park! The walkability at this location is unparalleled, it is close enough to all forms of transportation, but far enough from it. This property has not traded hands in over 30 years, improvements have been made and it will be a pleasure to share this with you. Market rents are $2400-2500 per unit but do to long term tenancy the rents are below market at $1850-2000 per unit. Tenants have been given notice that the building is up for sale and no leases are to be renewed at the given time. The asset is fully leased and so proper notice is required, however. NO parking at this location, there is effortless street parking, and the bus and train are a short walk away. The property takes up the majority of the land area to maximize the livability of each residence.
Location
State IL
County Cook
Community Curbs, Sidewalks, Street Paved
Zoning MULTI
Rooms
Basement Unfinished, Full
Interior
Heating Natural Gas, Forced Air
Fireplace N
Exterior
View Y/N true
Roof Type Asphalt,Rubber
Building
Foundation Brick/Mortar, Stone
Sewer Storm Sewer
Water Lake Michigan
Structure Type Brick
New Construction false
Schools
School District 299, 299, 299
Others
Ownership Fee Simple
Special Listing Condition None
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