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708 W Melrose Street

$825,000
708 W Melrose Street, Chicago, IL 60657
708 W Melrose Street

708 W Melrose Street

$825,000

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.
Michael Hall
Michael Hall Contact

Features & Amenities

Interior

Total Bedrooms 5
Total Bathrooms 3

Exterior

Water Source Public
ROOF Asphalt
Lot Features Fenced Yard
Heat type Natural Gas, Forced Air
Sewer Public Sewer
Other Exterior Features Brick Paver Patio, Cable Access

Area & Lot

Status Sold
LOT SIZE 2,178 Sq.Ft.
MLS® ID 11727176
Type Multi-Family
Year Built 1863
Architecture Styles Victorian
School District 299

Financial

SALES PRICE $825,000
REAL ESTATE TAXES $14,680/yr
Zoning MULTI

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