862 W Lill Avenue

Chicago, IL, United States
USD $2,400,000
Save
Active
For Sale
Active
Source ID 11388637

Description

Endless opportunities in the heart of Lincoln Park with 860-862 W Lill Ave. Enjoy a potential 5.6 cap rate in this 8-unit condo deconversion opportunity or start from scratch and develop this double lot (50x125) in a prime location for new construction. Zoned RT-4, this condo association consists of 8 -1 bedroom condos (7 tenants/1 owner occupied generating $141,600 in gross yearly rent). Projected/Stabilized yearly gross income $177,000. All units have central heat and 6 condos have washer/dryers. 6 units sport hardwood floors and dishwashers and have seen recent updates. The residents share 6 exterior parking spaces on first come, first serve basis. Currently a self managed HOA, the association can be dissolved through the sale of the property allowing investors and developers to use their imagination. Financials are available upon request. Tenants will not be vacating prior to closing. Last lease currently ends 10/23. This sale is "As Is". Must have min 48hr notice to show.

Additional Resources

Location/Nearby

General Disclaimer

To the fullest extent permissible pursuant to applicable law, this web site and the materials are provided on an "as is" and "as available" basis. LuxuryRealEstate.com expressly disclaims all warranties of any kind, whether expressed, implied, or statutory including, but not limited to, the implied warranties of merchantability, fitness for a particular purpose and non-infringement. We do not warrant that this web site or the materials are completely error free, will operate without interruption, are compatible with all equipment and software configurations, free of viruses, errors, or other harmful components, or will otherwise meet your needs.