Listing Description
Prime Lincoln Park Location: This turnkey renovated 4-unit investment property is located in one of the most sought-after areas of Lincoln Park. It offers easy access to world-class restaurants, bars, shopping, and DePaul University. Recently Updated: All units have been recently updated with large, modern kitchens and bathrooms, making them attractive to tenants and adding value to the property. Flexible Configuration: This former 4-unit condo association could be converted back to individual units and sold separately, providing an opportunity for potential profit. Duplex/Two-Level Apartments: Each unit is a duplex/two-level apartment with individual central heat and AC, water heater, gas log fireplaces, and in-unit laundry, making them highly desirable to tenants. Parking Spaces Included: The property comes with two parking spaces that are currently rented by tenants, with the potential for a third parking space for a smaller car. Large Rear Yard: The property also features a large rear yard, providing tenants with a private outdoor space. New Roof in April, 2022. High Demand Area: Lincoln Park is a high-demand area with low vacancy rates, making this property an excellent investment opportunity. Increasing Rental Income: Rental income has been increasing annually, with an actual revenue increase of over $8k in 2023 YOY. Strong Financial Performance: With a net operating income of $100k+ this property offers strong financial performance and potential for long-term appreciation. Potential for Condo Conversion: The property was formerly four separate condominiums, which could be an option for future investors to convert back and sell off single units. Viewings of the property require 48 hours tour notice due to tenant occupancy.