616 Racine Avenue

Chicago, IL 60607


Status:Active Under Contract

West Loop - Near West Side

Details Pictures Map


Newer construction 5 unit building with parking and student tenants under lease through 7/31/24. 25 total bedrooms. See rent roll under additional documents. These units stay occupied due to high demand for student housing in this neighborhood with the University of Illinois at Chicago campus so close and this property has excellent proximity to downtown Chicago and the Lakefront. This property is part of a larger portfolio of student housing properties all located in the same neighborhood.

1632 Chase Avenue

Chicago, IL 60626



Rogers Park

Details Pictures Map


Enormous 6-Flat with 9-foot ceilings from the basement through the third floor. This building is larger than ANY MLS sale of 5,6 or 7-Unit buildings in Roger''s Park or Edgewater since 2018. All 6 apartments have around 1900 square feet and boasts 3 bedrooms and 2 full baths with one of the baths being a shared ensuite. All units have Living rooms that are huge with tons of light since their orientation is south. The formal dining rooms could comfortably accommodate a dinner for ten or twelve. Two of the units were wonderfully renovated to condo quality standards and gross $2,100/mo. respectively. The other units will require updating to maximize their rent potential. Updating for those apartments will range from 1) full renovation floor to ceiling in the vacant unit; 2) kitchens and some bath upgrading; 3) mostly paint or cosmetic touches. The minor to major updating of 4 of the apartments will go a long way to raise all units to minimally $2100 monthly rentals. Conservatively, this multiunit should exceed $150,000 Annually as a 6-unit. Major building improvements include new windows (2018), water heater (2017), boiler (2018) and wrought iron fencing. Roofs for both the building and garages were replaced around 2015, and the tuckpointing has been properly maintained over the years. There are two self-contained garage spaces and 2 or 3 exterior spaces for additional revenue. The back stairs enclosed a number of years ago, with aluminum siding inside and out. With some vision money and skill, this building has the phenomenal long-term potential. Nestled between Northwestern and Loyola, this building has had many student-tenants over the years. A \Walk Score of 89\ makes this a very accessible option for tenants. It''s only a few blocks from Touhy or Pottawattomie Parks and the Jarvis Red-Line stop. Less than a half mile to the Metra at Lunt or the Lake Michigan and Leone Park & Beach. Two shared washers and dryers as well as storage lockers are available in the basement. Property income numbers belie the true value of this gem since the owner lives in one and one other is vacant, awaiting renovation. Rent numbers are derived from only 4 of the 6 units. This property, held in a land trust is being sold AS-IS. First showings should allow for access to 2 to 3 units & the common areas.

6100 Paulina Street

Chicago, IL 60660



Edgewater - Andersonville

Details Pictures Map


Built in 1924, rare, turnkey 23 unit apartment building in Edgewater just north outside Andersonville. Fully leased and condo conversion quality with reconstruction including brand new water main, all new gas and water piping and systems, complete window replacement, new overlay rubber roof with skylights over stairwells. Four separate entrances. Located on the corner of Paulina and Glenlake. Each entry with call box intercom system to a tenant''s cell phone. All Chicago red brick with two car, all brick garage, large decks up to code and beautiful, secured courtyard with four sets of tables/chairs, bike racks, plantings, mulched areas. Window and lentil replacement. All new interior lighting. 7'' entry doors. 800 amp electrical service. Top of the line, and absolutely stunning mechanicals in basements with plenty of room for future tenant and common building storage capabilities. Three basements in total with high ceilings to stand up in. All copper plumbing lines. All separate gas meters. Each unit has central heat, central air, in unit washer and dryer. All new kitchens, bathrooms, flooring, appliances, lighting, dedicated gas/electric meters, radiant heating for basement/vestibules, structural joists replaced, etc. THIS IS A TRUE GUT REHAB. No expense spared. Each tier, or set of sis has its own central cable box. Each unit is already wired for cable and cable ready. 100% fire code rated. All Glenlake entrances have skylights at the top of the refurbished stairwells. Original, printed wainscoting. Lobbies with fresh carpeting and stamped tile floors, classic contemporary wood augmentations. All legitimate leases, 12 month minimum term. All tenants credentialed including full credit report, income, landlord, employment verification, background checks. This building runs itself. A must see. Very low maintenance and sit back and collect rent. A prized piece for a portfolio or star piece for a first timer. Legally zoned for 24 units. Assumable mortgage balance of $3.627M @ an interest rate of 3.09% with 4 years left on the loan as of RIGHT NOW

Copyright 2021 MRED LLC - The accuracy of all information, regardless of source, including but not limited to square footages and lot sizes, is deemed reliable but not guaranteed and should be personally verified through personal inspection by and/or with the appropriate professionals. NOTICE: Many homes contain recording devices, and buyers should be aware that they may be recorded during a showing.

Tim Brent
Leasing - Sales
Licensed Managing Broker
Baird and Warner logo
Baird & Warner Lincoln Park
2526 N Lincoln Ave
Chicago, IL 60614