About 2531 West Lyndale Street
Stunning rehabbed legal 4-unit in the Heart of Logan Square/West Bucktown! This multi-unit building is currently operating as a rehabbed 3-unit with a legal, 4th unit that is currently an unfinished garden apartment. This very large building was recently beautifully rehabbed and features a Brand NEW ROOF, very large, rear addition and huge rehabbed 1ST FLOOR UNIT SIMPLEX + 2 Rehabbed DUPLEXED UNITS ON THE 2ND & 3RD FLOORS (front & rear) + an unfinished (but legal) 4th garden apartment. - UNIT #1 - Covers the entire first floor of the building and is a 2-bed/2-bath featuring a recently rehabbed & stunning chef's kitchen w/ granite countertops, breakfast bar, 42-inch cabs, high-end appliances, and custom backsplash, Full dining room & spacious living room w/ large master suite in the rear, (two full updated bathrooms) and in-unit laundry, hardwood floors, can lighting, newer windows, perfect for a live-in owner! - Both upper units (#2F & 2R) are newly rehabbed, super-bright duplex-ups w/ new HVAC (GFA w/ Central A/C), in-unit laundry, new kitchens & baths, hardwood floors throughout and great open layouts UNIT #2F is a large 2-bedroom + den with 1 full bath. UNIT #2R is also a large 2-bedroom with 1.5 baths. Terrific income-producing property, currently generating $6,780 PER MONTH TOTAL and breakdown as follows; *UNIT #1 @ $2,190 per mo and on a month-to-month lease (been there 3 years), *UNIT #2F @ 2,190 per month and lease expires 9/26 (2 years) & *UNIT #2R @ $2,400 and lease expires 9/26 (new tenant). The basement is currently unfinished, but it is a legal 4th garden unit and can be finished for $160K. ***EXCELLENT TOTAL ANNUAL INCOME of $81,360 minus - $16,336 in expenses (RE taxes, water & insurance) = $65,024 (NOI) TOTAL ANNUAL NET OPERATING INCOME for a Solid 7.4% CAP RATE.***Also, investing an additional $160K in finishing the legal 4th garden unit, brings the CAP rate up to 8.8%!! (We have the certificate of zoning from the city in hand showing 4 legal units). A+ location, quiet one-way street, close to all the great restaurants, coffee shopping, night-life, parks & excellent schools in the Logan Square/Bucktown area with excellent transportation options and a short walk to both the Western Blue Line or California stops, easy access to 90/94, close to The 606 bike path & more!!! ***Note***The 2 current tenants have indicated they will waive their right of 1st refusal under Chicago's N/W Side Preservation Ordinance, Tenant Opportunity to Purchase (606) Block Pilot Program).
Features of 2531 West Lyndale Street
| MLS® # | 12460557 |
|---|---|
| Price | $875,000 |
| Bedrooms | 8 |
| Bathrooms | 5.00 |
| Acres | 0.00 |
| Type | Residential Income |
| Sub-Type | Two to Four Units |
| Status | Contingent |
Community Information
| Address | 2531 West Lyndale Street |
|---|---|
| Area | CHI - Logan Square |
| City | Chicago |
| County | Cook |
| State | IL |
| Zip Code | 60647 |
Amenities
| Parking Spaces | 2 |
|---|---|
| Parking | Garage Door Opener, On Site, Garage Owned, Detached, Garage |
| # of Garages | 2 |
| Is Waterfront | No |
| Has Pool | No |
Interior
| Heating | Natural Gas, Forced Air, Steam, Sep Heating Systems - 2+, Zoned |
|---|---|
| Fireplace | No |
| Has Basement | Yes |
| Basement | Unfinished, Exterior Entry, Bath/Stubbed, Full, Walk-Out Access |
Exterior
| Exterior | Vinyl Siding |
|---|
School Information
| District | 299 |
|---|---|
| Elementary | Goethe Elementary School |
| Middle | Clemente Community Academy Senio |
Additional Information
| Days on Market | 52 |
|---|---|
| Zoning | MULTI |
| Foreclosure | No |
| Short Sale | No |
| RE / Bank Owned | No |
Listing Details
| Office | Compass |
|---|---|
| Contact Info | 773-466-7150 |