4624 North Springfield Avenue, Chicago, IL

About 4624 North Springfield Avenue

Be captivated by this move-in ready, vacant prime Albany Park 3-flat-a rare investment opportunity! This renovated legal 3-flat is a true gem located on a charming tree-lined street in Albany Park, a vibrant neighborhood celebrated for its cultural diversity, thriving local dining scene, walkable streets, and convenient access to top-rated schools, parks, and public transit. Unit 1 and Unit 2 each offer three bedrooms, with the third bedroom providing flexible space perfect for a home office, nursery, or guest room. Unit 3 is a modern, oversized one-bedroom with versatile flex space that accommodates a spacious living room, dining area, additional storage, and a king-sized bedroom. The property includes 2022 appliances and in-unit washer/dryers in all three units, a 2023 tear-off roof, a 2025 concrete subfloor with vapor barrier in Unit 1, updated electrical and plumbing throughout, closed-cell attic insulation, new copper water service from the street replacing old lead lines, and a brand-new deck on the 3rd floor. Perfect for investors, owner-occupants seeking income, or multi-generational buyers, this rare legal 3-flat offers both modern updates and long-term appeal in a neighborhood where such opportunities are hard to secure-schedule your private tour today! Investor special with strong fundamentals. Total rental income of 7,150/month including garage (85,800 annually). Market-standard expenses of approximately $25,000 produce an NOI of about 60,800, supporting a 7.6 cap rate at the $799,000 list price and a GRM of 9.3. Conservative underwriting includes vacancy, management, and reserves for stability, with modest rent growth offering a pro forma cap rate near 8.5. Strong cash flow and attractive value compared to market averages.

Listing Map