ADDRESS: 3052 W. Irving Park Ave.
NEIGHBORHOOD: Irving Park
This opportunity is a brick, 16-unit mixed-use property, located in the Irving Park neighborhood of Chicago. 14 of the 16 units are apartments with two commercial units located steps off of Irving Park Road. One (1) commercial space is duplexed up into a one (1) bedroom apartment. New ownership may decide to utilize that one (1) bedroom apartment as a true residential rental for a total of 15 apartments.
A new owner can add value by either raising rents in current condition to market rate or through cosmetic renovation of the apartment units. The current gross rental income is $215,820. There is upside potential to reach $283,500 through improved leasing and cosmetic updates. Anticipated renovation costs should amount to $400,000 to update all apartment units.
CONTACT AGENT: Matthew Fritzshall