Highlights

• 5.375% FINANCING AVAILABLE WITH 20% DOWN (lender won't allow seller carry back)
• Full 3.000 s.f. basment
• Notifier Fire Alarm system

• Fully Licensed by City of Chicago
• All furniture, Office equipment and materials for operations
• all mechanicals at or under 10 years

Description

53 Single Room Occupancy units & a 1br apt. Great Cash flow immediately. Well maintained - TAX ASSESSMENT FREEZE IN EFFECT TILL 2012. This is a traditional boarding house with shared bath facilites (except the 1br apt). BUYER NEEDS 20% DOWN - LENDER ON BOARD - Licensed facility with proven track record. Investor can take over high cash flow business with future appreciation of real estate as a bonus. New Notifier Alarm sys with all required fire protection equipment. Boiler 2001,water tanks 2004,Elec - plumb- roof all 1998. 16 camera DVR CCTV security system, tons of equipment & supplies. Experienced management in place with office equipment and systems for smooth operation. Low vacancy usually 5% or less. No violations. 3,000 s.f. walk out basement and space for 3 off street parking. New owner can be live in or off site self manager or hire professional realestate management. CURRENT MANAGEMENT WILL STAY IF DESIRED. CAN STAY ON TO TRAIN NEW OWNERS FOR UP TO 3 MONTHS FREE OF CHARGE. This is a BUSINESS that provides a LIVING INCOME IMMEDIATELY. NOI over $60K AFTER DEBT SERVICE. Mostly long term tenants (5 yrs or more) retired, SSI and students from UIC.
Owner is R.E.Broker

Located in Pilsen neighborhood aprox. 2 miles south of the Chicago downtown area with spectacular skyline views of the city. This is a TIF district which keeps R.E. taxes low. Public transportation to the door. Proximity to Univ. of Illinois Chicago campus supplies plenty of student tenants. Rents are low and very reasonable with room for increase possible down the road