Welcome to LoopNet! Check out the listing below or search over 725,000 other listings.
Browse More Listings in Multifamily For Sale, Chicago, IL or Illinois
54 UNIT SRO - boarding/hostle
2008 S. Blue Island Ave., Chicago, IL 60608
$820,000
54
12,320 SF
$15,185.19
Multifamily
Garden/Low-Rise
Investment
2%
12%
6
95%
3
1889
5,000 SF
17203180240000
-
Find Out More...
Last Verified 10/22/2009
Listing ID 15784545
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
Actual
2008
$211,668
$197,485
$70,950
$131,829
$134,988
| Description | No. Units | Avg. Mo. Rent | |
|---|
| Furnished sleeping rooms | 53 | $313 | |
| 1 bedroom | 1 | $750 | 650 |
Map of 2008 S. Blue Island Ave., Chicago, IL 60608 (Cook County)
Created 7/2/2008
Additional Information for 2008 S Blue Island Avenue, Chicago, IL 60608
- Active For Sale - 1 Listing
- Active For Lease - 0 Listing
- Previously Listed - 0 Historic Listing
- Sales Comparables Available - 0 RecentSales Record
View additional information for the property view other currently active listings, previous listings, sales comparables, public records, and county records data for this address.
The information above has been obtained from sources believed reliable. While we do not doubt its accuracy we have not verified it and make no guarantee, warranty or representation about it. It is your responsibility to independently confirm its accuracy and completeness. Any projections, opinions, assumptions, or estimates used are for example only and do not represent the current or future performance of the property. The value of this transaction to you depends on tax and other factors which should be evaluated by your tax, financial, and legal advisors. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for your needs.