Monarch Realty Partners is pleased to exclusively offer for purchase a value-add center entrance 6-flat in the attractive Washington Park neighborhood of Chicago. The offering consists of five 2-bedroom/ 1-bathroom units and one 1-bedroom/1-bathroom unit. There is one garden unit that brings in additional income and a two car garage in the back of the property. Currently, five units are occupied. A new owner will have the opportunity to acquire and gut renovate a classic center-entrance building at an attractive basis to generate strong returns
The property sits on the Southeast corner of Washington Park, an area of Chicago that has received and continues to receive a significant amount of investment. In June of this year, city officials broke ground on the the overhaul of the Garfield CTA line station. The $50 million dollar project will help turn around one of the nations oldest transit stations into a focal point in the community and help improve nearby sidewalks, pedestrian crosswalks, and the streetscape of Garfield Boulevard. The state of Illinois also recently passed a $174 million budget for infrastructure improvements related to the Obama Presidential Library, which is located roughly two miles away in neighboring Jackson Park. The library is expected to open sometime in 2021. The majority of the Washington Park Neighborhood is included in the Federal Opportunity Zone Program which encourages private investment by offering incentives for qualified investors.
