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Condo for Sale, Chicago, IL 60660 - $1,450,000

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Key information

• Bedrooms: 6
• Bathrooms: 4
• 7,711 ft²
Address
Chicago, IL 60660
Date
June 10th, 2015 10:44 PM

The details

• Features:

About the property

Cash on Cash return, year one: 17% (AS-IS). The property is located on the trending Devon Avenue Corridor in Rogers Park, steps from Loyola University, Edgewater, Lake Michigan, and the Loyola Red Line train stop. Multiple luxury apartment developments nearby are under construction making this a tremendous value-add opportunity for investors. 1234 Devon Avenue is a mixed-use building on a corner lot with parking and full basement. The building's unit mix consists of two three-bedroom/one-bathroom units 1,300-1,500 square feet in size and one retail space 4,911 in total square feet with a custom vault. Retail space is occupied by Cash America, a publicly traded company and national credit tenant. The lease has attractive three percent annual rent bumps effective each April and is likely to renew due to a grandfathered trade license (lease expires 2022). The best use for this property includes duplexing an additional level to the apartments and remodeling the units to condo quality to maximize cash flow. East Rogers Park near Loyola University is one of Chicago's most sought after communities for homeowners and renters including an attractive mix of both students and young professionals. Investors are actively seeking rare value-add opportunities in prime Chicago locations like this property.

Contact Information

Advertiser: Bill Sardegna
Website: hotpads.com

Advertiser: Bill Sardegna
Website: hotpads.com

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