$595,000

beds

baths

3123 W Monroe Street

Chicago, Illinois 60612

Contingent / MLS #12048173 / Multiple Unit (2-4) / East Garfield Park

Listing information updated 5/11/2024 at 4:03pm

Welcome to Fifth City/East Garfield Park, where opportunity knocks louder than ever before! This listing presents an unparalleled turnkey investment opportunity with boundless potential for growth. Let's delve into the remarkable features that make this property a standout choice for savvy investors: Prime Location: Nestled in the vibrant Fifth City/East Garfield Park area, this property enjoys proximity to Fifth City Commons, a newly developed 43-unit apartment complex, signaling the neighborhood's upward trajectory. Recent Renovation: A comprehensive interior renovation in 2019 ensures that this property offers modern comforts while preserving its classic charm, setting the stage for immediate occupancy or further enhancement. Investor's Dream: With 3 out of 4 current leases held by CHA tenants, this property presents a lucrative opportunity for investors seeking stable rental income. Development Potential: Positioned amidst city-owned lots earmarked for development, this property stands to benefit from the area's planned growth initiatives, driving up property values in the near future. ARO Program Inclusion: As part of the City of Chicago's Affordable Requirements Ordinance (ARO) program at 100% AMI, this building aligns with the city's commitment to affordable housing, offering potential incentives for investors. Expansion Possibilities: Approved permit plans for the addition of two garden-level units provide a clear path to substantially increase revenue streams, maximizing the property's income potential. Zoning Advantages: Zoned RM-5, this property presents opportunities for further unit additions, subject to evaluation, allowing investors to explore expansion possibilities within the regulatory framework. This property represents a gateway to a lucrative investment journey in one of Chicago's most promising neighborhoods. Don't miss out on this golden opportunity to secure your foothold in Fifth City/East Garfield Park's thriving real estate market! Pro Forma Income: (4) Units - $81,600 | (6) Units - $115,200

Full Features

Exterior Type:

Brick

Basement:

Unfinished

Beds Above Grade:

Heating System:

Natural Gas

Pool:

Age:

100+ Years

Parking Type:

Space/s - Off Alley

Room Count:

Water Front:

Square Feet:

N/A

Lot Size:

Less Than .25 Acre

Taxes & Assessments

Tax Amount:

$3,213

Tax Year:

2022

Location

Zip Code:

60612

City:

Chicago

County:

Cook

Schools

School District(s):

299

Elementary School:

N/A

Middle School:

N/A

High School:

N/A

Listing Office: Devise Property Group LLC

Listing Office Phone: 312.519.9065

Disclaimer: The data relating to real estate for sale on this website comes courtesy of Midwest Real Estate Data, LLC as distributed by MLS GRID. Real estate listings held by brokerage firms other than @properties are marked with the Broker Reciprocity thumbnail logo and detailed information about them includes the name of the listing brokers. Properties displayed may be listed or sold by various participants in the MLS. Based on information submitted to the MLS GRID as of 5/11/2024 at 4:03pm. All data is obtained from various sources and may not have been verified by broker or MLS GRID. Supplied Open House Information is subject to change without notice. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.

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3123 W Monroe Street is a multiple unit (2-4) currently listed at $595,000. 3123 W Monroe Street features 12 Beds, 4 Baths. This multiple unit (2-4) has been listed on @properties since May 6th, 2024 and was built in 1905. The nearest transit stops include Kedzie-Homan CTA Blue line and Kedzie Metra Union Pacific West line.