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Welcome to a lucrative investment opportunity nestled in the heart of Melrose Park, where prime real estate meets exceptional potential. This investment gem sits within close proximity to shopping centers, central highways, schools, parks, and public transportation. Its strategic location not only enhances its desirability for tenants and investors alike, but also presents long-term appreciation in property value. A well-maintained 4-unit brick building comprises of three spacious 2-bedroom apartments and one large single-bedroom unit. Apartments are all in excellent condition with some recent undergone renovations. A Large laundry room with coin operated washer and dryer and additional storage for each apartment is on site, as well as a shed. Outside you will find 5 parking spots and a common gathering area. The building has a newer roof and gutters (2017), new fire-resistant doors and newer water heater. All units are currently occupied by long-term tenants and the rent amount is below current market value. With brought up to market value rent, the capitalization rate is above 7%. This property offers investors a rare opportunity for substantial returns on their investment in today's flourishing market. Whether you're an experienced investor seeking to diversify your portfolio or a newcomer looking to capitalize on the real estate market's potential. Look no further because this opportunity combined with a very strong rental market demand grants both immediate return on investment and long-term growth. One of the owners is a licensed real estate agent.
| DAYS ON MARKET | 31 | LAST UPDATED | 4/26/2024 |
|---|---|---|---|
| YEAR BUILT | 1971 | COMMUNITY | Melrose Park |
| COUNTY | Cook | STATUS | Active |
| PROPERTY TYPE(S) | Multi Family |
| Elementary School | Rhodes Elementary School |
|---|---|
| Jr. High School | Rhodes Elementary School |
| PRICE HISTORY | |
| Prior to Apr 26, '24 | $699,000 |
|---|---|
| Apr 26, '24 - Today | $624,000 |
| ADDITIONAL DETAILS | |
| AREA | Melrose Park |
|---|---|
| BASEMENT | None |
| BUYER'S BROKERAGE COMPENSATION | 2.5%-$295 |
| CONSTRUCTION | Brick |
| EXTERIOR | Barbecue, Outdoor Grill |
| HEAT | Natural Gas |
| LOT | 0 |
| LOT DIMENSIONS | 5552 |
| SEWER | Public Sewer |
| TAXES | 9968 |
MORTGAGE CALCULATOR
TOTAL MONTHLY PAYMENT
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Listed with Altogether Realty Corporation
The data relating to real estate for sale on this web site comes in part from the Broker ReciprocitySM Program of MRED. All real estate listings are marked with the Broker ReciprocitySM logo or the MRED Broker ReciprocitySM thumbnail logo (a little black house) and detailed information about them includes the name of the listing brokers.
The broker providing these data believes them to be correct, but advises interested parties to confirm them before relying on them in a purchase decision.
Copyright 2024 MRED. All rights reserved.
The broker providing these data believes them to be correct, but advises interested parties to confirm them before relying on them in a purchase decision.
Copyright 2024 MRED. All rights reserved.
This IDX solution is (c) Diverse Solutions 2024.