Active

5865 N Magnolia Avenue

Chicago IL, 60660

$1,060,000


Active

10 Beds

7 Baths

Residential

Built in 1914

Courtesy of EXIT Strategy Realty

Fabulous 6-unit investment or owner-occupied property in Edgewater! Apartments G (3BR/1 Ba), Apt 1 (3BR/1.5Ba), and 3N (1Br/1Ba) have standard, 12mo leases, while apts 2S, 2N, and 3S (all 1BR/1Ba) are furnished rentals. Seller is willing to master lease those 3 apts at above-market rents, producing an NOI of $88k and 8% CAP rate. Buyer also has the option to purchase furniture and operate the 3 airbnbs for a $100k NOI and 9% CAP. Lots of flexibility, and Seller is happy to discuss all options. Apt 1 would also make a great owner's unit and features central heat and air (rest of units each have own furnace + window AC). Recent updates include a full gut rehab of the Garden unit and substantial upgrades to the kitchens and bedrooms in apts 2S and 3S, plus resurfacing of roof. Building has laundry room with 2 coin washers and 2 coin dryers, plus 3 car garage. Addtl rental income potential by raising Apt G and 1 rents plus charging higher parking rates. Top location in Edgewater on quiet street, but short walk to Thorndale red line stop, Loyola University, and stores/restaurants on Broadway. Please note that multiple units are non-conforming, so this is deal requires CASH or COMMERCIAL FINANCING.

11971572

MLS ID

January 23, 2024

Listed

February 25, 2024

Updated

Map

5865 N Magnolia Avenue
Chicago IL, 60660

Interior Features

Bedrooms

10 Beds


Bathrooms

7 Baths


Fireplace

No


Cooling

No


Heating

Yes


Heating Description

Natural Gas, Forced Air

Exterior/Building Features

Sewer

Public Sewer

School Information

School District

299

Other Property Details

Area Name

CHI - Edgewater


Taxes

$15,156


Tax Frequency

Annually


Days on Market

34


Garage

No


Parking Total

5


View

No


County

Cook


Water Source

Lake Michigan


Pool

No


Buyer Agency Compensation

2.5% - $295

Listing History

Date

Event

Price

2/20/2024

Price Change

$1,060,000

-4%

Courtesy of EXIT Strategy Realty, Steven Koleno,
Listing Contact: 630-526-3500 

The data relating to real estate for sale on this website comes in part from the Broker ReciprocitySM Program of Midwest Real Estate Data. Real estate listings held by brokerage firms other than The Keith Goad Group are marked with the Broker ReciprocitySM logo or the Broker ReciprocitySM thumbnail logo (a little black house) and detailed information about them includes the name of the listing brokers.

Based on information submitted to the  MLS GRID for MRED 2/25/2024. All data is obtained from various sources and has not been, and will not be, verified by broker, MRED or MLS GRID. MLS Grid and MRED 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. IDX information is provided exclusively for consumers’ personal non-commercial use, and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Data is deemed reliable but is not guaranteed by MTP or MRED. The use of the MRED Data may be subject to an end-user license agreement prescribed by the Member Participant’s applicable MLS if any and as amended from time to time.

©2024 Listings Courtesy of MRED as distributed by MLS GRID. All rights reserved.

Data last updated 10:36 AM UTC, 2/25/2024

 

 

Powered byLuxury Presence