656 E 51st St - Apartments FOR SALE


Chicago, IL 60615- Bronzeville
$1,495,000 USD
773-504-6445
656 E 51st St, Chicago, IL for Sale
$1,495,000 USD
Apartments - FOR SALE
1/11
null | 9.19% Cap Rate

656 E 51st St
Chicago, IL 60615
Bronzeville


HIGHLIGHTS

  • Proximity to Public Transportation
  • Nearby Amenities
  • Access to Highways: The property offers easy access to Lake Shore Drive (LSD) and other major highways
  • Situated across from historic Washington Park, residents can enjoy scenic views and recreational opportunities.

OVERVIEW

Exceptional Turnkey Investment opportunity on the park. Stately center entrance stabilized 6-unit building overlooking Washington Park on the double wide lot. NOI $137,457/9.19%CAP. Strong income producing property with extensive value add opportunities. Beautifully upgraded and renovated to maintain the vintage sophistication typical of Hyde Park. Mosaic tile in foyers and master baths and hardwood panel doors, woodwork, trim, hutches and floors will last a lifetime. Plaster relief wainscot in hall and dining. Masonry decorative fireplaces. Stunning units all feature a wonderful floorplan with spacious layouts with large rooms, plenty of light, huge back porches and front balconies with a beautiful view. 3 units are (6) room, (3) bedroom, (2) full bath with in-unit washer/dryer hookups. 3 units are (6) room, (3) bedroom (1) full bath (shared laundry in basement* 2 Washers/2 Dryers) (unit 1E includes w/d) (unit 3E has a jacuzzi) Of these, 3 units have been recently renovated with new kitchens, baths, lighting and paint. All units are maintained, upgraded and painted on a regular basis even with long term tenants. Property shows very well, and units are easy to rent. Responsible tenants pay rent on time like clockwork. Commercial glass entrance with buzzer system. Marble and mosaic foyer and hardwood stairs and balustrades. Double pane windows, silver coated roof (tear off 2012, new silver coat 2022) and permitted back porch. Huge back yard has 5 parking spaces, secured wrought iron fence and a lovely yard, summertime flower beds and an organic vegetable garden by tenants. Infrastructure is well maintained and solid. Steel beams and columns in dry, clean basement with high ceilings. New Dunkirk boiler installed in 2020 with internet control that can be done remotely. All radiators have variable vents to balance the system for efficient heat throughout. Obvious value-add opportunities include but are not limited to: Add a 2nd bath & w/d to (3) west units to mirror east units via huge walk-in storage closets. Add 5 additional tandem parking spaces in back and still maintain the yard and garden. Great Location. Walk to bus, green line and Hyde Park shops. Proximity to ECO campus, University of Chicago, Rush medical center and Expressway. Easy access to loop. This is your chance to own a renovated and beautifully maintained Chicago income property with favorable cap rate directly on the north end of the park. Preapproval and POF are required for showings.

FOR SALE DETAILS

PRICE

$1,495,000 USD

PRICE/SF

$124 USD /SF

# OF UNITS

6

PRICE/UNIT

$249,167

CAP RATE

9.19%

% LEASED

-

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

656-58 E 51st 60615

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

3

YEAR BUILT

1905

PARKING SPACES

5

LAND DETAILS

LAND ACRES

0.17 AC

LAND SF

7,358 SF

ZONING

R-5

APN/PARCEL ID

20-10-232-017-0000

ASK ABOUT THIS PROPERTY

Sebastian DominoSavvy Properties IncMore Info
773-504-6445

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Sebastian DominoSavvy Properties IncMore Info
773-504-6445

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.