902 W Newport Ave - Multi-Family FOR SALE


Chicago, IL 60657- Lakeview
$1,525,000 USD
847-275-4550
902 W Newport Ave, Chicago, IL for Sale
$1,525,000 USD
Multi-Family - FOR SALE
1/46
null | 5.96% Cap Rate

902 W Newport Ave
Chicago, IL 60657
Lakeview


HIGHLIGHTS

  • Stunning Greystone 3-unit in Wrigleyville/Lakeview Chicago
  • 100% occupancy / near 6% CAP rate
  • Includes incredible open-concept 2-story duplex-up owners unit with 2 rear decks and 1 private rooftop deck

OVERVIEW

Discover an exceptional investment opportunity or the perfect single-family conversion in this stately, rehabbed Greystone located in Chicago's sought-after Wrigleyville/Lakeview community. Situated on the historic Newport Avenue District-a landmark block renowned for its beautiful, intact stone-fronted three-flats-this building offers a classic Chicago experience with modern amenities. The building is comprised of three well maintained units. The top-floor, duplex-up owner's unit offers the scale and comfort of a single-family home. Spanning the second and third floors, it features an open-concept main level with a chef's kitchen, 2 private rear decks, and a spacious en suite bedroom. The upper level includes a primary suite with skylights and an in-unit laundry. The true highlight is the rare private 27'x22' rooftop deck, perfect for entertaining with stunning city skyline views. The first-floor unit is a bright and spacious 3-bedroom, 2-bath with soaring windows, tall ceilings, and a large, open kitchen. This unit has it's open private rear deck and direct access to the expansive 20'x19' deck above the garage. The garden unit, a bright 2-bedroom, 1-bath, offers direct access to the generous brick-paved backyard. This property has been cared for by the live-in owner for 30 years, with significant updates including plumbing and electrical, tuckpointing (2016), a new roof (2015), and premium windows (2020). Parking for three cars adds significant value. Currently configured as a high-income three-flat, the building generates a total annual income of $117,600 with a net operating income of $90,822, representing a consistent 6% CAP rate with room for growth. This is a remarkable opportunity for a live-in owner to generate a large income stream while building equity, a long-term investor seeking a strong return, or a developer looking to convert it into a magnificent single-family home. Located in the desirable Nettlehorst Elementary School District, this property is just steps from Wrigley Field, shopping, dining, and a short walk to the "L" train and Lake Michigan. Don't miss this chance to own a piece of classic Chicago in an unbeatable location.

FOR SALE DETAILS

PRICE

$1,525,000 USD

PRICE/SF

$332 USD /SF

# OF UNITS

3

PRICE/UNIT

$508,333

CAP RATE

5.96%

% LEASED

100%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

902 W. Newport Ave

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

ADD'L SUBTYPES

Apartments

TOTAL BUILDING SIZE

-

STORIES

3

YEAR BUILT

1901

PARKING SPACES

-

LAND DETAILS

LAND ACRES

-

LAND SF

-

ZONING

RM5

APN/PARCEL ID

14-20-410-054-0000

ASK ABOUT THIS PROPERTY

John KorolisPrime Capital Real EstateMore Info
847-275-4550

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John KorolisPrime Capital Real EstateMore Info
847-275-4550

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