Solid 8 unit building in booming Portage Park in North Chicago

[Vish Iyer]

Motivated seller and the owner is retiring.

The property located at 3615 N Lockwood is a very well maintained 8 +1 unit apartment building

in the Portage Park neighborhood. This turn-key building offers some of the nicest units

in the neighborhood.

Overall great units with large bedrooms and common areas. With the rapid increase in

popularity of Logan Square many renters are being pushed west into neighborhoods like Portage Park.

Due to tight inventory, there aren't many opportunities like this to acquire buildings in this buttoned

up condition. This is a great opportunity to acquire high quality units in a rapidly gentrifying

neighborhood on the northwest side of Chicago.

There are three levels of value add possibilities. 

1. Rents are @ 60% of market rent as the tenants are long term. Buyer can come in update kitchen and bathrooms and with new paint can potentially increase rents to $1350-1400 for 2 bedrooms.

2. Buyer can convert existing one bedrooms into two bedrooms with minimal expenditure and also put in an additional non-conforming unit in the basement.

3. Potential condo conversion possibilities (Buyer to verify)

Unit Mix:

4 - 2 bed/1bath

4 - 1 bed/1bath

1 garden 2bed/1bath

Potential of 1 or 2 more garden units to put in, or duplex down 1st fl units.

3 coin laundry washers and 3 dryers, $2 wash, $1 dry

storages for units in basement

Build 1929 brick

Lot 5591 sq ft

Updates to building:

Windows 10 years old

Roof 7 y

Heating furnace 6 y

Boiler 5 y

Tuck pointing 2 y

Steam heating

11 cameras

Electric sensors through out the building connected to cell phone.

Separate 9 gas and electric meters

Taxes $10,167

Water $1896

Electricity $363

Gas $5255

Garbage $1138

Total: $18819

Total annual income: $75,960

Total annual expenses $18.819

Current rents:

1 bed - $700-$720 market value as is now would be about $850

2 bed - $800 market value as in now $950-1050

after rehab (minimal) 1 bed in area rents for $1250, 2 bed $1450

Price: $1.1 million (negotiable)

Proof of funds required for showings. Please pm me for more info.