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.
