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Listing Details

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Type
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Built
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School Ratings & Info

School District
299

Description

7656 S. Colfax, built in 2008, is comprised of (3) 3bd 2ba units boasting approximately 1150 sf of living space. All of the in-unit improvements included, but limited to: Kitchen Cabinets, granite Counter Tops & Mosaic Tile Backsplashes, Hardwood Floors, Brush Nickel Faucets. SS Appliances, Bathrooms, light fixtures, ceiling fans, and individual HVACs. This fantastic 3-flat provides an investor the opportunity to acquire their first property or a seasoned investor who wants to add more units with low density and grow their exiting portfolio. All three units are with CHA tenants where CHA pays 100% for two of the units about approx 60% for the third unit. The current Gross Scheduled Rent income is $36,876, but in this listing, a estimated 5% vacancy/credit loss is taken into consideration which brings the Gross Operating Income to $35,032. Furthermore, with lease improvements, the Gross Rents have the potential of reaching $46,800 on a year 1 proforma. The second option is to purchase this property as an owner-occupied buyer and take advantage of the rents from the other units to cover your mortgage and then some! **NOTE** This property can also be purchased with 7542 S. Colfax (same owner) MLS#11188329 . Call listing agent for more details on all opportunities.

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© 2021 Midwest Real Estate Data LLC. All rights reserved. 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. Information is deemed reliable but is not guaranteed accurate by MTP, MRED or Keller Williams Success Realty. Based on information submitted to the MRED as of 2021-09-18T23:59:50.433 UTC. All data is obtained from various sources and has not been, and will not be, verified by broker or MRED. 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. Some properties which appear for sale on this website may subsequently have sold and may no longer be available. NOTICE: Many homes contain recording devices, and buyers should be aware they may be recorded during a showing.

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7656 S Colfax Avenue Chicago, IL 60649

  • Price: $425,000
  • Status: Active
  • Updated: 33 min ago
  • MLS #: 11188340
9
Beds
0
Baths
0
½ Baths
0.06
Acres
2008
Built
Neighborhood:
Chi - South Shore
County:
Cook
Area:
Chi - South Shore
School District:
299
Property Description
7656 S. Colfax, built in 2008, is comprised of (3) 3bd 2ba units boasting approximately 1150 sf of living space. All of the in-unit improvements included, but limited to: Kitchen Cabinets, granite Counter Tops & Mosaic Tile Backsplashes, Hardwood Floors, Brush Nickel Faucets. SS Appliances, Bathrooms, light fixtures, ceiling fans, and individual HVACs. This fantastic 3-flat provides an investor the opportunity to acquire their first property or a seasoned investor who wants to add more units with low density and grow their exiting portfolio. All three units are with CHA tenants where CHA pays 100% for two of the units about approx 60% for the third unit. The current Gross Scheduled Rent income is $36,876, but in this listing, a estimated 5% vacancy/credit loss is taken into consideration which brings the Gross Operating Income to $35,032. Furthermore, with lease improvements, the Gross Rents have the potential of reaching $46,800 on a year 1 proforma. The second option is to purchase this property as an owner-occupied buyer and take advantage of the rents from the other units to cover your mortgage and then some! **NOTE** This property can also be purchased with 7542 S. Colfax (same owner) MLS#11188329 . Call listing agent for more details on all opportunities.
Exterior Features

Exterior Building Type BrickFrameBlock Foundation Details Concrete Perimeter Lot Size Less Than .25 Acre Multi Family Type 3 Story Unit/S Parking Space/S Parking Features Off Street Parking Onsite Yes Parking Ownership Owned Parking Total 3 Roof Asphalt Waterfront YN No

Interior Features

Basement None Basement Bathrooms YN No Basement Details None Bedrooms Below Grade 0 Bedrooms Total 9 Full Baths In Building 6 Half Baths In Building 0 Heating Natural GasForced Air Rooms Total 15

Property Features

Age 11-15 Years Built Before1978 YN No Corporate Limits Chicago General Information None Gross Income 35032 Insurance Expense 2263 Maintenance Expense 975 Net Operating Income 22592 New Construction YN No Ownership Fee Simple Rebuilt YN No Sewer Public Sewer Special Listing Conditions List Broker Must Accompany Tax Annual Amount 4509.5 Tax Year 2020 Total Numberof Unitsin Building 3 Total Rental Income 36876 Township Hyde Park Type Two To Four Units Water Source Lake Michigan Zoning Multi

Listing information © 2021 Midwest Real Estate Data LLC.
Listing provided courtesy of Re/Max Next.


© 2021 Midwest Real Estate Data LLC. All rights reserved. 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. Information is deemed reliable but is not guaranteed accurate by MTP, MRED or Keller Williams Success Realty. Based on information submitted to the MRED as of 2021-09-18T23:59:50.433 UTC. All data is obtained from various sources and has not been, and will not be, verified by broker or MRED. 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. Some properties which appear for sale on this website may subsequently have sold and may no longer be available. NOTICE: Many homes contain recording devices, and buyers should be aware they may be recorded during a showing.

Digital Millennium Copyright Act
 
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