420 N Pine AVE Chicago, IL 60644

Park Place Realty Group LLC

Broker | License ID: 888222

+1(708) 722-5106

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Key Details

Sold Price $614,000

Property Type Multi-Family

Sub Type Multi Family 5+

Listing Status Sold

Purchase Type For Sale

MLS Listing ID 12289427

Year Built 1921

Annual Tax Amount $6,895

Tax Year 2023

Property Sub-Type Multi Family 5+

Property Description

7-Unit Multifamily Investment in Austin - Value-Add Opportunity! This well-maintained 7-unit brick building, built in 1921, overlooks Levin Park and playground and offers immediate upside with minimal work needed to bring rents to market value. The property includes five 2-bed, 1-bath units, one 1-bed, 1-bath garden unit, and a large studio with condo-quality finishes and a private deck. Each unit has tenant-paid HVAC and hardwood floors. Additional features include a detached 4-car garage, backyard, deck, and a large dry basement for storage. *** With an in-place cap rate of 6.7 and current annual gross income of 69,876, this property has a pro forma cap rate of 12.1 with potential income reaching 102,000. Legacy tenants average rent approx 970/month, while market rents for similar 2-bed units in Austin are 1,474 per MLS. A recent lease (May 2024) at 1,300 (including a garage space) highlights rental upside. *** The vacant studio unit (~1,200 sq. ft.), originally a 2-bed, 1-bath, has been upgraded and includes a private outdoor deck. A new owner can rent it as a studio or convert it back for higher income.*** The building features two separate entryways and staircases for north-side units (420 & 422) and a shared rear staircase on the south side. Immediate cash flow potential exists by renting the vacant studio and reducing insurance costs.*** Ideal for investors looking to expand their portfolio or start in multifamily real estate. Property sold as-is. Proof of funds required.

Location

State IL

County Cook

Area Chi - Austin

Interior

Cooling Central Air

Listed by Clifton Wilson • Root Realty, Inc.
Bought with Jonie Montalbano • @properties Christie�s International Real Estate

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Park Place Realty Group LLC

Broker | License ID: 888222

+1(708) 722-5106