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$375,000
Est. payment /mo
3 Beds
2 Baths
UPDATED:
12/20/2024 03:13 PM
Key Details
Property Type Multi-Family
Sub Type Two to Four Units
Listing Status Active Under Contract
Purchase Type For Sale
MLS Listing ID 12223081
Bedrooms 3
Year Built 1926
Annual Tax Amount $3,615
Tax Year 2023
Lot Dimensions 30X127
Property Description
Step into a rare opportunity at 7712 S. Jeffery Blvd., where potential and promise come together in one of Chicago's most sought-after neighborhoods-South Shore! This untraditionally large, golden brick three-unit building is a dream for both investors and owner-occupants, offering an unbeatable combination of space, income potential, and prime location. With over 4,000 square feet of living space, each unit features more than 1,300 square feet, including three spacious bedrooms, original hardwood floors throughout, and separate living room and dining room areas. This property comes with a solid foundation of improvements already in place, including two new furnaces (2024), brand-new copper water lines throughout (2024), five newly installed bathtubs, and a four-year-old roof. Approximately 80% of the electrical system was updated three to four years ago, and two attic condensers offer the potential for central air installation. While these updates provide a head start, additional renovations will be necessary to restore the property to its full potential and transform it into a thriving income-producing asset. Bring your vision to breathe new life into this incredible building! The full basement is bursting with potential, featuring seven-foot ceilings, front and rear exits, and plumbing already in place-perfect for converting into a legal two-bedroom, one-bath garden unit. Imagine the possibilities of creating an additional dwelling unit to maximize the property's income potential! The off-alley parking pad is large enough to accommodate three cars, adding further convenience and value. The laundry area-ready for coin-operated machines-adds even more revenue-generating opportunities, making this property a future cash cow. Thoughtfully priced with an end buyer in mind; the financial and equity upside is truly undeniable. After-repair values in the area average $525,000, with high-end renovations exceeding $700,000. Comparable four-unit properties average $565,000. Rental comps show impressive income potential, with $2,000 per month for three-bedroom units and $1,700 per month for two-bedroom units. A converted garden unit would bring the potential total gross monthly income potential to $7,700, making this an investment opportunity that's hard to beat. Convert the dining room into a fourth bedroom for even more rental income potential! Located just minutes from Lake Michigan, Jackson Park Golf Course, the new Obama Presidential Library, bike paths, Lakeshore Drive, major highways, public transportation, shopping, and dining, this property offers unmatched convenience and lifestyle benefits for tenants. Completely vacant and, this South Shore gem is brimming with potential and priced to sell quickly. Don't miss the chance to own a standout multifamily property with exceptional equity and income possibilities-schedule your showing today! **Property will be sold as-is, and subject to any Code violations, please perform due diligence**
Location
State IL
County Cook
Area Chi - South Shore
Zoning MULTI
Rooms
Basement Full
Interior
Heating Natural Gas
Fireplace N
Exterior
Roof Type Rubber
Building
Dwelling Type Two to Four Units
Sewer Public Sewer
Water Public
New Construction false
Schools
School District 299 , 299, 299
Others
Ownership Fee Simple
Special Listing Condition None
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© 2024 Listings courtesy of MRED as distributed by MLS GRID. All Rights Reserved.
Listed by Michael Applegate • Straight-A Realty, LLC
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