814 W Newport Avenue, Chicago, IL 60657

  • $1,600,000
  • $1,600,000
814 W Newport Avenue, Chicago, IL 60657
  • Residential Income
  • Property Type
  • 9
  • Bedrooms
  • 1900
  • Year Built
For Sale
814 W Newport Avenue, Chicago, IL 60657
  • $1,600,000
  • $1,600,000

Overview

Property ID: 24428110
  • Residential Income
  • Property Type
  • 9
  • Bedrooms
  • 1900
  • Year Built

Description

Stunning Rehabbed Greystone 3-flat + tall basement on a quiet 1-way street steps from Wrigley Field & Halsted! Great investment or perfect for a live-in owner. Exceptional income and 2 of the 3 units have been tastefully rehabbed including 2 newer kitchens with modern, flat-panel & shaker-style cabinets, granite countertops & stainless-steel appliances, and newer baths. ALL 3 UNITS HAVE 3-BEDROOMS, IN-UNIT LAUNDRY, GFA w/ CENTRAL-AIR CONDITIONING & 2 BATHROOMS, Large formal living room & dining rooms with Hardwood Floors throughout. All New Windows in 2011, newer Mechanicals (newer plumbing supply, some new electric, etc) & more! VERY Tall Basement and GENEROUS RM-5 ZONING (FAR = FLOOR AREA RATION OF 2.0) will allow for further income by expanding up and/or down into the basement for a 4th, legal apartment or combine with the first-floor unit to create a large duplex-down unit! A unique side & back alley allows for 4 full exterior parking spots (with room to expand for a 5th spot) all 4 are currently rented through Spot-Hero with an outstanding annual income of $23K! Excellent location with a short walk to Wrigley Field and steps from all the Wrigleyville & Lakeview amenities on Halsted & Clark including great area restaurants, coffeehouses, shopping, nightlife, parks, lakefront, EL stop, schools & more! – UNIT #3; 3-bed/1.5-bath (can easily add a shower for 2nd full bath) – lease exp 7/31/25 @ $3,010 per month…UNIT #2; 2-bed/2-bath and is currently vacant (was last rented for $3,100 per month) …UNIT #1; 3-bed/2-bath (lease exp 7/31/25 @ $2,670 per month). 4 gas meters and 4 electric panels. ***EXCELLENT TOTAL ANNUAL INCOME of $128,877 minus – $31,354 in total expenses = $97,523 (NOI) ANNUAL NET OPERATING INCOME for a Solid 6.1% CAP rate.***See Pro-Forma sheet under “additional info” showing how investing an additional $310K in creating a legal 4th garden unit (which is allowed under the current R5 zoning) brings the CAP rate up to 7.6%!

  • Address 814 W Newport Avenue
  • City Chicago
  • State/county IL
  • Zip/Postal Code 60657
  • Country United States

Details

Updated on August 30, 2024 at 11:27 am
  • Property ID: 24428110
  • Price: $1,600,000
  • Bedrooms: 9
  • Year Built: 1900
  • Property Type: Residential Income
  • Property Status: For Sale
  • MLS#: MRD12102937
  • Office Name: COMPASS
  • Agent Name: Derek DiSera
  • MLS Status: Active

Additional details

  • List Office MLSID: MRD87121
  • List Agent MLSID: MRD108861
  • List Date: 2024-08-06T20:01:56.000Z
  • Sewer: Public Sewer
  • Heating: Natural Gas,Forced Air
  • Tax Annual: 21281
  • Tax Year: 2022
  • County: Cook
  • Parking: Alley Access,Oversized,Rear/Side Entry
  • Elementary School: Nettelhorst Elementary School
  • High School: Lake View High School
  • Water Source: Lake Michigan,Public

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