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6430 S Eberhart Avenue

Chicago, IL 60637
  • $125,000
  • STATUS: Active
  • ON SITE: 35 Days
  • MLS #: 11722187
UPDATED: 67 min ago
$125,000
  • 6
    BEDS
  • N/A
    ACRES
  • 0
    BATHS
  • 0
    1/2 BATHS
Neighborhood:
Type:
Multi-Family
Built:
1905
County:

School Ratings & Info

School District:
299

Description

Woodlawn is one of the fastest appreciating neighborhoods in the entire nation! This Greystone 2-unit is available for an absolute steal! There is so much upside for an investor looking to make a large profit or a homeowner looking to plant their feet in an area that will continue to aggressively appreciate for years to come! This Greystone 2-flat includes two large residential units, a full walkout basement and a private enclosed back yard! Unit #1 has 3-bedrooms, and 1 full bathroom and Unit #2 has 3-bedrooms and 1 full bathroom. Updated 3-bedroom apartments can rent for $1,700+ per month in this neighborhood! The strategy that will yield the maximum equity or profit margin will be achieved by improving this 2-unit into a legal 3-unit by converting the large unfinished basement into a legal dwelling unit and cooperating with the city of Chicago to improve the zoning from a 2 to 3-unit residential property. This strategy was effective at 6235 S. Eberhart which was sold in December of 2022 for $585,000. The after-repair-value for non-new construction 3-units or 2-units with legal garden apartments is $523,000, based on comparable sales within the past 6 months within a half mile radius of the subject property! With the right construction strategy there is an approximate $150,000+ profit margin available! In 2020 the city of Chicago passed the Additional Dwelling Unit Ordinance which provides owners of multi-units with up to $35,000 in funds in the form of a forgivable loan to create additional living space in the basement! For more ambitious investors, there is also potential to build a coach house in the back yard which the ADU ordinance also supports in the effort to achieve an even higher valuation ($550,000+). There are a plethora of new construction projects in this area which speaks to the future of this neighborhood and high consumer confidence! This building has no code violations! Minutes from the Lakefront, proximity to The University of Chicago, the Obama Presidential Library, Dan Ryan, Red Line and Jackson Park! Priced to sell so please act swiftly! ***This property is already hard money approved with our lender that requires 7% down and will finance 100% of the renovation***

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© 2023 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 Angela Walker Homes Real Estate Group. Based on information submitted to the MRED as of 2023-03-28T16:59:19.763 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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6430 S Eberhart Avenue Chicago, IL 60637

  • Price: $125,000
  • Status: Active
  • On Site: 35 Days
  • Updated: 67 min ago
  • MLS #: 11722187
6
Beds
0
Baths
0
½ Baths
N/A
Acres
1905
Built
Neighborhood:
Chi - Woodlawn
County:
Cook
Area:
Chi - Woodlawn
School District:
299
Property Description
Woodlawn is one of the fastest appreciating neighborhoods in the entire nation! This Greystone 2-unit is available for an absolute steal! There is so much upside for an investor looking to make a large profit or a homeowner looking to plant their feet in an area that will continue to aggressively appreciate for years to come! This Greystone 2-flat includes two large residential units, a full walkout basement and a private enclosed back yard! Unit #1 has 3-bedrooms, and 1 full bathroom and Unit #2 has 3-bedrooms and 1 full bathroom. Updated 3-bedroom apartments can rent for $1,700+ per month in this neighborhood! The strategy that will yield the maximum equity or profit margin will be achieved by improving this 2-unit into a legal 3-unit by converting the large unfinished basement into a legal dwelling unit and cooperating with the city of Chicago to improve the zoning from a 2 to 3-unit residential property. This strategy was effective at 6235 S. Eberhart which was sold in December of 2022 for $585,000. The after-repair-value for non-new construction 3-units or 2-units with legal garden apartments is $523,000, based on comparable sales within the past 6 months within a half mile radius of the subject property! With the right construction strategy there is an approximate $150,000+ profit margin available! In 2020 the city of Chicago passed the Additional Dwelling Unit Ordinance which provides owners of multi-units with up to $35,000 in funds in the form of a forgivable loan to create additional living space in the basement! For more ambitious investors, there is also potential to build a coach house in the back yard which the ADU ordinance also supports in the effort to achieve an even higher valuation ($550,000+). There are a plethora of new construction projects in this area which speaks to the future of this neighborhood and high consumer confidence! This building has no code violations! Minutes from the Lakefront, proximity to The University of Chicago, the Obama Presidential Library, Dan Ryan, Red Line and Jackson Park! Priced to sell so please act swiftly! ***This property is already hard money approved with our lender that requires 7% down and will finance 100% of the renovation***
Exterior Features

Exterior Building Type BrickStoneBrick/Stone Msn Pred Lot Size Less Than .25 Acre Multi Family Type 2 Flat Parking Details None Waterfront YN No

Interior Features

Basement Unfinished Basement Details Full Bedrooms Below Grade 0 Bedrooms Total 6 Full Baths In Building 2 Half Baths In Building 0 Heating Forced Air Rooms Total 12

Property Features

Age 100+ Years Built Before1978 YN Yes Corporate Limits Chicago General Information None Mls Actual Status Re-Activated New Construction YN No Ownership Fee Simple Rebuilt YN No Sewer Public Sewer Special Listing Conditions None Tax Annual Amount 2346.7 Tax Year 2021 Total Numberof Unitsin Building 2 Township Hyde Park Type Two To Four Units Water Source Public

Listing information © 2023 Midwest Real Estate Data LLC.
Listing provided courtesy of Straight-A Realty, Llc: 630-288-2446.


© 2023 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 Angela Walker Homes Real Estate Group. Based on information submitted to the MRED as of 2023-03-28T16:59:19.763 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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