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Listed by Micah Weisof Horvath & Tremblay IL, LLC
$1,530,000
Est. payment /mo
UPDATED:
Key Details
Property Type Commercial
Sub Type Multi Family 5+
Listing Status Active Under Contract
Purchase Type For Sale
MLS Listing ID 12729281
Year Built 1900
Annual Tax Amount $18,724
Tax Year 2024
Lot Dimensions 84x44
Property Sub-Type Multi Family 5+
Property Description
Tucked into a tree-lined stretch of Ravenswood, 4703 North Winchester Avenue is a handsome, turn-of-the-century brick building with a classic covered front porch and the vintage character that consistently commands a premium from renters. Every unit is a true one-bedroom, one-bathroom layout. 6 of 8 units have been updated while 2 of the remaining units have more vintage finishes, making this a great opportunity to cash flow in current condition, but still taking advantage of additional upside in rents. The location does the heavy lifting: a short walk to the CTA Brown Line, surrounded by Lincoln Square's shops and restaurants, minutes from Winnemac and Welles Parks, in a dense pocket of the city where quality rental housing is chronically undersupplied. Coin-operated laundry and tenant storage in the basement, tenant-paid electric, and a durable brick exterior round out a stabilized, cash-flowing asset in an irreplaceable North Side location - with a straightforward path to grow income simply by staying the course and light value-add strategy. Current gross rents are over $150k annually - a 10.19 GRM & 6.92% cap rate on current numbers!
Location
State IL
County Cook
Rooms
Basement Unfinished
Interior
Cooling Window Unit(s)
Fireplace N
Exterior
View Y/N true
Building
Foundation Concrete Perimeter
Structure Type Brick
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Joanna Lewkowicz
Designated Managing Broker | Owner | 471.018027 471018027
+1(708) 963-0011 | joanna@boutiquehomerealty.com