3501 W Palmer Street, Chicago, IL 60647

• 9 beds |
• 4 baths

Property Description

Legal-4 unit building in an appreciating corridor of Logan Square with significant cash flow in-place. The building sits immediately west of Palmer Square and Kedzie Boulevard with recent, nearby new build single-family home sales under contract near $1.5 million. The existing rent roll comprises $84,120 of revenue or a 9.2x gross revenue multiple on in-place income. Additional revenue can be creted by (i) marking the existing rent roll to market, (ii) adding a parking slab with three exterior stalls at the rear of the building, and (iii) creating a small outdoor garden/amenity area in the existing gravel yard at rear. This value-add is projected to result in $96,200 of revenue or a stabilized 7.8x GRM, roughly a 10.0% return-on-cost. All units have furnaces and the large 4 bed / 1 bath duplex has central air conditioning.

Listing Status:

Active

Listing Office:

Essex 312, LLC : 773-305-4858

Listing Agent:

Philip Leigh : 773-606-8472

MLS ID:

12502469

Interior

• Basement: Crawl SpacePartial
• Heating: Natural Gas

Exterior

• Parking: UnassignedOff StreetOn SiteOwnedParking spaces: 4

Construction

• Roofing: Asphalt
• General: Concrete Perimeter

Location

• Originating MLS: mred
• School District: 299
• County: Cook

Lot

• Zoning: 13352190150000

Utilities

• Water: Lake MichiganPublic
• Sewer: Public Sewer

Financial

• Source: mred
• Ownership: Fee Simple

This listing courtesy of Philip Leigh, Essex 312, LLC