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3 Flat 2237 Clifton Chi Lincoln Park Chicago IL

City: CHICAGO ZIP: 60614

Built In: 1925

Lot Size: Less Than .25 Acre

Lot Dimensions: 25 X 125

# of Units: 3

Unit 1 Floor 1: 4 bedrooms 2 baths $2300

Unit 2 Floor 2: 2 bedrooms 1 baths $1850

Unit 3 Floor 3: 2 bedrooms 1 baths $1650

Gross Income $69,600

Net Op. Income $63,750

Detailed Listing Description

1/2 block from DePaul. Going rate for DePaul rentals are $900s for a bedroom and $750 for a small bedroom. Easy could gross $103,200 with low expenses (5,850 a year). Taxes also successfully argued and lowered. Do a little work and could easily get more $$$$. This is a Legal 3-Flat with duplex down having 3 large bedrooms and 1 smaller. 2 simplexes with 2 large bedrooms and 1 smaller. The building is taller than the buildings to the south therefore all south facing windows from unit 3 have downtown views. Seller has not increased rents in cases since 2004. Some highlights: 1) 1 duplex-down with 4 bedroom and 2 bath; 2) 2 simplexes with 2 or 3 bedrooms and 1 bath; 3) rents have not been increased in years; 4) current leases are month to month; 5) Each unit has separate HVAC thus tenants pay utilities; 6) Each unit has laundry; 7) 2 car garage; 8) top floor has city views; 9) Zoning is Rt 4; 10) All brick building; 11) Very close to DePaul

Additional Property Details

Garage & Parking
  • Gargage On SiteYes
  • Gargage OwnershipOwned
  • Gargage TypeDetached,
  • Number of Gargage Spaces2
  • ParkingGarage,
  • Number of Parking Spaces0
  • Parking Fee/Lease Amount0
Utilities
  • Tenant Pays Unit 1Electric, Gas, Heat,
  • Tenant Pays Unit 2Electric, Gas, Heat,
  • Tenant Pays Unit 3Electric, Gas, Heat,
Appliances
  • Appliances Unit 1Stove, Refrigerator, Washer, Dryer, Dishwasher, Microwave, Central Air Conditioner, Laundry Hook-Up, Hardwood Floors,
  • Appliances Unit 2Stove, Refrigerator, Washer, Dryer, Dishwasher, Microwave, Central Air Conditioner, Laundry Hook-Up, Hardwood Floors,
  • Appliances Unit 3Stove, Refrigerator, Washer, Dryer, Dishwasher, Microwave, Central Air Conditioner, Laundry Hook-Up, Hardwood Floors,
Schools
  • Grade SchoolOSCAR MAYER ELEMENTARY SCHOOL
  • Grade School District299
  • Jr High/Middle SchoolOSCAR MAYER ELEMENTARY SCHOOL
  • Jr High/Middle School District299
  • High SchoolLINCOLN PARK HIGH SCHOOL
  • High School District299

Comparative Data

Zip Code Comparison: 60614

Listings in this Zip Code average: 3 to 4 units, and are priced at $1,397,655 to $1,464,000
This listing is 9% more than other 3 unit listings in this zipcode.

Neighborhood Comparison:
CHI - Lincoln Park

Listings in this Neighborhood average: 3 to 4 units, with average prices of $1,494,179 to $1,560,429
This listing is 15% more than other 3 unit listings in this neighborhood.


Calculated Rents
Rental Income : Annual $69,600 Monthly $5,800
Rental Income Stabilized : Annual $76,128 Monthly $6,344
Price Units Price/Unit Cap Rate - Current GRM Cap Rate - Stabilized
$1,274,5003$424,8332.99%18.310.50%
Income
Unit TypeCurrent RateStabilized RateCustom Rate
Monthly Total$5,800$6,344
Year Total$69,600$76,128
Expense
Total$31,470$31,470
Net Operating Income$38,130$44,658
Amount Percent Rate Amortization Principal Interest Total Debit Services Monthly Debit Services Cash Flow Principal Reduction Total Return
Down
Mortgage $15421 $42699 $58120 $4844
Total         $15,421 $42,699 $58,120   $-19,990 $15,421 $-4,569
Stabilized         $15,421 $42,699 $58,120   $-13,462 $15,421 $1,959
Custom         $15421 $42699 $58120   $-13462 $15421 $1959




MonthBalancePaymentPrincipalInterestEquityTotal InterestTotal Payments
1955,8754,8441,2593,5851,2593,5854,844
2954,6164,8441,2643,5802,5247,1649,688
3953,3514,8441,2693,5753,79310,73914,532
4952,0824,8441,2743,5705,06614,31019,376
5950,8094,8441,2783,5666,34517,87524,220
6949,5304,8441,2833,5617,62821,43629,064
7948,2474,8441,2883,5568,91624,99233,908
8946,9594,8441,2933,55110,20928,54338,752
9945,6664,8441,2983,54611,50732,08943,596
10944,3684,8441,3033,54112,80935,63148,440
11943,0664,8441,3083,53614,11739,16753,284
12941,7584,8441,3123,53215,42942,69958,128
13940,4464,8441,3173,52716,74746,22562,972

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Listing Agent: Steven Jurgens
Listing Office: 312 Estates LLC
5412 N Wayne Chicago

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