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3 Flat 2237 Clifton Lincoln Park Chicago IL Mu In

City: CHICAGO ZIP: 60614

Built In: 1925

Lot Size: A

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. Easily 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 a duplex down and 2 simplex units. 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. Highlights: 1) 1 duplex-down with 4 bedrooms and 2 baths; 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 its own 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. If the market turns multi-unit will always have a renter base as it is 1/2 a block from DePaul University

Additional Property Details

Garage & Parking
  • Gargage On SiteY
  • Gargage OwnershipA
  • Gargage TypeB
  • Number of Gargage Spaces2
  • ParkingG
  • Number of Parking Spaces0
  • Parking Fee/Lease Amount0
Utilities
  • Tenant Pays Unit 1B,C,D
  • Tenant Pays Unit 2B,C,D
  • Tenant Pays Unit 3B,C,D
Appliances
  • Appliances Unit 1A,B,C,D,E,F,I,P,S
  • Appliances Unit 2A,B,C,D,E,F,I,P,S
  • Appliances Unit 3A,B,C,D,E,F,I,P,S
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 12% 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 18% 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
$1,225,0003$408,3332.74%17.600.52%
Income
Unit TypeCurrent RateStabilized RateCustom Rate
Monthly Total$5,800$6,344
Year Total$69,600$76,128
Expense
Total$35,980$35,980
Net Operating Income$33,620$40,148
Amount Percent Rate Amortization Principal Interest Total Debit Services Monthly Debit Services Cash Flow Principal Reduction Total Return
Down
Mortgage $14822 $41041 $55863 $4656
Total         $14,822 $41,041 $55,863   $-22,243 $14,822 $-7,421
Stabilized         $14,822 $41,041 $55,863   $-15,715 $14,822 $-893
Custom         $14822 $41041 $55863   $-15715 $14822 $-893




MonthBalancePaymentPrincipalInterestEquityTotal InterestTotal Payments
1918,7504,6561,2113,4451,2113,4454,656
2917,5394,6561,2153,4412,4266,8869,312
3916,3244,6561,2203,4363,64610,32213,968
4915,1044,6561,2243,4324,87013,75418,624
5913,8804,6561,2293,4276,09917,18123,280
6912,6514,6561,2343,4227,33320,60327,936
7911,4174,6561,2383,4188,57124,02132,592
8910,1794,6561,2433,4139,81427,43437,248
9908,9364,6561,2473,40911,06130,84341,904
10907,6894,6561,2523,40412,31334,24746,560
11906,4374,6561,2573,39913,57037,64651,216
12905,1804,6561,2623,39414,83241,04055,872
13903,9184,6561,2663,39016,09844,43060,528

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

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