3 Flat 708 Melrose Chi Lake View Chicago IL Mu | Chicago Property Listings – X Plus Real Estate

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3 Flat 708 Melrose Chi Lake View Chicago IL Mu

City: Chicago ZIP: 60657

Built In: 1863

Lot Size: A

Lot Dimensions: 25X103

# of Units: 3

Unit 1 Floor 1: 2 bedrooms 1 baths $1965

Unit 2 Floor 2: 2 bedrooms 1 baths $VAC

Unit 3 Floor 3: 1 bedrooms 1 baths $1492

Gross Income $70,248

Detailed Listing Description

Own on one of Lakeview East's most desirable streets. Suitable for investors, live-in landlords or redevelopment. This legal 3-unit apartment building has vintage charm and modern conveniences with updated plumbing, electric, and HVAC systems. Enjoy a wonderful walkable community where restaurants, coffee shops, bars, grocery stores, churches, special events and the lakefront are just steps away. The award winning Nettlehorst elementary public school is at the east end of the block. Great transit location: Just a short walk to the CTA Red line and the Lake Shore express bus. Vacant apartment was last rented for $2,397/mo but has been left vacant to facilitate showings.

Additional Property Details

Garage & Parking
  • ParkingN
  • Number of Parking Spaces0
  • Parking Fee/Lease Amount0
Utilities
  • Tenant Pays Unit 1B,C
  • Tenant Pays Unit 2B,C
  • Tenant Pays Unit 3B,C
Appliances
  • Appliances Unit 1A,B,K,S
  • Appliances Unit 2A,B,E,K,S
  • Appliances Unit 3A,B,E,S
Schools
  • Grade School District299
  • Jr High/Middle School District299
  • High School District299

Comparative Data

Zip Code Comparison: 60657

Listings in this Zip Code average: 3 to 4 units, and are priced at $1,088,824 to $1,836,727
This listing is 19% more than other 3 unit listings in this zipcode.

Neighborhood Comparison:
CHI - Lake View

Listings in this Neighborhood average: 3 to 4 units, with average prices of $1,039,522 to $1,694,786
This listing is 15% more than other 3 unit listings in this neighborhood.


Calculated Rents
Rental Income : Annual $67,128 Monthly $5,594
Rental Income Stabilized : Annual $62,064 Monthly $5,172
Price Units Price/Unit Cap Rate - Current GRM Cap Rate - Stabilized
$880,0003$293,3333.89%13.110.59%
Income
Unit TypeCurrent RateStabilized RateCustom Rate
Monthly Total$5,594$5,172
Year Total$67,128$62,064
Expense
Total$32,914$32,914
Net Operating Income$34,214$29,150
Amount Percent Rate Amortization Principal Interest Total Debit Services Monthly Debit Services Cash Flow Principal Reduction Total Return
Down
Mortgage $10648 $29483 $40131 $3345
Total         $10,648 $29,483 $40,131   $-5,917 $10,648 $4,731
Stabilized         $10,648 $29,483 $40,131   $-10,981 $10,648 $-333
Custom         $10648 $29483 $40131   $-10981 $10648 $-333




MonthBalancePaymentPrincipalInterestEquityTotal InterestTotal Payments
1660,0003,3458702,4758702,4753,345
2659,1303,3458732,4721,7434,9476,690
3658,2573,3458772,4682,6207,41510,035
4657,3803,3458802,4653,5009,88013,380
5656,5003,3458832,4624,38312,34216,725
6655,6173,3458862,4595,26914,80120,070
7654,7313,3458902,4556,15917,25623,415
8653,8413,3458932,4527,05219,70826,760
9652,9483,3458962,4497,94822,15730,105
10652,0523,3459002,4458,84824,60233,450
11651,1523,3459032,4429,75127,04436,795
12650,2493,3459072,43810,65829,48240,140
13649,3423,3459102,43511,56831,91743,485

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Listing Agent: Kent Frayn
Listing Office: Honore Properties,LLC
534 S La Grange Rd La Grange

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