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Beth Kaim, Sales Associate
SOLD
$2,150,000
Date 08/18/2023

862 W Lill Avenue
Chicago, IL 60614

Business Opportunities
Residence
Courtesy: Berkshire Hathaway HomeServices Chicago

Description for 862 W Lill Avenue Chicago, IL 60614

Endless opportunities in the heart of Lincoln Park with 860-862 W Lill Ave. Enjoy a potential 5.6 cap rate in this 8-unit condo deconversion opportunity or start from scratch and develop this double lot (50x125) in a prime location for new construction. Zoned RT-4, this condo association consists of 8 -1 bedroom condos (7 tenants/1 owner occupied generating $141,600 in gross yearly rent). Projected/Stabilized yearly gross income $177,000. All units have central heat and 6 condos have washer/dryers. 6 units sport hardwood floors and dishwashers and have seen recent updates. The residents share 6 exterior parking spaces on first come, first serve basis. Currently a self managed HOA, the association can be dissolved through the sale of the property allowing investors and developers to use their imagination. Financials are available upon request. Tenants will not be vacating prior to closing. Last lease currently ends 10/23. This sale is "As Is".

Property Details

11388637
Business Opportunities, Other
Cook
1969
Brick
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Courtesy: Berkshire Hathaway HomeServices Chicago
Listings courtesy of MRED as distributed by MLS GRID

Based on information submitted to the MLS GRID as of 5/19/2024. All data is obtained from various sources and may not have been verified by broker or MLS GRID. Supplied Open House Information is subject to change without notice. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.

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Equal Housing Opportunity.


Beth Kaim 1010 Rohlwing Road, Elk Grove Village, IL 60007 | Phone: (847) 452-1994 | Email: beth@yourpad.com

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