This is an exceptional opportunity to secure an Expansive LEGAL 4-UNIT (Chicago certificate of zoning compliance for a 4-Unit available on request). Set on a 37' wide, Prime East Edgewater location. The building is 5034 Square Feet per the county assessor, and floor plans are in the additional information drop down. There is also a legal (per zoning certificate) garden apartment. The building has a total of 12 bedrooms and 6 baths. The first through third floors are around 1650 square feet each. The first and third floor units have a second full bath and were augmented to carve out a 4th bedroom/office by utilizing some space from their enormous living rooms to maximize potential rental value. They could quite easily be changed back to three-bedroom units with the walls removed if desired. All three units have spacious kitchens and formal dining rooms. Significant improvements to kitchens and baths over the years. Bedrooms are reasonably sized with the smallest being 12x10. Oak Hardwood floors throughout, coupled original moldings add old school charm. There is a wonderful common third floor front deck to grab the morning sunrise with a cup of coffee. 3 total parking spaces (2 garage and one exterior). Projected rental income conservatively placed at $8,000-$9000 monthly. Expenses will be accurately stated, derived from the building's working spreadsheet. The lower level has a 1-bedroom garden apartment on the east portion and the laundry and mechanicals on the west. Tuckpointing and roof work done in 2021. Common washers and dryers were also replaced in 2021. Turnkey investment as currently offered. Rents are market estimates, but financially substantiated with building spreadsheet. Financial inputs are specific to 2021. Please note: rental concessions were made for Covid-19
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For more information about 6214 N Magnolia, Chicago, IL 60660 contact Corcoran Urban Real Estate.
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