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".
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For more information about 862 W Lill, Chicago, IL 60614 contact Corcoran Urban Real Estate.
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Listing provided by Berkshire Hathaway HomeServices Chicago
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