Chicago multi-units – 2-4 flats … 6-flats … so many options for investing in real estate these days!
I helped out a colleague yesterday – while she’s recovering from back surgery, I showed 2 listings to her client.
I was tickled by the first one – I had actually showed this 6-flat near the United Center several years ago to a buyer. He didn’t buy it then, but someone else did. Now it’s on the market again!
When I saw it in 2007, it as listed for $850,000. My buyer passed on it, but some lucky soul picked it up for $ 450,000.
It was listed again in 2009, starting at $ 920K. It was then reduced to $770,000 before someone bought it for $ 730,000.
Today’s it’s listed for $799,000, and it’s been for sale for 60 days so far.
There are 6 units in the building, generating $71,546 per year in revenue. A boiler provides heat to the units — after expenses the net income per year is approximately $44K. Currently. no income is derived from parking – the garages are boarded up and provide additional income opportunities.
The building is near I-290 and the Blue Line, and it’s in the shadow of the United Center.
I’m going to be keeping my eye on this one!