14 S Leavitt Street
Chicago, IL, 60612
$1,725,000
Beds
0 Baths
8,000 SqFt
0.07 Acres
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$1,725,000
14 S Leavitt Street
Chicago, IL, 60612
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Rare opportunity to find a newer construction apartment building at this price point with upside opportunity. This impressive 7-unit property, originally built as condos in 2004, offers an attractive real estate investment in a prime location. This solid brick and block construction building features elevator service to all floors. The building consists of six spacious 2-bedroom, 2-bathroom units and 1 store front (or 7th apt) and 6 attached garage spaces. The 7th unit features a separate entrance from the sidewalk, making it ideal for a small business office space or short-term rental. Located on the Near West Side of Chicago, walking distance to the United Center Arena, Madison St bus lines, Illinois Medical District, and expressways. Tenants will love the easy commutes and convenient access to amenities, entertainment, and transportation. The property currently operates at a 5.7% CAP rate, with a strong Net Operating Income (NOI) of $97,571. Rents are considerably below market and present the opportunity to increase cash flow and ultimately property value, with new leases. We project an NOI of $131,120 and corresponding CAP rate of 7.6% when new rents are put in place. With its newer construction, prime location, versatile floor plans, and the potential for future rent growth & value enhancement, this 7-unit apartment building represents a solid investment choice. Call today.

Property Details

Price:
$1,725,000
MLS #:
MRD11997796
Status:
Active Under Contract
Beds:
0
Baths:
0
Address:
14 S Leavitt Street
Type:
Commercial
City:
Chicago
Listed Date:
Mar 12, 2024
State:
IL
Finished Sq Ft:
8,000
ZIP:
60612
Lot Size:
3,300 sqft / 0.07 acres (approx)
Year Built:
2004

Schools

Interior

Cooling
Central Air

Exterior

Construction Materials
Brick, Concrete

Financial

Buyer Agent Compensation
2.0% – $495Net Sale Price
Net Operating Income
$131,120
Tax Year
2022
Taxes
$29,092
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Debra Dobbs is one of Chicago’s top realtors with more than 39 years in the real estate business.

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14 S Leavitt Street
Chicago, IL