$2,250,000
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 (50×125) 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
Price:
$2,250,000 / $2,150,000
MLS #:
MRD11388637
Status:
Closed ((Aug 18, 2023))
Beds:
0
Baths:
0
Address:
862 W Lill Avenue
Type:
Commercial
City:
Chicago
Listed Date:
Apr 28, 2022
State:
IL
ZIP:
60614
Year Built:
1969
Schools
Interior
Cooling
Wall Sleeve, Window Unit(s)
Fireplaces Total
8
Exterior
Construction Materials
Brick
Roof
Rubber
Financial
Buyer Agent Compensation
2% – $495Net Sale Price
HOA Includes
Water, Parking, Insurance, Scavenger
Tax Year
2021
Taxes
$30,939
Debra Dobbs is one of Chicago’s top realtors with more than 39 years in the real estate business.
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862 W Lill Avenue
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