Listing Broker's property remarks:
Rents are WAY under market value for the neighborhood. The current tenants are long-term and the owner has never raised rent! Cap Rate is 7+ with market value rents. Yearly expenses for owner are minimal. Building is over 100 years old and needs some common area work. Perfect for a family wanting to live in Duplex up and rent Unit 1, or for an investor who wants to rent out both units. No work needed inside if plan is to rent. Also great for converting into a dream SFH in a gorgeous neighborhood!
Brent Hall +client service notes:
On the surface, this appears to be a quality opportunity in a solid neighborhood. Unit #2 is duplexed up to the attic but the roof doesn't appear to have a dormer on either side, making for some cramped, yet still very useful living space. I like the multiple exit strategies: hold as rental, improve and create nice owner's unit, or convert to single family home. Note, that although the property is surrounded by $1M+ single family homes, property values on Racine are generally lower than those on nearby side streets.
2909 N. Racine Ave, Chicago, IL 60657
Type: Multifamily 2 unit
Lot Size: 24' x 116'
Gross Income: $40,140
Unit 1: 6 room / 3 bed / 1 bath
Unit 2: 7 room / 2 bed / 2 bath