2217 West Madison Street

Chicago, IL 60612

$13,999,000
Price
60
Beds
61
Baths
Sq. Ft.
/ Sq. Ft.
Sq. Ft.
per Sq. Ft.

Description

46-unit multifamily asset in the rapidly developing neighborhood of United Center/Near West Side. Professionally managed and Fully staibilized this property has approximately 40,500 RSF, containing a mixture of two-bedroom/two bath and one-bedroom/ one bath apartments, with two elevator bays, 1:1 attached garage parking and common rooftop deck. Gross Monthly Income of $99,799 priced at 6.2% Cap Rate. Pro Forma at 7.1% Cap Rate. Completed in 2020 to an elevated standard all units are inclusive of...46-unit multifamily asset in the rapidly developing neighborhood of United Center/Near West Side. Professionally managed and Fully staibilized this property has approximately 40,500 RSF, containing a mixture of two-bedroom/two bath and one-bedroom/ one bath apartments, with two elevator bays, 1:1 attached garage parking and common rooftop deck. Gross Monthly Income of $99,799 priced at 6.2% Cap Rate. Pro Forma at 7.1% Cap Rate. Completed in 2020 to an elevated standard all units are inclusive of stainless-steel appliances, quartz countertops, all new plumbing and electrical systems, in-unit laundry, custom outfitted closets, window treatments and more. With the United Center and Medical District just blocks away and the new Green Line stop at Damen and Lake opening late summer 2024, the Near West Side is a highly trafficked area that includes easy access to grocery stores, bars, restaurants, hotels, and various other entertainment options with much upside on the horizon. In addition to the new Green Line Station and being on a major bus route, the subject property offers tenants excellent transportation options via the Dan Ryan, Eisenhower & Blue Line stations.
  1. Listed by Karen Biazar • North Clybourn Group, Inc.
  2. Listed by Staci Slattery • North Clybourn Group, Inc.

Property Details for 2217 West Madison Street

Area
CHI - Near West Side
Zoning
MULTI

Location

Listing Courtesy of North Clybourn Group, Inc.
Add your commute
LISTING UPDATED: 05/23/2024 01:22 AM

Property Details for 2217 West Madison Street

StatusActive
MLS #12059477
Days on Market21
Taxes$192,581 / year
HOA Fees-
Condo/Co-op Fees-
Compass TypeMulti Family
MLS TypeMulti Family 5+ / Flats
Year Built2019
Lot Size0.49 AC / 21,384 SF
CountyCook County

Location

Listing Courtesy of North Clybourn Group, Inc.
Add your commute

Building Information for 2217 West Madison Street

Stories-Residences46Year Built2019Building Size-Lot Size0.49 AC / 21,384 SF

Payment Calculator

$92,447 per month

30 year fixed, 7.25% Interest

Principal and Interest

$76,398

Property Taxes

$16,048

HOA Dues

$0

The Payment Calculator is for illustrative purposes only.

Property Information for 2217 West Madison Street

General Information
Addtl Parking Information
  • Indoor Parking: 31-50 Spaces
  • Open Parking Spaces: 46.0
Location and General Information
  • Frontage Type: City Street
  • Information: 48-Hr Notice Required
Taxes and HOA Information
  • Additional Parcels: No
Property Information
Interior Features
  • Air Conditioning: Central Air
  • Electric: Circuit Breakers, Separate Meters, Over 600 Amps
  • # Of Washers: 46
  • Heat/Ventilation: Forced Air,Gas,Separate Per Unit
  • # Of Refrigerators: 46
  • # Of Dryers: 46
  • # Of Disposals: 46
  • # Of Dishwashers: 46
  • Num of Baths: 61.0
Property/Lot Information
  • Tenant Pays: Air Conditioning, Electricity, Heat
  • Built Before 1978: No
  • Approximate Age: 1-6 Years
  • Multi-Family Type: Flats
  • Lot Dimensions: 21,384 SQFT
  • Lot Size Square Feet: 21384.0
  • Stories: 4
  • Exterior Building Type: Brick, Other
  • Construction: Brick, Concrete
  • Roof Type: Rubber
  • Fire Protection: Alarm On Site,Fire Extinguisher/s
  • Roof Structure: Flat
  • Foundation Details: Concrete Perimeter
  • # Of Ranges: 46
  • Conversion: N
Property and Assessments
  • Public Document Count: 0
  • Photos Count: 16
  • Deconversion: N
Miscellaneous
  • Current Use: Multi-Family
  • Location: Public Transport Avail
Virtual Tour/Additional Media
  • Virtual Tour: None
  • Virtual Tour YN: No
Multi Family
Multi-Family Information
  • Number Of Units Total: 46
Income & Expenses
  • Electric Expense: $.00
  • Fuel Expense: $44,495.00
  • Gross Income: $99,799.00
  • Gross Scheduled Income: $119,758.00
  • Insurance Expense: $19,579.00
  • Maintenance Expense: $40,051.00
  • Manager Expense: $38,571.00
  • Expense Year: 2023
  • Total Annual Expense Source: Actual
  • Fuel Expense Source: Actual
  • Insurance Expense Source: Actual
  • Janitor Expense: 0
  • Manager Expense Source: AC
  • Net Operating Income Year: 2023
  • Other Expense Source: Combination
  • Repairs-Decor Expense Source: Actual
  • Total Monthly Income: 99799
  • Net Operating Income: $862,411.00
  • Operating Expense: $335,177.00
  • Other Expense: $.00
  • Trash Expense: $.00
  • Water Sewer Expense: $.00
Unit 1
  • Unit Type Baths Total: 2
  • Unit Type Beds Total: 2
  • Unit Type Type: Unit 1
  • Unit Type Units Total: 14
Unit 2
  • Unit Type Baths Total: 1
  • Unit Type Beds Total: 1
  • Unit Type Type: Unit 2
  • Unit Type Units Total: 31
Unit 3
  • Unit Type Baths Total: 2
  • Unit Type Beds Total: 1
  • Unit Type Type: Unit 3
  • Unit Type Units Total: 1
Unit 4
  • Unit Type Beds Total: 0
  • Unit Type Type: Unit 4
  • Unit Type Units Total: 0
Unit 5
  • Unit Type Beds Total: 0
  • Unit Type Type: Unit 5
  • Unit Type Units Total: 0
Unit 6
  • Unit Type Beds Total: 0
  • Unit Type Type: Unit 6
  • Unit Type Units Total: 0
Unit 7
  • Unit Type Beds Total: 0
  • Unit Type Type: Unit 7
  • Unit Type Units Total: 0

Property History for 2217 West Madison Street

DateEvent & SourcePriceAppreciation
DateEvent & SourcePrice

For completeness, Compass often displays two records for one sale: the MLS record and the public record.

Schools near 2217 West Madison Street

This home is within City Of Chicago School District 299.
Rating
School
Type
Grades
Distance
Public - PK to 8
Public - 9 to 12
Charter - 9 to 12
Public - 9 to 12
Rating
School
Distance
Dett Elementary School
PublicPK to 8

Marshall Metropolitan High School
Public9 to 12

Chicago Bulls College Prep
Charter9 to 12

CRANE MEDICAL PREP HS
Public9 to 12

School ratings and boundaries are provided by GreatSchools.org and Pitney Bowes. This information should only be used as a reference. Proximity or boundaries shown here are not a guarantee of enrollment. Please reach out to schools directly to verify all information and enrollment eligibility.

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2217 West Madison Street is a multi-family home for sale in Chicago, IL 60612. This property was listed for sale on May 17, 2024 by North Clybourn Group, Inc., it's currently listed at $13,999,000. This listing's school district is City Of Chicago School District 299. Nearby schools include Dett Elementary School, Marshall Metropolitan High School and Chicago Bulls College Prep. 2217 West Madison Street is a 60-bed, 61-bath, multi-family home built in 2019.

No guarantee, warranty or representation of any kind is made regarding the completeness or accuracy of descriptions or measurements (including square footage measurements and property condition), such should be independently verified, and Compass expressly disclaims any liability in connection therewith. Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions. No financial or legal advice provided. Equal Housing Opportunity.

Listing Courtesy of North Clybourn Group, Inc.

Based on information from one of the following Multiple Listing Services: Midwest Real Estate Data LLC (\"MRED\"), MRED PLN GRID, Northwest Indiana REALTORS® Association and NorthWest Illinois Alliance of REALTORS. Information being provided is for the visitor’s personal, noncommercial use and may not be used for any purpose other than to identify prospective properties visitor may be interested in purchasing. The data contained herein is copyrighted by Midwest Real Estate Data LLC (\"MRED\"), MRED PLN GRID, Northwest Indiana REALTORS® Association and NorthWest Illinois Alliance of REALTORS is protected by all applicable copyright laws. Any dissemination of this information is in violation of copyright laws and is strictly prohibited. Property information referenced on this web site comes from the Internet Data Exchange (IDX) program of the MLS. This web site may reference real estate listing(s) held by a brokerage firm other than the broker and/or agent who owns this web site. For the avoidance of doubt, the accuracy of all information, regardless of source, is deemed reliable but not guaranteed and should be personally verified through personal inspection by and/or with the appropriate professionals. Based on information submitted to the MLS GRID as of 05/23/2024 01:22 AM. All data is obtained from various sources and may not have been verified by broker or MLS GRID. Supplied Open House Information is subject to change without notice. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.