1245 West Nelson Street

Chicago, IL 60657

$2,172,500
Last Sold Price
13
Beds
11
Baths
2
1/2 Baths
Sq. Ft.
/ Sq. Ft.
Sq. Ft.
per Sq. Ft.

Description

6.9 CAP RATE QUEEN! It is hard to find a building that has been completed with such attention to detail and quality of work as 1245 W. Nelson. This outstanding 4-unit building was completely gut rehabbed in 2019 and fully occupied as soon as construction was complete. Almost all units renewed in 2020 with rent increases! No incentives ever required to rent these units. All bedrooms are large enough for queen beds and desks. And LOW LOW maintenance costs as everything is new! The property is located...6.9 CAP RATE QUEEN! It is hard to find a building that has been completed with such attention to detail and quality of work as 1245 W. Nelson. This outstanding 4-unit building was completely gut rehabbed in 2019 and fully occupied as soon as construction was complete. Almost all units renewed in 2020 with rent increases! No incentives ever required to rent these units. All bedrooms are large enough for queen beds and desks. And LOW LOW maintenance costs as everything is new! The property is located on a quiet one way Lakeview street within walking distance to the EL, Southport Corridor, and all that Lakeview and Lincoln Park have to offer. The front building is comprised of two 4 bed / 3.5 bath duplex units: 1F is a duplex down and 2F is a duplex up. The rear building is also comprised of two units: 1R and 2R. Unit 1R is a 2 bed/2 bath English garden simplex unit that is only a few steps below grade. Unit 2R is a 3 bed / 3 bath duplex up. All units have private entrances and a deck. Property improvements: - new 2" water service with meter vault and booster pump - new gas service with 4 meters - new sewer lines on the property and from building to main sewer in street - new 400amp electrical service with 5 meters - Each building has new overhead sewers, and completely new plumbing, gas piping, electrical, and low voltage. - New mechanicals including individual high efficiency furnaces, humidifiers, air conditioners, and hot water tanks for each unit - New Steel porch with trex decking - Each unit has a deck. Units 1F and 2F have private decks, and units 1R and 2R have a shared deck. - A concrete stairwell with drains has been added and concrete walkways have been rebuilt per plans. - New Iron fence with key codes for each building - Schlage locks with master lock key system - 4 security cameras and outdoor lighting - Professionally landscaped - 1F 4 bed / 3.5 bath duplex down, 2,000sqft $4400/month Lease end 5/31/2022 2F 4 bed / 3.5 bath duplex up, 2,019sqft $4800/month Lease end 4/30/2022 1R 2 bed / 2 bath English garden, 900sqft $2150/month Lease end 5/31/2022 2R 3 bed / 3 bath duplex up, 1,435sqft $3,500/month Lease end 5/31/2022

Listing Agent

Property Details for 1245 West Nelson Street

Area
CHI - Lake View
Township
Lake View
Ownership
Fee Simple
Num Of Cars
0.0
Heat/Fuel
Forced Air
Zoning
MULTI

Location

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LISTING UPDATED: 01/04/2022 09:35 AM

Property Details for 1245 West Nelson Street

StatusClosed
MLS #11219899
Days on Market105
Taxes$19,549 / year
HOA Fees-
Condo/Co-op Fees-
Compass TypeMulti Family
MLS TypeTwo to Four Units / 2 Flat
Year Built1890
Lot Size0.07 AC / 2,975 SF
CountyCook County

Location

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Building Information for 1245 West Nelson Street

Stories-Residences4Year Built1890Building Size-Lot Size0.07 AC / 2,975 SF

Payment Calculator

$13,485 per month

30 year fixed, 7.25% Interest

Principal and Interest

$11,856

Property Taxes

$1,629

HOA Dues

$0

The Payment Calculator is for illustrative purposes only.

Property Information for 1245 West Nelson Street

General Information
School Information
  • Elementary School District: 299
  • High School District: 299
  • Middle Or Junior School District: 299
Addtl Parking Information
  • Parking: None
Property Information
Interior Features
  • Num Of Rooms: 16
  • Bedrooms (Below Grade): 0
  • Basement Type: Full
  • Bedrooms Possible: 13
  • Basement Description: Unfinished
  • # Full Baths in Building: 11
  • # Half Baths in Building: 2
  • Num of Baths: 11.2
Utilities / Equipment
  • Sewer: Sewer-Public
  • Water: Lake Michigan
Property/Lot Information
  • New Construction YN: No
  • Rebuilt: No
  • Rehabilitated: Yes
  • Rehab Year: 2000
  • Built Before 1978: Yes
  • Age: 100+ Years
  • Lot Size: Less Than .25 Acre
  • Lot Dimensions: 25X119
  • Total # Units in Building: 4.0
  • Waterfront: No
  • Exterior Building Type: Vinyl Siding
  • General Information: None
  • North Coordinate: 3050
  • South Coordinate: 0
  • East Coordinate: 0
  • West Coordinate: 1245
  • 3 Br Un In Bldg: Yes
Property and Assessments
  • Public Document Count: 0
  • Photos Count: 39
Virtual Tour/Additional Media
  • Virtual Tour: None
  • Virtual Tour YN: No
Multi Family
Income & Expenses
  • Other Addl Income: Coin Laundry
  • Other Expenses $: 18974
Unit 1
  • Unit Type Actual Rent: $4,400.00
  • Unit Type Baths Total: 4
  • Unit Type Beds Total: 4
  • Unit Type Type: Unit 1
  • Floor # - Unit 1: 1
  • # Of Rooms - Unit 1: 6
  • # Half Baths-Unit 1: 1
  • # Full Baths-Unit 1: 3
  • Appliances/Features Unit 1: Stove, Refrigerator, Washer, Dryer, Dishwasher, Disposal, Central Air Conditioner
  • Lease Exp Date (Mo/Yr) - Unit 1: 05-22-2024
  • Sec Deposit $ - Unit 1: 0
  • Tenant Pays - Unit 1: Electric, Gas, Heat
Unit 2
  • Unit Type Actual Rent: $4,800.00
  • Unit Type Baths Total: 4
  • Unit Type Beds Total: 4
  • Unit Type Type: Unit 2
  • Floor # - Unit 2: 2
  • # Of Rooms - Unit 2: 6
  • # Half Baths-Unit 2: 1
  • # Full Baths-Unit 2: 3
  • Appliances/Features Unit 2: Stove, Refrigerator, Washer, Dryer, Dishwasher, Microwave, Disposal, Central Air Conditioner, Cathedral Ceilings, Walk-In Closet
  • Sec Deposit $ - Unit 2: 0
  • Tenant Pays - Unit 2: Electric, Gas, Heat
Unit 3
  • Unit Type Actual Rent: $2,150.00
  • Unit Type Baths Total: 2
  • Unit Type Beds Total: 2
  • Unit Type Type: Unit 3
  • Floor # - Unit 3: 1
  • # Of Rooms - Unit 3: 3
  • # Half Baths-Unit 3: 0
  • # Full Baths-Unit 3: 2
  • Appliances/Features Unit 3: Stove, Refrigerator, Washer, Dryer, Dishwasher, Disposal, Central Air Conditioner
  • Lease Exp Date (Mo/Yr) - Unit 3: 05-22-2024
  • Sec Deposit $ - Unit 3: 0
  • Tenant Pays - Unit 3: Electric, Gas, Heat
Unit 4
  • Unit Type Actual Rent: $3,500.00
  • Unit Type Baths Total: 3
  • Unit Type Beds Total: 3
  • Unit Type Type: Unit 4
  • Floor # - Unit 4: 2
  • # Of Rooms - Unit 4: 5
  • # Half Baths-Unit 4: 0
  • # Full Baths-Unit 4: 3
  • Appliances/Features Unit 4: Stove, Refrigerator, Washer, Dryer, Dishwasher, Disposal, Central Air Conditioner
  • Lease Exp Date (Mo/Yr) - Unit 4: 05-22-2024
  • Sec Deposit $ - Unit 4: 0
  • Tenant Pays - Unit 4: Electric, Gas, Heat

Property History for 1245 West Nelson Street

DateEvent & SourcePriceAppreciation
DateEvent & SourcePrice

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

Public Records for 1245 West Nelson Street

Taxable ValueLand$52,062Additions$56,275Total$108,337
Tax Record2022$22,283 ($1,857 / month)
Home Facts
Baths2Total Finished SqFt1,604 SqFtAbove Grade Finished SqFt1,604 SqFtStories1Lot Size2,975 SqFtStyleMulti-Family Res (5+ Units)Year Built1931CountyCOOKAPN14-29-115-005

Schools near 1245 West Nelson Street

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

Lincoln Park High School
Public9 to 12

Inter-American Elementary Magnet School
PublicPK to 8

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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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.

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.