1338 South Springfield Avenue

Chicago, IL 60623

$510,000
Last Sold Price
15
Beds
6
Baths
Sq. Ft.
/ Sq. Ft.
Sq. Ft.
per Sq. Ft.

Description

Welcome to this fantastic 10% cap investment opportunity! This brick 6-unit building is a gem for any savvy investor. Situated in a desirable location, this property promises a stable income source and incredible potential for long-term growth. The current tenants are from the Chicago Housing Authority (CHA), ensuring consistent occupancy and reliable rental income. Each unit within this well-maintained building offers a host of attractive features. Hardwood floors throughout provide a timeless and...Welcome to this fantastic 10% cap investment opportunity! This brick 6-unit building is a gem for any savvy investor. Situated in a desirable location, this property promises a stable income source and incredible potential for long-term growth. The current tenants are from the Chicago Housing Authority (CHA), ensuring consistent occupancy and reliable rental income. Each unit within this well-maintained building offers a host of attractive features. Hardwood floors throughout provide a timeless and elegant touch, while gas forced air heating ensures comfort and efficiency. The convenience of separate utilities adds to the appeal, making it easier to manage expenses and optimize profitability. The entire building has undergone a thorough gut rehab with meticulous attention to detail, supported by approved plans and permits. This reassures the buyer of the quality and durability of the property, minimizing maintenance and renovation costs in the foreseeable future. With a thoughtfully designed layout, the building comprises three units with 3 bedrooms and 1 bath, and three units with 2 bedrooms and 1 bath. This versatile configuration caters to various tenant needs, appealing to a wide range of potential renters. The current property manager, who has been overseeing the building's operations, is willing to continue working with the new owner. This seamless transition process ensures a hassle-free experience for the buyer, allowing them to focus on maximizing returns and enjoying the benefits of their investment. Don't miss out on this incredible opportunity to add a brick 6-unit building to your investment portfolio. With stable CHA tenants and the support of a reliable property manager, this property is poised to deliver long-term success. Schedule a showing today and discover the potential that awaits you!
  1. Listed by Sagar Shah • YBRS Realty Inc.

Sold By McSully Properties LLC

Property Details for 1338 South Springfield Avenue

Area
CHI - North Lawndale
Township
West Chicago
Num Of Parking Spaces
0.0
Zoning
MULTI

Location

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LISTING UPDATED: 09/20/2023 10:58 AM

Property Details for 1338 South Springfield Avenue

StatusClosed
MLS #11788774
Days on Market121
Taxes$4,237 / year
HOA Fees-
Condo/Co-op Fees-
Compass TypeMulti Family
MLS TypeMulti Family 5+ / Flats
Year Built1908
Lot Size0.09 AC / 3,750 SF
CountyCook County

Location

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Building Information for 1338 South Springfield Avenue

Stories-Residences6Year Built1908Building Size-Lot Size0.09 AC / 3,750 SF

Payment Calculator

$3,136 per month

30 year fixed, 7.25% Interest

Principal and Interest

$2,783

Property Taxes

$353

HOA Dues

$0

The Payment Calculator is for illustrative purposes only.

Property Information for 1338 South Springfield Avenue

General Information
Location and General Information
  • Information: None
Taxes and HOA Information
  • Additional Parcels: No
Property Information
Interior Features
  • Heat/Ventilation: Forced Air,Gas
  • Num of Baths: 6.0
Property/Lot Information
  • Tenant Pays: Electricity, Heat
  • Built Before 1978: Yes
  • Approximate Age: Older
  • Multi-Family Type: Flats
  • Lot Dimensions: 30X125
  • Stories: 3
Property and Assessments
  • Public Document Count: 3
  • Document Date: 2023-05-22T01:35:36
  • Photos Count: 15
Virtual Tour/Additional Media
  • Virtual Tour: None
  • Virtual Tour YN: No
Multi Family
Multi-Family Information
  • Number Of Units Total: 6
Income & Expenses
  • Electric Expense: $240.00
  • Fuel Expense: $.00
  • Gross Income: $84,552.00
  • Gross Scheduled Income: $80,324.00
  • Insurance Expense: $2,500.00
  • Maintenance Expense: $7,200.00
  • Janitor Expense: 0
  • Total Monthly Income: 7046
  • Net Operating Income: $62,787.00
  • Operating Expense: $17,536.00
  • Other Expense: $.00
  • Trash Expense: $1,560.00
  • Water Sewer Expense: $1,800.00
Unit 1
  • Unit Type Baths Total: 1
  • Unit Type Beds Total: 3
  • Unit Type Type: Unit 1
  • Unit Type Units Total: 3
Unit 2
  • Unit Type Baths Total: 1
  • Unit Type Beds Total: 2
  • Unit Type Type: Unit 2
  • Unit Type Units Total: 3
Unit 3
  • Unit Type Baths Total: 1
  • Unit Type Beds Total: 0
  • Unit Type Type: Unit 3
  • Unit Type Units Total: 0
Unit 4
  • Unit Type Baths Total: 1
  • Unit Type Beds Total: 0
  • Unit Type Type: Unit 4
  • Unit Type Units Total: 0
Unit 5
  • Unit Type Baths Total: 1
  • Unit Type Beds Total: 0
  • Unit Type Type: Unit 5
  • Unit Type Units Total: 0
Unit 6
  • Unit Type Baths Total: 1
  • 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 1338 South Springfield Avenue

DateEvent & SourcePriceAppreciation
DateEvent & SourcePrice

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

Public Records for 1338 South Springfield Avenue

Taxable ValueLand$5,507Additions$15,492Total$20,999
Tax Record2022$4,334 ($361 / month)
Home Facts
Baths6Total Finished SqFt6,163 SqFtAbove Grade Finished SqFt6,163 SqFtStories3Lot Size4,687 SqFtStyleMulti-Family Res (5+ Units)Year Built1910CountyCOOKAPN16-23-108-029

Schools near 1338 South Springfield Avenue

This home is within City Of Chicago School District 299.
Rating
School
Type
Grades
Distance
Public - PK to 8
Public - 9 to 12
Charter - 10 to 12
Charter - K to 8
Rating
School
Distance
Herzl Elementary School
PublicPK to 8

Manley Career Academy High School
Public9 to 12

YCCS-CCA Academy HS
Charter10 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.

Similar Homes

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Similar Sold Homes

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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.

Listing Courtesy of YBRS Realty 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.