1656 East 83rd Place

Chicago, IL 60617

$875,000
Price
13
Beds
9
Baths
Sq. Ft.
/ Sq. Ft.
Sq. Ft.
per Sq. Ft.

Description

1656 E. 83rd Pl is a pristine and meticulously maintained nine (9) unit building located in the Avalon Park neighborhood of South Chicago. The building is situated on a premier tree-lined street and nestled amongst an abundance of single-family residential homes and just blocks away from both the highway an abundance of retail and grocery options along 83rd Street. Furthermore, the building sits just five (5) blocks from Avalon Park, featuring playground, pools, along with an outdoor fieldhouse with...1656 E. 83rd Pl is a pristine and meticulously maintained nine (9) unit building located in the Avalon Park neighborhood of South Chicago. The building is situated on a premier tree-lined street and nestled amongst an abundance of single-family residential homes and just blocks away from both the highway an abundance of retail and grocery options along 83rd Street. Furthermore, the building sits just five (5) blocks from Avalon Park, featuring playground, pools, along with an outdoor fieldhouse with basketball courts. 1656 E. 83rd Pl is currently comprised of nine (9) total units. The building is comprised of four (4) 2bd/1ba units and five (5) 1bd/1ba units. All of which, however, are incredibly spacious, feature hardwood flooring throughout, and contain both living and dining rooms. Moreover, all of the units have been renovated with updated kitchens and baths, and all of the units are equipped with individual furnaces, as well. Additional updates to the building include, but not limited to: a newer roof, updated copper plumbing, an updated exterior porch system, along with individual furnaces. 1656 E. 83rd Pl presents an investor with the unique opportunity to acquire a positive cash flowing asset in one Chicago's premier South Chicago neighborhoods. Additionally, given the majority of the tenants are long term, there's significant room to increase rents to current market rates. Should a new investor elect to stabilize the rent roll at current rental rates, there's an opportunity to achieve a near double digit cap rate.
  1. Listed by Aaron Sklar • Kiser Group Realty Inc
  2. Listed by Noah Birk • Kiser Group Realty Inc

Property Details for 1656 East 83rd Place

Area
CHI - Avalon Park

Location

Listing Courtesy of Kiser Group Realty Inc
Add your commute
LISTING UPDATED: 04/20/2024 03:03 AM

Property Details for 1656 East 83rd Place

StatusActive
MLS #12008374
Days on Market46
Taxes$7,202 / year
HOA Fees-
Condo/Co-op Fees-
Compass TypeMulti Family
MLS TypeMulti Family 5+ / Multi Family 5+-Garden Complex
Year Built1928
Lot Size0.15 AC / 6,375 SF
CountyCook County

Location

Listing Courtesy of Kiser Group Realty Inc
Add your commute

Building Information for 1656 East 83rd Place

Stories-Residences9Year Built1928Building Size-Lot Size0.15 AC / 6,375 SF

Payment Calculator

$5,375 per month

30 year fixed, 7.25% Interest

Principal and Interest

$4,775

Property Taxes

$600

HOA Dues

$0

The Payment Calculator is for illustrative purposes only.

Property Information for 1656 East 83rd Place

General Information
Addtl Parking Information
  • Open Parking Spaces: 0.0
Location and General Information
  • Information: List Broker Must Accompany,48-Hr Notice Required
Taxes and HOA Information
  • Additional Parcels: No
Property Information
Interior Features
  • Heat/Ventilation: Individual Furnaces
  • Num of Baths: 9.0
Property/Lot Information
  • Tenant Pays: Electricity, Heat
  • Built Before 1978: Yes
  • Approximate Age: Older
  • Multi-Family Type: Garden Complex
  • Lot Dimensions: 51' X 125'
  • Stories: 2
Property and Assessments
  • Public Document Count: 0
  • Photos Count: 8
Virtual Tour/Additional Media
  • Virtual Tour: None
  • Virtual Tour YN: No
Multi Family
Multi-Family Information
  • Number Of Units Total: 9
Income & Expenses
  • Electric Expense: $620.00
  • Fuel Expense: $1,670.00
  • Gross Income: $111,780.00
  • Gross Scheduled Income: $106,191.00
  • Insurance Expense: $5,062.00
  • Maintenance Expense: $3,300.00
  • Manager Expense: $5,310.00
  • Janitor Expense: 2000
  • Total Monthly Income: 9315
  • Net Operating Income: $72,293.00
  • Operating Expense: $33,898.00
  • Other Expense: $2,562.00
  • Trash Expense: $1,764.00
  • Water Sewer Expense: $4,407.00
Unit 1
  • Unit Type Baths Total: 1
  • Unit Type Beds Total: 1
  • Unit Type Type: Unit 1
  • Unit Type Units Total: 5
Unit 2
  • Unit Type Baths Total: 1
  • Unit Type Beds Total: 2
  • Unit Type Type: Unit 2
  • Unit Type Units Total: 4
Unit 3
  • Unit Type Beds Total: 0
  • Unit Type Type: Unit 3
  • Unit Type Units Total: 0
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 1656 East 83rd Place

DateEvent & SourcePriceAppreciation
DateEvent & SourcePrice

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

Public Records for 1656 East 83rd Place

Taxable ValueLand$5,825Additions$29,192Total$35,017
Tax Record2022$7,202 ($600 / month)
Home Facts
Stories2Lot Size6,473 SqFtStyleMulti-Family Res (5+ Units)Year Built1928CountyCOOKAPN20-36-300-036

Schools near 1656 East 83rd Place

This home is within City Of Chicago School District 299.
Rating
School
Type
Grades
Distance
Charter - K to 8
Public - 9 to 12
Charter - 10 to 12
Public - 9 to 12
Rating
School
Distance
CICS Avalon
CharterK to 8

YCCS-Sullivan House Alt HS
Charter10 to 12

South Shore Intl Col Prep High School
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.

Similar Homes

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1656 East 83rd Place is a multi-family home for sale in Chicago, IL 60617. This property was listed for sale on March 18, 2024 by Kiser Group Realty Inc, it's currently listed at $875,000. It has been on the market for a total of 46 days and was last sold on August 7, 2018. This listing's school district is City Of Chicago School District 299. Nearby schools include CICS Avalon, Chicago Vocational Career Academy High School and YCCS-Sullivan House Alt HS. 1656 East 83rd Place is a 13-bed, 9-bath, multi-family home built in 1928.

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 Kiser Group 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. Based on information submitted to the MLS GRID as of 04/20/2024 03:03 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.