7542 South Colfax Avenue

Chicago, IL 60649

$350,000
Last Sold Price
9
Beds
3
Baths
3,600 Sq. Ft.
$97 / Sq. Ft.
3,600
Sq. Ft.
$97
per Sq. Ft.

Description

7452 s. Colfax is comprised of (3) 3bd 1ba units boasting approximately 1500 sf of living space. All of the units and building was completed renovated in 2016/2017. All of the in-unit improvements included, but limited to: Kitchen Cabinets, granite Counter Tops & Mosaic Tile Backsplashes, New Engineered Hardwood Floors, Brush Nickel Faucets. GE Appliances, Bathrooms, light fixtures, and ceiling fans. The capital improvements include, but not limited to: new electrical service with GFCI's, plumbing,...7452 s. Colfax is comprised of (3) 3bd 1ba units boasting approximately 1500 sf of living space. All of the units and building was completed renovated in 2016/2017. All of the in-unit improvements included, but limited to: Kitchen Cabinets, granite Counter Tops & Mosaic Tile Backsplashes, New Engineered Hardwood Floors, Brush Nickel Faucets. GE Appliances, Bathrooms, light fixtures, and ceiling fans. The capital improvements include, but not limited to: new electrical service with GFCI's, plumbing, new windows, HVAC, trim, doors, new porches (2021), and more! This fantastic 3-flat provides an investor the opportunity to acquire their first property or a seasoned investor who wants to add more units with low-density and grow their exiting portfolio. There are two CHA tenants currently in the renting, where CHA pays 100% of the rent. The third tenant is market. The current Gross Scheduled Rent income is $42,600, but in this listing, an estimated 5% vacancy/credit loss is taken into consideration which brings the Gross Operating Income to $40,470. The second option is to purchase this property as an owner-occupied buyer and take advantage of the rents from the other units to cover your mortgage and then some! Note This property can also be purchased with 7656 S. Colfax (same owner) MLS#1118340 . Call listing agent for more details on all opportunities.
  1. Listed by Marco Cesario • RE/MAX NEXT

Sold By RE/MAX NEXT

Property Details for 7542 South Colfax Avenue

Area
CHI - South Shore
Township
Hyde Park
Ownership
Fee Simple
Num Of Parking Spaces
3.0
Num Of Cars
3.0
Heat/Fuel
Natural Gas, Forced Air
Zoning
MULTI

Location

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LISTING UPDATED: 01/05/2022 01:45 PM

Property Details for 7542 South Colfax Avenue

StatusClosed
MLS #11188329
Days on Market140
Taxes$5,407 / year
HOA Fees-
Condo/Co-op Fees-
Compass TypeMulti Family
MLS TypeTwo to Four Units / 3 Flat
Year Built1926
Lot Size0.08 AC / 3,484 SF
CountyCook County

Location

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Building Information for 7542 South Colfax Avenue

Stories-Residences3Year Built1926Building Size-Lot Size0.08 AC / 3,484 SF

Payment Calculator

$2,361 per month

30 year fixed, 7.25% Interest

Principal and Interest

$1,910

Property Taxes

$451

HOA Dues

$0

The Payment Calculator is for illustrative purposes only.

Property Information for 7542 South Colfax Avenue

General Information
School Information
  • Elementary School District: 299
  • High School District: 299
  • Middle Or Junior School District: 299
Addtl Parking Information
  • Parking: Space/s
  • Parking On Site: true
  • Parking Ownership: Owned
Property Information
Interior Features
  • Num Of Rooms: 18
  • Bedrooms (Below Grade): 0
  • Basement Type: Full
  • Bedrooms Possible: 9
  • Basement Description: Unfinished
  • # Full Baths in Building: 3
  • # Half Baths in Building: 0
  • Num of Baths: 3.0
Utilities / Equipment
  • Sewer: Sewer-Public
  • Water: Lake Michigan
Property/Lot Information
  • New Construction YN: No
  • Rebuilt: No
  • Rehabilitated: Yes
  • Rehab Year: 2017
  • Built Before 1978: Yes
  • Age: 91-100 Years
  • Lot Size: Less Than .25 Acre
  • Lot Dimensions: 30' X 125'
  • Total # Units in Building: 3.0
  • Waterfront: No
  • Exterior Building Type: Brick
  • Roof Type: Rubber, Flat
  • Foundation Details: Brick/Mortar, Concrete Perimeter
  • General Information: None
  • North Coordinate: 0
  • South Coordinate: 7542
  • East Coordinate: 2600
  • West Coordinate: 0
  • Lot Size Source: Other
  • 3 Br Un In Bldg: Yes
Property and Assessments
  • Buyer Financing: Conventional, FHA, VA
  • Public Document Count: 0
  • Photos Count: 30
Virtual Tour/Additional Media
  • Virtual Tour: None
  • Virtual Tour YN: No
Multi Family
Income & Expenses
  • Electric Expense: $260.00
  • Fuel Expense: $.00
  • Gross Income: $40,470.00
  • Insurance Expense: $2,636.00
  • Maintenance Expense: $975.00
  • Manager Expense: $2,024.00
  • Electric Expense Source: Actual
  • Fuel Expense Source: Actual
  • Insurance Expense Source: Actual
  • Manager Expense Source: BP
  • Other Expense Source: Broker Projection
  • Repairs-Decor Expense Source: Broker Projection
  • Water Expense Source: Broker Projection
  • Net Operating Income: $25,448.00
  • Professional Management Expense: $90.00
  • Water Sewer Expense: $1,650.00
  • Other Expenses $: 1305
Unit 1
  • Unit Type Actual Rent: $1,175.00
  • Unit Type Baths Total: 1
  • Unit Type Beds Total: 3
  • Unit Type Type: Unit 1
  • Lease Expiration Date: UNKN
Unit 2
  • Unit Type Actual Rent: $1,175.00
  • Unit Type Baths Total: 1
  • Unit Type Beds Total: 3
  • Unit Type Type: Unit 2
  • Lease Expiration Date: UNKN
Unit 3
  • Unit Type Actual Rent: $1,200.00
  • Unit Type Baths Total: 1
  • Unit Type Beds Total: 3
  • Unit Type Type: Unit 3
  • Lease Expiration Date: UNKN

Property History for 7542 South Colfax 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 7542 South Colfax Avenue

Taxable ValueLand$17,177Additions$169,835Total$187,012
Tax Record2022$38,465 ($3,205 / month)
Home Facts
Stories3Lot Size19,086 SqFtStyleMulti-Family Res (5+ Units)Year Built1926CountyCOOKAPN21-30-303-014

Schools near 7542 South Colfax Avenue

This home is within City Of Chicago School District 299.
Rating
School
Type
Grades
Distance
Public - PK to 8
Public - 9 to 12
Public - 9 to 12
Public - 4 to 12
Rating
School
Distance
Excel Academy - Woodlawn HS
Public9 to 12

CAMELOT SAFE ACADEMY SCHOOL
Public4 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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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 RE/MAX NEXT

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.