4624 N Springfield AVE Open House Save Request In-Person Tour Request Virtual Tour
Chicago,IL 60625
OPEN HOUSE
Sun Sep 28, 12:00pm - 2:00pm
Key Details
Property Type Multi-Family
Sub Type Two to Four Units
Listing Status Active
Purchase Type For Sale
MLS Listing ID 12481130
Bedrooms 7
Year Built 1908
Annual Tax Amount $5,082
Tax Year 2023
Lot Size 3,049 Sqft
Lot Dimensions 25X125
Property Sub-Type Two to Four Units
Property Description
Be captivated by this move-in ready, vacant prime Albany Park 3-flat-a rare investment opportunity! This renovated legal 3-flat is a true gem located on a charming tree-lined street in Albany Park, a vibrant neighborhood celebrated for its cultural diversity, thriving local dining scene, walkable streets, and convenient access to top-rated schools, parks, and public transit. Unit 1 and Unit 2 each offer three bedrooms, with the third bedroom providing flexible space perfect for a home office, nursery, or guest room. Unit 3 is a modern, oversized one-bedroom with versatile flex space that accommodates a spacious living room, dining area, additional storage, and a king-sized bedroom. The property includes 2022 appliances and in-unit washer/dryers in all three units, a 2023 tear-off roof, a 2025 concrete subfloor with vapor barrier in Unit 1, updated electrical and plumbing throughout, closed-cell attic insulation, new copper water service from the street replacing old lead lines, and a brand-new deck on the 3rd floor. Perfect for investors, owner-occupants seeking income, or multi-generational buyers, this rare legal 3-flat offers both modern updates and long-term appeal in a neighborhood where such opportunities are hard to secure-schedule your private tour today! Investor special with strong fundamentals. Total rental income of 7,150/month including garage (85,800 annually). Market-standard expenses of approximately $25,000 produce an NOI of about 60,800, supporting a 7.6 cap rate at the $799,000 list price and a GRM of 9.3. Conservative underwriting includes vacancy, management, and reserves for stability, with modest rent growth offering a pro forma cap rate near 8.5. Strong cash flow and attractive value compared to market averages.
Location
State IL
County Cook
Area Chi - Albany Park
Zoning MULTI
Rooms
Basement None
Interior
Heating Natural Gas
Equipment CO Detectors,Ceiling Fan(s),Multiple Water Heaters,Water Heater-Gas
Fireplace N
Exterior
Garage Spaces 2.0
Roof Type Asphalt
Building
Dwelling Type Two to Four Units
Building Description Vinyl Siding, No
Sewer Public Sewer
Water Lake Michigan
Structure Type Vinyl Siding
New Construction false
Schools
School District 299 ,299, 299
Others
Ownership Fee Simple
Special Listing Condition None
Virtual Tour https://www.youtube.com/watch?v=kpesW832DzA