3123 W Monroe Street, Chicago IL 60612

3123 W Monroe Street, Chicago IL 60612
$595,000

Units 4
Total Beds 12
Total Baths 4
Taxes $3,213.18
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Property Description

Welcome to Fifth City/East Garfield Park, where opportunity knocks louder than ever before! This listing presents an unparalleled turnkey investment opportunity with boundless potential for growth. Let's delve into the remarkable features that make this property a standout choice for savvy investors: Prime Location: Nestled in the vibrant Fifth City/East Garfield Park area, this property enjoys proximity to Fifth City Commons, a newly developed 43-unit apartment complex, signaling the neighborhood's upward trajectory. Recent Renovation: A comprehensive interior renovation in 2019 ensures that this property offers modern comforts while preserving its classic charm, setting the stage for immediate occupancy or further enhancement. Investor's Dream: With 3 out of 4 current leases held by CHA tenants, this property presents a lucrative opportunity for investors seeking stable rental income. Development Potential: Positioned amidst city-owned lots earmarked for development, this property stands to benefit from the area's planned growth initiatives, driving up property values in the near future. ARO Program Inclusion: As part of the City of Chicago's Affordable Requirements Ordinance (ARO) program at 100% AMI, this building aligns with the city's commitment to affordable housing, offering potential incentives for investors. Expansion Possibilities: Approved permit plans for the addition of two garden-level units provide a clear path to substantially increase revenue streams, maximizing the property's income potential. Zoning Advantages: Zoned RM-5, this property presents opportunities for further unit additions, subject to evaluation, allowing investors to explore expansion possibilities within the regulatory framework. This property represents a gateway to a lucrative investment journey in one of Chicago's most promising neighborhoods. Don't miss out on this golden opportunity to secure your foothold in Fifth City/East Garfield Park's thriving real estate market! Pro Forma Income: (4) Units - $81,600 | (6) Units - $115,200

Features & Information

Key Details

List Price $595,000
Property Taxes $3,213.18
Price/ Sq. Ft. Unavailable
Year Built 1905
Parking Type Space/s
Buyer's Agent Commission 2.5%
Status Contingent

Rooms

Total Rooms 5
Basement F

Exterior Features

Parking
Parking Details Space/s
# of Cars:  2

Building Information

Number of Units 4
Age of Building 100+ Years
Exterior Construction Brick
Heating & Cooling Gas

Units
Unit 1 Stove, Refrigerator, Washer, Dryer, Dishwasher, Microwave, Central Air Conditioner, Hardwood Floors
Unit 2 Stove, Refrigerator, Washer, Dryer, Dishwasher, Microwave, Central Air Conditioner, Hardwood Floors
Unit 3 Stove, Refrigerator, Washer, Dryer, Dishwasher, Microwave, Central Air Conditioner, Hardwood Floors
Unit 4 Stove, Refrigerator, Washer, Dryer, Dishwasher, Microwave, Central Air Conditioner, Hardwood Floors

Location

County Cook
Township West Chicago
Corporate Limits Chicago
Directions to Property Kedzie St & I 290: Eastbound Exit Sacramento Blvd | Westbound Exit Van Buren St Kedzie St & Madison St: 1/4 Mile South Of Madison St To Monroe St

Schools
Elementary School District 299
Junior High District 299
High School District: 299

Property Taxes
Tax 3213.18
Tax Year 2022
Parcel Identification Number 16131070220000

Utilities

Sewer Public

Listed by Devise Property Group LLC

Source: MRED as distributed by MLS GRID

Based on information submitted to the MLS GRID as of 5/19/2024 8:02 PM. 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.

Explore East Garfield Park

Picturesque gardens and organic produce markets cross paths with vintage graystones and soul food restaurants in this long established - and now re-established - west side Chicago neighborhood. East Garfield Park is probably best known for the Garfield Park Conservatory which is one of the largest in the U.S. Like taking a step into another hemisphere, the conservatory is your ticket to a lush tropical climate with 30-foot palm trees and fragrant orchids, even in the dead of winter. The rest of the 185-acre park transports visitors to a fashionable Parisian-inspired commons with grand promenades, large ponds and landscaped grounds. On the restaurant front, East Garfield Park is a jackpot of American cuisine with a twist of southern cooking thrown in. Red hots, hamburgers and fries, fried fish and chicken, macaroni and cheese, submarines, peach cobblers and any other comfort food you can think of. For a taste of East Garfield Park's retail business just head over to Madison Street for the best shopping stops.

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