862 West Lill Avenue Chicago, IL 60614

$2,150,000
0.14
Acres
$2,150,000
Favorite

sold - 08/18/2023
1/30
Street View

Endless opportunities in the heart of Lincoln Park with 860-862 W Lill Ave. Enjoy a potential 5.6 cap rate in this 8-unit condo deconversion opportunity or start from scratch and develop this double lot (50x125) in a prime location for new construction. Zoned RT-4, this condo association consists of 8 -1 bedroom condos (7 tenants/1 owner occupied generating $141,600 in gross yearly rent). Projected/Stabilized yearly gross income $177,000. All units have central heat and 6 condos have washer/dryers. 6 units sport hardwood floors and dishwashers and have seen recent updates. The residents share 6 exterior parking spaces on first come, first serve basis. Currently a self managed HOA, the association can be dissolved through the sale of the property allowing investors and developers to use their imagination. Financials are available upon request. Tenants will not be vacating prior to closing. Last lease currently ends 10/23. This sale is "As Is".

Endless opportunities in the heart of Lincoln Park with 860-862 W Lill Ave. Enjoy a potential 5.6 cap rate in this 8-unit condo deconversion opportunity or start from scratch and develop this double lot (50x125) in a prime location for new construction. Zoned RT-4, this condo association consists of 8 -1 bedroom condos (7 tenants/1 owner occupied generating $141,600 in gross yearly rent). Projected/Stabilized yearly gross income $177,000. All units have central heat and 6 condos have washer/dryers. 6 units sport hardwood floors and dishwashers and have seen recent updates. The residents share 6 exterior parking spaces on first come, first serve basis. Currently a self managed HOA, the association can be dissolved through the sale of the property allowing investors and developers to use their imagination. Financials are available upon request. Tenants will not be vacating prior to closing. Last lease currently ends 10/23. This sale is "As Is".

  • Neighborhood
  • Type
  • County
    Cook
  • Area
    CHI - Lincoln Park
  • Tax Amount
    $30,939
  • Status
    Sold
  • Listing #
    11388637
  • Built
    1969
  • Lot Size
    0.14
  • Listed on site
    700 days
  • Sold Price
    2150000

Listed by:
Berkshire Hathaway HomeServices Chicago

mls source logo © 2020 Midwest Real Estate Data LLC. All rights reserved. Listing courtesy of Berkshire Hathaway HomeServices Chicago.
Click for Map

Property details

Community Features

  • No HOA

Exterior features

  • No Pool

Interior Features

  • Fire Place

Property History

DateDays AgoEventNew Price
Aug 22, 20237 mos agoPrice decreased100,000 (4%)$2,150,000
Feb 14, 20231 yr agoPrice decreased150,000 (6%)$2,250,000
Apr 28, 20222 yrs agoNew on market$2,400,000
Favorite

Tour This Home

Fri
29Mar
Sat
30Mar
Sun
31Mar
Mon
01Apr
Tue
02Apr
Wed
03Apr
Thu
04Apr
Fri
05Apr
Sat
06Apr
Sun
07Apr
Mon
08Apr
Tue
09Apr
Wed
10Apr
Thu
11Apr
in Person
via Video Call