Exceptional income/investment property opportunity in the highly sought-after neighborhood of West Lake View. Situated on a rare boulevard street, just a block away from the Paulina Brown line stop, this meticulously renovated multi-family unit presents a lucrative prospect for investors. Originally subjected to a complete gut rehab in 2005, this property boasts three well-designed units, each with its own distinctive features. The first and second floor units offer a spacious layout spanning 1180 sq/ft and comprise two bedrooms and two bathrooms. These units provide modern conveniences such as in-unit washer/dryer, stainless steel appliances, and elegant hardwood floors, ensuring a luxurious living experience for tenants. The owners' unit is an impressive 2400 sq/ft duplex, featuring three bedrooms, three bathrooms, and an expansive 11x21 office on the top floor. Huge Primary Suite - Bedroom is 17.5' x 24.5' with Built-In Ledger Stone TV and Fireplace, Spa Bathtub with oversized Shower, Rain head, Body Jets and Bidet. This unit is complemented by two inviting decks, perfect for enjoying outdoor relaxation. In 2008, a state-of-the-art, heated/cooled two-car garage with a stunning stone facade was added to the property. Additionally, the garage structure has been thoughtfully designed with 10' ceilings to allow for car lifts and reinforced to accommodate a potential rooftop deck, enhancing the property's appeal and versatility. With regards to short-term rentals (STR), the first-floor unit can be converted to meet the requirements of Chicago STR Laws. By doing so, this unit has the potential to generate an estimated gross revenue of $53, 000, based on projections from AIRDNA.co. This presents an exciting opportunity to capitalize on the thriving short-term rental market. Moreover, the market rent for the third-floor unit stands at $4, 500 per month, while the second floor units currently command rents of $2, 375 per month and the first floor at $1, 975 (Long Term Tenant, market rent is $2, 375). If the first-floor unit is transformed into an STR, the projected gross rental income for the entire building could reach an impressive $135, 500. Don't miss out on this exceptional income-producing property in the desirable West Lake View neighborhood. Whether you are an investor seeking substantial returns or an owner looking to generate income (And Tax Benefits!) from short-term rentals, this property offers a winning opportunity. Act now to secure your investment in this thriving real estate market.
