1556 North LaSalle Street
1556 North LaSalle Street
$2,699,999
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Description
Monthly rent roll = $21,000+ (Billboard = $4,000, Commercial Unit = $4,750, Penthouse = $6,200, Unit 2R = $3,100, Unit 2F = $3,100). The building was 100% gut rehabbed (including the commercial unit). There is a $4,000 / per month billboard on the side of the building that has a long term lease! Commercial unit gets $4,750 a month from a successful barber shop (on year 2 of 10 year lease) 1 Billboard, 1 Commercial unit, 3 Residential units that were gut rehabbed in 2023! Furthermore, the Penthouse...Monthly rent roll = $21,000+ (Billboard = $4,000, Commercial Unit = $4,750, Penthouse = $6,200, Unit 2R = $3,100, Unit 2F = $3,100). The building was 100% gut rehabbed (including the commercial unit). There is a $4,000 / per month billboard on the side of the building that has a long term lease! Commercial unit gets $4,750 a month from a successful barber shop (on year 2 of 10 year lease) 1 Billboard, 1 Commercial unit, 3 Residential units that were gut rehabbed in 2023! Furthermore, the Penthouse unit has the City approved short-term rental license. You can legally rent out the Penthouse as an Airbnb! This property is a cash cow and can generate approximately $255,000+ in annual revenue. Building comes fully furnished/turn key for furnished short-term rentals. Great investment! 15%+ cash on cash return, 10% = cap rate. The subject property is comprised of a +/- 2,500 SF land site improved with a +/- 6,300 SF 2.5-story, brick, mixed-use (commercial and residential) building in the Old Town neighborhood of Chicago. The ground/garden level of the subject is comprised of a rented commercial storefront unit totaling approximately 2,000 SF. The 2nd floor is comprised of 2 MTM furnished rentals. Each unit is a 2 bed unit. The top floor consists of a single, large residential apartment unit that spans the entire floor and measures approximately 2,000 SF. This unit is legally licensed as an Airbnb. The site is zoned B3-5, Community Shopping District. Manager would like to stay on to manage the short term rentals. This property has great cashflow, even @ 8% interest rates!
Property Details for 1556 North LaSalle Street
Area
CHI - Near North Side
TownshipNorth Chicago
OwnershipFee Simple
Num Of Parking Spaces0.0
Heat/FuelForced Air
ZoningCOMMR
Location
LISTING UPDATED: 05/15/2024 12:17 AM
Property Details for 1556 North LaSalle Street
Status | Active |
---|---|
MLS # | 12051627 |
Days on Market | 11 |
Taxes | $34,555 / year |
HOA Fees | - |
Condo/Co-op Fees | - |
Compass Type | Multi Family |
MLS Type | Two to Four Units / 3 Flat |
Year Built | 1906 |
Lot Size | 0.06 AC / 2,500 SF |
County | Cook County |
Location
Building Information for 1556 North LaSalle Street
Stories-Residences4Year Built1906Building Size-Lot Size0.06 AC / 2,500 SF
Payment Calculator
$17,615 per month
The Payment Calculator is for illustrative purposes only.
Property Information for 1556 North LaSalle Street
Property History for 1556 North LaSalle Street
Date | Event & Source | Price | Appreciation |
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Date | Event & Source | Price |
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For completeness, Compass often displays two records for one sale: the MLS record and the public record.
Schools near 1556 North LaSalle Street
This home is within City Of Chicago School District 299.
Rating | School | Type | Grades | Distance |
---|---|---|---|---|
Public - | PK to 8 | |||
Public - | 9 to 12 | |||
Public - | K to 8 | |||
Public - | K to 8 |
Rating | School | Distance |
---|---|---|
Manierre Elementary School PublicPK to 8 | ||
Lincoln Park High School Public9 to 12 | ||
Lasalle Elementary Language Academy PublicK to 8 | ||
Franklin Elementary Fine Arts Center PublicK to 8 |
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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