1616 North Western Avenue

Chicago, IL 60647

$4,350,000
Price
Beds
Sq. Ft.
/ Sq. Ft.
Sq. Ft.
per Sq. Ft.

Description

Introducing a prime investment opportunity in Bucktown, this newer 10-unit building is a testament to modern luxury and urban convenience. Each extra-wide condo-quality apartment boasts high ceilings, balconies, hardwood floors, granite countertops, and 42-inch cabinets with stainless steel appliances, creating a sophisticated living experience. Oversized windows flood each unit with natural light, enhancing the spacious rooms and elegant interiors. The building includes eight storage units and nine...Introducing a prime investment opportunity in Bucktown, this newer 10-unit building is a testament to modern luxury and urban convenience. Each extra-wide condo-quality apartment boasts high ceilings, balconies, hardwood floors, granite countertops, and 42-inch cabinets with stainless steel appliances, creating a sophisticated living experience. Oversized windows flood each unit with natural light, enhancing the spacious rooms and elegant interiors. The building includes eight storage units and nine attached garage spots, ensuring ample convenience for residents. Currently, the property is fully occupied with long-term, high-quality tenants, offering stability and immediate rental income. There is significant potential to increase rental rates, supported by the upscale design and desirable location. Featuring eight upscale residential units and two commercial spaces, each with separate tax IDs, this property offers versatility and investment security. Situated near the Blue Line and Western Avenue CTA stop, residents enjoy easy transit access, while the vibrant neighborhood boasts trendy restaurants, fashionable boutiques, art galleries, and music venues, enriching the local lifestyle and attracting a dynamic tenant base.
  1. Listed by Yvonne Stachyra • Wesley Realty Group

Property Details for 1616 North Western Avenue

Area
CHI - West Town
Township
West Chicago
Num of Interior Fireplaces
8
Zoning
MULTI
LISTING UPDATED: 12/09/2024 09:31 AM

Property Details for 1616 North Western Avenue

StatusActive
MLS #12087705
Days on Market186
Taxes$48,684 / year
HOA Fees-
Condo/Co-op Fees-
Compass TypeMixed Use
MLS TypeCommercial Sale
Year Built2003
Lot Size0.19 AC / 8,250 SF
CountyCook County

Building Information for 1616 North Western Avenue

Stories4Residences10Year Built2003Lot Size0.19 AC / 8,250 SF

Property Information for 1616 North Western Avenue

General Information
Addtl Parking Information
  • Indoor Parking: 6-12 Spaces,Attached
Location and General Information
  • Geographic Locale: Chicago North
  • Information: 24-Hr Notice Required
Taxes and HOA Information
  • Additional Parcels: Yes
Property Information
Interior Features
  • Air Conditioning: Central Air
  • Electric: Circuit Breakers, Separate Meters
  • # Of Washers: 8
  • Heat/Ventilation: Forced Air,Gas
  • # Of Window/Ac: 0
  • # Of Refrigerators: 8
  • Washer/Dryer Lsd: No
  • Misc Inside: Elevator/s Passenger,Accessible Entrance,Storage Inside
  • # Of Dryers: 8
  • # Of Disposals: 8
  • # Of Dishwashers: 8
  • Num of Baths: 0.0
Exterior Features
  • # Of Apts: 8
Property/Lot Information
  • Owners Association: No
  • Tenant Pays: Air Conditioning, Heat
  • Built Before 1978: No
  • Approximate Age: 7-15 Years
  • Lot Dimensions: 75X110
  • Lot Size Square Feet: 8250.0
  • Stories: 4
  • Construction: Brick
  • Fire Protection: Fire Extinguisher/s
  • # Of Offices: 2
  • # Of Ranges: 8
  • # Of Stores: 0
  • Property Sub Type: Apts/Stores
Property and Assessments
  • Public Document Count: 2
  • Document Date: 2024-11-18T20:26:04
  • Photos Count: 28
Virtual Tour/Additional Media
  • Virtual Tour: None
  • Virtual Tour YN: No
Multi Family
Multi-Family Information
  • Number Of Units Total: 10
Income & Expenses
  • Electric Expense: $2,800.00
  • Fuel Expense: $.00
  • Gross Income: $352,584.00
  • Gross Scheduled Income: $352,584.00
  • Insurance Expense: $7,900.00
  • Electric Expense Source: Actual
  • Expense Year: 2023
  • Total Annual Expense Source: Combination
  • Fuel Expense Source: Actual
  • Insurance Expense Source: Actual
  • Other Expense Source: Combination
  • Trash Expense Source: Actual
  • Total Monthly Income: 29382
  • Water Expense Source: Actual
  • Net Operating Income: $276,214.00
  • Operating Expense: $39,605.00
  • Other Expense: $7,521.00
  • Trash Expense: $2,556.00
  • Water Sewer Expense: $6,908.00

Property History for 1616 North Western Avenue

DateEvent & SourcePriceAppreciation
DateEvent & SourcePrice

For completeness, Compass often displays two records for one sale: the MLS record and the public record.

Public Records for 1616 North Western Avenue

Taxable ValueLand$2,588Additions$19,784Total$22,372
Tax Record2022$4,731 ($394 / month)
Home Facts
Beds0Lot Size8,040 SqFtStyleCondominiumYear Built2001CountyCOOKAPN13-36-432-049-1004

Schools near 1616 North Western Avenue

This home is within Chicago Public Schools.
Rating
School
Type
Grades
Distance
Public - PK to 8
Public - 9 to 12
Public - PK to 8
Charter - K to 8
Rating
School
Distance
Moos Elementary School
PublicPK to 8

Clemente Community Academy High School
Public9 to 12

Sabin Elementary Magnet School
PublicPK to 8

Erie Elementary Charter School
CharterK 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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1616 North Western Avenue is a mixed use property for sale in Chicago, IL 60647. This property was listed for sale on June 19, 2024 by Wesley Realty Group, it's currently listed at $4,350,000. It has been on the market for a total of 186 days and was last sold on September 21, 2021. This listing's school district is Chicago Public Schools. Nearby schools include Moos Elementary School, Clemente Community Academy High School and Sabin Elementary Magnet School. 1616 North Western Avenue is a 0-bed, 0-bath, mixed use property built in 2003.

No guarantee, warranty or representation of any kind is made regarding the completeness or accuracy of descriptions or measurements (including square footage measurements and property condition), such should be independently verified, and Compass expressly disclaims any liability in connection therewith. Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions. Offers of compensation are subject to change at the discretion of the seller. No financial or legal advice provided. Equal Housing Opportunity.

Listing Courtesy of Wesley Realty Group

Based on information from one of the following Multiple Listing Services: Midwest Real Estate Data LLC (\"MRED\"), MRED PLN GRID, Northwest Indiana REALTORS® Association and NorthWest Illinois Alliance of REALTORS. Information being provided is for the visitor’s personal, noncommercial use and may not be used for any purpose other than to identify prospective properties visitor may be interested in purchasing. The data contained herein is copyrighted by Midwest Real Estate Data LLC (\"MRED\"), MRED PLN GRID, Northwest Indiana REALTORS® Association and NorthWest Illinois Alliance of REALTORS is protected by all applicable copyright laws. Any dissemination of this information is in violation of copyright laws and is strictly prohibited. Property information referenced on this web site comes from the Internet Data Exchange (IDX) program of the MLS. This web site may reference real estate listing(s) held by a brokerage firm other than the broker and/or agent who owns this web site. For the avoidance of doubt, the accuracy of all information, regardless of source, is deemed reliable but not guaranteed and should be personally verified through personal inspection by and/or with the appropriate professionals. Based on information submitted to the MLS GRID as of 12/09/2024 09:31 AM. 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.