3123 West Monroe Street

Chicago, IL 60612

$595,000
Price
12
Beds
4
Baths
Sq. Ft.
/ Sq. Ft.
Sq. Ft.
per Sq. Ft.

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...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
  1. Listed by Damon Dance • Devise Property Group LLC

Property Details for 3123 West Monroe Street

Area
CHI - East Garfield Park
Township
West Chicago
Ownership
Fee Simple
Num Of Parking Spaces
2.0
Parking Included in Price
Yes
Heat/Fuel
Natural Gas

Location

Listing Courtesy of Devise Property Group LLC
Add your commute
LISTING UPDATED: 05/11/2024 03:49 PM

Property Details for 3123 West Monroe Street

StatusContingent
MLS #12048173
Days on Market5
Taxes$3,213 / year
HOA Fees-
Condo/Co-op Fees-
Compass TypeMulti Family
MLS TypeTwo to Four Units / 4 Flat
Year Built1905
Lot Size0.11 AC / 4,704 SF
CountyCook County

Location

Listing Courtesy of Devise Property Group LLC
Add your commute

Building Information for 3123 West Monroe Street

Stories-Residences4Year Built1905Building Size-Lot Size0.11 AC / 4,704 SF

Payment Calculator

$3,515 per month

30 year fixed, 7.25% Interest

Principal and Interest

$3,247

Property Taxes

$268

HOA Dues

$0

The Payment Calculator is for illustrative purposes only.

Property Information for 3123 West Monroe Street

General Information
School Information
  • Elementary School District: 299
  • High School District: 299
  • Middle Or Junior School District: 299
Addtl Parking Information
  • Parking: Space/s
  • Parking Details: Off Alley
  • Open Parking Spaces: 2.0
Taxes and HOA Information
  • Additional Parcels: Yes
Property Information
Interior Features
  • Num Of Rooms: 5
  • Bedrooms (Below Grade): 0
  • Community Features: Sidewalks, Street Lights, Street Paved
  • Basement Type: Full
  • Bedrooms Possible: 12
  • Basement Description: Unfinished
  • # Full Baths in Building: 4
  • # Half Baths in Building: 0
  • Num of Baths: 4.0
Utilities / Equipment
  • Water: Public
Property/Lot Information
  • New Construction YN: No
  • Rebuilt: No
  • Rehabilitated: Yes
  • Rehab Year: 2019
  • Built Before 1978: Yes
  • Age: 100+ Years
  • Lot Size: Less Than .25 Acre
  • Lot Dimensions: 48 X 98
  • Total # Units in Building: 4.0
  • Waterfront: No
  • Exterior Building Type: Brick
  • General Information: None
  • North Coordinate: 0
  • South Coordinate: 100
  • East Coordinate: 0
  • West Coordinate: 3100
  • 3 Br Un In Bldg: Yes
Property and Assessments
  • Public Document Count: 0
  • Photos Count: 8
  • OpenHouse Count: 0
Virtual Tour/Additional Media
  • Virtual Tour: None
  • Virtual Tour YN: No
Multi Family
Income & Expenses
  • Electric Expense: $438.00
  • Gross Income: $71,508.00
  • Insurance Expense: $1,600.00
  • Net Operating Income: $53,416.00
  • Trash Expense: $190.00
  • Water Sewer Expense: $1,600.00
Unit 1
  • Unit Type Actual Rent: $1,544.00
  • Unit Type Baths Total: 1
  • Unit Type Beds Total: 3
  • Unit Type Type: Unit 1
  • Lease Expiration Date: MTM
Unit 2
  • Unit Type Actual Rent: $1,626.00
  • Unit Type Baths Total: 1
  • Unit Type Beds Total: 3
  • Unit Type Type: Unit 2
  • Lease Expiration Date: 11/24
Unit 3
  • Unit Type Actual Rent: $1,539.00
  • Unit Type Baths Total: 1
  • Unit Type Beds Total: 3
  • Unit Type Type: Unit 3
  • Lease Expiration Date: MTM
Unit 4
  • Unit Type Actual Rent: $1,250.00
  • Unit Type Baths Total: 1
  • Unit Type Beds Total: 3
  • Unit Type Type: Unit 4
  • Lease Expiration Date: MTM

Property History for 3123 West Monroe Street

DateEvent & SourcePriceAppreciation
DateEvent & SourcePrice

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

Public Records for 3123 West Monroe Street

Taxable ValueLand$2,397Additions$7,400Total$9,797
Tax Record2022$2,022 ($168 / month)
Home Facts
Baths4Total Finished SqFt7,538 SqFtAbove Grade Finished SqFt7,538 SqFtStories2Lot Size2,040 SqFtStyleMulti-Family Res (5+ Units)Year Built1908CountyCOOKAPN16-13-107-022

Schools near 3123 West Monroe Street

This home is within City Of Chicago School District 299.
Rating
School
Type
Grades
Distance
Public - PK to 8
Public - 9 to 12
Charter - K to 8
Charter - K to 8
Rating
School
Distance
Faraday Elementary School
PublicPK to 8

Marshall Metropolitan High School
Public9 to 12

Locke A Elementary Charter Academy
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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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. No financial or legal advice provided. Equal Housing Opportunity.

Listing Courtesy of Devise Property Group LLC

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 05/11/2024 03:49 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.