6506-6508 South Ellis Avenue

Chicago, IL 60637

$950,000
Price
16
Beds
10
Baths
Sq. Ft.
/ Sq. Ft.
Sq. Ft.
per Sq. Ft.

Description

6506-6508 s. Ellis Avenue is a rarely available, beautiful condo building with 6 individual condominiums being sold together as a package. Located just blocks from the prestigious University of Chicago and the construction site of the future Obama Presidential Library. All units are currently being rented out. Building underwent major renovation in approximately 2012 (New framing, new 100% copper plumbing, new electrical in all units, individual furnaces and hot water heaters in each unit). Hardwood...6506-6508 s. Ellis Avenue is a rarely available, beautiful condo building with 6 individual condominiums being sold together as a package. Located just blocks from the prestigious University of Chicago and the construction site of the future Obama Presidential Library. All units are currently being rented out. Building underwent major renovation in approximately 2012 (New framing, new 100% copper plumbing, new electrical in all units, individual furnaces and hot water heaters in each unit). Hardwood floors in 5 of the 6 units. There are four (4) 2 bedroom, 1 bath units (located on the second and third floors), and two (2) 4 bedroom, 3 bath units on the first floor that are condo units that UTILIZE THE FIRST FLOOR AND THE LOWER LEVEL! Floor plans available from listing agent! Each unit has in-unit laundry, a dishwasher, and one (1) parking space per unit in the rear of the building. Units also have their own furnaces and TENANTS responsible for their own heat and electric. Water is not individually metered. Gated access to the building. Fenced-in yard space in the rear. Tenants also have access to a newer balcony in the rear of each unit. Common areas also remodeled. Because this neighborhood is being sought-after, two single family homes directly across the street (6501 & 6503 S. Ellis Avenue) from this building have sold for $739,000! And more to come with New Construction being built all around! Much more value to add to this building by stabilizing rents to current market value! Once purchased, new owner can sell as individual condos, or combine PINs and request reduction in taxes. Assessor has reduced assessed value by approx 24% for the 2024 tax year! Higher Rents and Less Expenses will equal higher income! Email listing agent for any questions.
  1. Listed by John Rolla • HomeSmart Realty Group

Property Details for 6506-6508 South Ellis Avenue

Area
CHI - Woodlawn
Township
Hyde Park
Zoning
OTHER
LISTING UPDATED: 09/16/2024 12:07 AM

Property Details for 6506-6508 South Ellis Avenue

StatusActive
MLS #12143981
Days on Market34
Taxes$25,832 / year
HOA Fees-
Condo/Co-op Fees-
Compass TypeMulti Family
MLS TypeMulti Family 5+ / Multi Family 5+-Other
Year Built1930
Lot Size0.14 AC / 6,250 SF
CountyCook County

Building Information for 6506-6508 South Ellis Avenue

Stories3Residences6Year Built1930Building Size-Lot Size0.14 AC / 6,250 SF

Property Information for 6506-6508 South Ellis Avenue

General Information
Location and General Information
  • Information: 48-Hr Notice Required
Taxes and HOA Information
  • Additional Parcels: Yes
Property Information
Interior Features
  • Air Conditioning: Central Air
  • Electric: Circuit Breakers
  • # Of Washers: 6
  • Heat/Ventilation: Forced Air
  • # Of Refrigerators: 6
  • # Of Dryers: 6
  • Num of Baths: 10.0
Property/Lot Information
  • Tenant Pays: Electricity, Heat
  • Built Before 1978: Yes
  • Approximate Age: Older
  • Multi-Family Type: Other
  • Lot Dimensions: 50 X 125
  • Stories: 3
  • Exterior Building Type: Brick
  • Construction: Brick
  • # Of Ranges: 6
Property and Assessments
  • Possible Use: Multi-Family
  • Public Document Count: 0
  • Photos Count: 24
Miscellaneous
  • Current Use: Condominium
Virtual Tour/Additional Media
  • Virtual Tour: None
  • Virtual Tour YN: No
Multi Family
Multi-Family Information
  • Number Of Units Total: 6
Income & Expenses
  • Electric Expense: $665.00
  • Fuel Expense: $.00
  • Gross Income: $112,500.00
  • Gross Scheduled Income: $112,500.00
  • Insurance Expense: $3,228.00
  • Maintenance Expense: $.00
  • Expense Year: 2023
  • Total Annual Expense Source: Owner Projection
  • Janitor Expense: 0
  • Other Expense Source: Actual
  • Total Monthly Income: 9375
  • Net Operating Income: $84,295.00
  • Operating Expense: $34,531.00
  • Other Expense: $600.00
  • Trash Expense: $1,812.00
  • Water Sewer Expense: $2,394.00
Unit 1
  • Unit Type Baths Total: 1
  • Unit Type Beds Total: 2
  • Unit Type Type: Unit 1
  • Unit Type Units Total: 1
Unit 2
  • Unit Type Baths Total: 1
  • Unit Type Beds Total: 2
  • Unit Type Type: Unit 2
  • Unit Type Units Total: 1
Unit 3
  • Unit Type Baths Total: 1
  • Unit Type Beds Total: 2
  • Unit Type Type: Unit 3
  • Unit Type Units Total: 1
Unit 4
  • Unit Type Baths Total: 1
  • Unit Type Beds Total: 2
  • Unit Type Type: Unit 4
  • Unit Type Units Total: 1
Unit 5
  • Unit Type Baths Total: 3
  • Unit Type Beds Total: 4
  • Unit Type Type: Unit 5
  • Unit Type Units Total: 1
Unit 6
  • Unit Type Baths Total: 3
  • Unit Type Beds Total: 4
  • Unit Type Type: Unit 6
  • Unit Type Units Total: 1
Unit 7
  • Unit Type Beds Total: 0
  • Unit Type Type: Unit 7
  • Unit Type Units Total: 0

Property History for 6506-6508 South Ellis Avenue

DateEvent & SourcePriceAppreciation
DateEvent & SourcePrice

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

Schools near 6506-6508 South Ellis Avenue

This home is within City Of Chicago School District 299.
Rating
School
Type
Grades
Distance
Public - PK to 8
Public - 9 to 12
Charter - 6 to 12
Public - PK to 6
Rating
School
Distance
Wadsworth PreK-8th STEM School
PublicPK to 8

Hyde Park Academy High School
Public9 to 12

Univ of Chicago Chtr-Woodlawn
Charter6 to 12

Woodlawn Elementary Community School
PublicPK to 6

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.

Similar Homes

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6506-6508 South Ellis Avenue is a multi-family home for sale in Chicago, IL 60637. This property was listed for sale on August 21, 2024 by HomeSmart Realty Group, it's currently listed at $950,000. This listing's school district is City Of Chicago School District 299. Nearby schools include Wadsworth PreK-8th STEM School, Hyde Park Academy High School and Univ of Chicago Chtr-Woodlawn. 6506-6508 South Ellis Avenue is a 16-bed, 10-bath, multi-family home built in 1930.

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 HomeSmart 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 09/16/2024 12:07 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.