7701 West Belmont Avenue

Elmwood Park, IL 60707

$1,195,000
Price
Beds
Sq. Ft.
/ Sq. Ft.
Sq. Ft.
per Sq. Ft.

Description

This one-of-a-kind investment opportunity is located in the heart of Elmwood Park's bustling downtown. The property is a mixed-use building with 100 percent occupancy that offers incredible potential for investors. Upstairs, there are two fully rehabbed residential units, each featuring 2 BED/ 1 BATH with in-unit washer/dryer. Both units are fully occupied, with tenants responsible for their own gas and electricity, ensuring consistent and reliable rental income. The downstairs commercial storefront...This one-of-a-kind investment opportunity is located in the heart of Elmwood Park's bustling downtown. The property is a mixed-use building with 100 percent occupancy that offers incredible potential for investors. Upstairs, there are two fully rehabbed residential units, each featuring 2 BED/ 1 BATH with in-unit washer/dryer. Both units are fully occupied, with tenants responsible for their own gas and electricity, ensuring consistent and reliable rental income. The downstairs commercial storefront is currently utilized as a cafe and gaming room, providing a dynamic and popular space for the community. The commercial tenant is responsible for water, gas, electricity, and repairs. Tenant is open to extending their lease for an additional 5 to 10 years, offering a secure and stable long-term investment opportunity. Additionally, there is an extra commercial space that is currently leasing as a banquet facility or venue, complete with its own separate PIN number, address and entrance. The basement provides ample storage space, adding further convenience and functionality to the property. The building also features an outdoor courtyard and parking, which make it ideal for hosting events such as private parties or other gatherings. These features add further value and versatility to the space. The landlord is responsible for paying property taxes, while the current setup minimizes other maintenance responsibilities, creating a low-effort yet profitable investment opportunity. With its prime location, multiple revenue streams, and endless potential, this building is truly a gem. Don't miss your chance to own this remarkable property and take advantage of its many possibilities.

Listing Agent

Property Details for 7701 West Belmont Avenue

Area
Elmwood Park
Township
Leyden
Zoning
RTAIL
LISTING UPDATED: 11/22/2024 02:06 AM

Property Details for 7701 West Belmont Avenue

StatusNew
MLS #12214986
Days on Market2
Taxes$20,959 / year
HOA Fees-
Condo/Co-op Fees-
Compass TypeMixed Use
MLS TypeCommercial Sale
Year Built1950
Lot Size0.11 AC / 4,935 SF
CountyCook County

Building Information for 7701 West Belmont Avenue

Stories2Residences4Year Built1950Lot Size0.11 AC / 4,935 SF

Property Information for 7701 West Belmont Avenue

General Information
Addtl Parking Information
  • Indoor Parking: Detached
  • Outdoor Parking: 1-5 Spaces
Location and General Information
  • Geographic Locale: Chicago West
  • Information: Show-Courtesy Key
Taxes and HOA Information
  • Additional Parcels: Yes
Property Information
Interior Features
  • Air Conditioning: Central Air, Central Individual
  • Electric: Separate Meters
  • Heat/Ventilation: Forced Air
  • Misc Inside: Private Restroom/s,Public Restroom/s,Storage Inside
  • Num of Baths: 0.0
Exterior Features
  • # Of Apts: 2
  • Misc Outside: Courtyard,Patio
Property/Lot Information
  • Tenant Pays: Electricity, Heat
  • Built Before 1978: Yes
  • Approximate Age: Older
  • Lot Dimensions: 105 X 47
  • Lot Size Square Feet: 4935.0
  • Stories: 2
  • Construction: Brick, Concrete, Block
  • Fire Protection: Smoke or Fire Protectors
  • Building Area Total: 5600
  • # Of Offices: 1
  • # Of Stores: 1
  • Property Sub Type: Apts/Stores
Property and Assessments
  • Public Document Count: 0
  • Photos Count: 27
Miscellaneous
  • Current Use: Commercial
  • Location: Corner
Virtual Tour/Additional Media
  • Virtual Tour: None
  • Virtual Tour YN: No
Multi Family
Multi-Family Information
  • Number Of Units Total: 4
Income & Expenses
  • Electric Expense: $.00
  • Fuel Expense: $.00
  • Gross Income: $114,240.00
  • Gross Scheduled Income: $114,240.00
  • Insurance Expense: $3,500.00
  • Known Encumbrances: None Known
  • Total Monthly Income: 9520
  • Other Expense: $.00
  • Trash Expense: $.00
  • Water Sewer Expense: $.00

Property History for 7701 West Belmont 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 7701 West Belmont Avenue

Taxable ValueLand$7,691Additions$98,945Total$106,636
Tax Record2022$31,314 ($2,610 / month)
Home Facts
Stories1Lot Size2,348 SqFtStyleStoresYear Built1943CountyCOOKAPN12-25-105-011

Schools near 7701 West Belmont Avenue

This home is within Elmwood Park Community Unit School District 401.
Rating
School
Type
Grades
Distance
Public - PK to 5
Public - 6 to 8
Public - 9 to 12
Private - PK to 8
Rating
School
Distance
John Mills Elementary School
PublicPK to 5

Elm Middle School
Public6 to 8

Elmwood Park High School
Public9 to 12

St Celestine School
PrivatePK 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.

Similar Homes

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7701 West Belmont Avenue is a mixed use property for sale in Elmwood Park, IL 60707. This property was listed for sale on November 21, 2024 by Compass, it's currently listed at $1,195,000. It has been on the market for a total of 2 days and was last sold on April 8, 2022. This listing's school district is Elmwood Park Community Unit School District 401. Nearby schools include John Mills Elementary School, Elm Middle School and Elmwood Park High School. 7701 West Belmont Avenue is a 0-bed, 0-bath, mixed use property built in 1950.

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.

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 11/22/2024 02:06 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.