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$ 800,000
Est. payment /mo
Active
222 E 61st Street Chicago, IL 60637
18,000 SqFt
UPDATED:
08/17/2024 08:34 AM
Key Details
Property Type Commercial
Sub Type Retail/Stores
Listing Status Active
Purchase Type For Sale
Square Footage 18,000 sqft
Price per Sqft $44
MLS Listing ID 12101662
Year Built 1925
Annual Tax Amount $33,562
Tax Year 2022
Lot Dimensions 128 X 95
Property Description
Pleased to present the retail property at 222 E. 61st St.. This asset represents a compelling investment opportunity in a vibrant community. Discover this exceptional commercial property located in a coveted B3-2 zoning district, currently operating as a Day Care Center and After-SCHOOL facility. This property offers a blend of modern amenities and strategic location, making it a highly attractive investment opportunity. Key Features Zoning: B3-2 Current Use: Day Care Center and After-SCHOOL Facility Tenant Lease: The day care tenant signed a 3-year lease in March of 2023 at $10,000 monthly. Facilities: Newly remodeled day care center on the first floor and a second floor utilized for after-school programs. Accessibility: Conveniently located near the Green Line and Dan Ryan Expressway, providing excellent transportation options. Nearby Developments: Proximity to the future Obama Presidential Library, adding to the potential growth and value appreciation. Maintenance: The property is meticulously maintained, ensuring a hassle-free investment experience. Neighborhood: Situated in a revitalizing neighborhood, enhancing the long-term investment prospects. Investment Potential This commercial property presents a compelling investment opportunity with multiple attractive features: Stable Income: The day care tenant's 3-year lease guarantees a steady annual income of $10,000. Strategic Location: The property's proximity to major transportation routes and the future Obama Presidential Library enhances its desirability and potential for appreciation. Modern Facilities: Recent renovations and dedicated spaces for day care and after-school programs increase the property's usability and attractiveness to tenants. Revitalizing Neighborhood: Located in an area undergoing revitalization, the property is positioned for long-term growth and increased value. Financial Highlights Annual Lease Income: $10,000 Lease Term: 3 years (started March 2023) Purchase Price: $800,000 Seller Financing: Available with a minimum 30% down payment of the purchase price at a 7.00% interest rate. Zoning District: B3-2 Seller Financing Details Minimum Down Payment: 30% of the Purchase Price Interest Rate: 7.00% Amortization: 360 Months Interest Only Period: 2 Years Balloon Due In: 5 Years This commercial property, sold as-is, offers a unique blend of modern amenities, stable income, and strategic location. With the added benefit of being situated near significant future developments, it stands as a promising investment opportunity in a revitalizing neighborhood. The availability of seller financing with a competitive interest rate further enhances its appeal. Don't miss out on this chance to invest in a property with substantial growth potential and immediate income generation.
Location
State IL
County Cook
Zoning COMMR
Interior
Cooling Central Air, Zoned
Fireplace N
Exterior
Utilities Available Electric to Site, Gas to Site, Sanitary Sewer, Water-Municipal
View Y/N true
Building
Foundation Brick/Mortar, Concrete Perimeter
Structure Type Brick,Concrete
© 2024 Listings courtesy of MRED as distributed by MLS GRID. All Rights Reserved.
Listed by Anthony Hardy • Keller Williams ONEChicago