2531 N. Tripp Ave.

Property Overview

2531 N. Tripp Ave. is comprised of two buildings with a total of 9 apartment units in the Hermosa neighborhood of Chicago, IL. The front brick building consists of 3 units with a unit mix of (2) 2Bdr/1Ba and (1) 3Bdr/1Ba. The rear frame building lays across the doubled lot property horizontally and includes 6 units with a unit a unit mix (4) 1Bdr/1Ba and (2) 2Bdr/1Ba layouts. The buildings present a value-add opportunity to modernize the units with the ability to increase the overall rental income. The front building includes a shingled pitched roof, an AO hot water tank installed in 2011 and a Guardian boiler installed in 2015 which only heats unit 1F (all other units have individual furnaces). The rear building has a flat - shingle roof, individual hot water tanks and furnaces. Both buildings have a mix of copper and galvanized plumbing. Additionally, there's common laundry; (1) washer & (1) dryer earning additional income. The units features hardwood and carpet floors, tiled kitchen floors, Formica countertops,standard appliances and ceiling fans. The property is within walking distance to the Healy Metra Station, Kelvyn Park and Kosciuszko Park.

Highlights

  • 9 Total Units in Hermosa
  • Value-Add Opportunity: Ability to Further Renovate the Units & Increase Overall Rental Income

Key Details

Asking Price
$800,000
Number Of Units
9
Lot Size
5,670 SF
Building Size
6,050 SF
Cap Rate
6.76
Year Built
1901