Property Overview
Interra Realty has been exclusively engaged to present for sale 5241 W Lake St. in the South Austin neighborhood on Chicago's west side. This forty-nine (49) unit courtyard building has been fully gut rehabbed and is comprised of one and two bedroom-apartments. The thoughtful updates include all new electric and plumbing services, new kitchen cabinetry and stone countertops, modern bathrooms finishes, new trim work and refinished hardwood floors. Additionally, there is conversion potential to add 5 more units at ground level for a total of 54 units. Each unit features individual gas forced air furnaces and electric hot water storage tanks, reducing landlord utility responsibility.
The subject property is currently 100% vacant and positioned for an investor to completely re-tenant the building and capture strong market rents. Close proximity to the CTA Green Line station at Laramie offers future tenants convenient public transit access.
Highlights
- Fully gut rehabbed. Opportunity for an investor to
create a new rent roll - Value add opportunity to convert ground level spaces
to five additional apartments - Individual utilities throughout
- Proximity to Laramie Green Line station