2531 W Lyndale Street, Chicago, IL 60647
Local realty services provided by:Better Homes and Gardens Real Estate Star Homes
2531 W Lyndale Street,Chicago, IL 60647
$875,000
- 8 Beds
- 5 Baths
- - sq. ft.
- Multi-family
- Pending
Listed by:derek disera
Office:compass
MLS#:12460557
Source:MLSNI
Price summary
- Price:$875,000
About this home
Stunning rehabbed legal 4-unit in the Heart of Logan Square/West Bucktown! This multi-unit building is currently operating as a rehabbed 3-unit with a legal, 4th unit that is currently an unfinished garden apartment. This very large building was recently beautifully rehabbed and features a Brand NEW ROOF, very large, rear addition and huge rehabbed 1ST FLOOR UNIT SIMPLEX + 2 Rehabbed DUPLEXED UNITS ON THE 2ND & 3RD FLOORS (front & rear) + an unfinished (but legal) 4th garden apartment. - UNIT #1 - Covers the entire first floor of the building and is a 2-bed/2-bath featuring a recently rehabbed & stunning chef's kitchen w/ granite countertops, breakfast bar, 42-inch cabs, high-end appliances, and custom backsplash, Full dining room & spacious living room w/ large master suite in the rear, (two full updated bathrooms) and in-unit laundry, hardwood floors, can lighting, newer windows, perfect for a live-in owner! - Both upper units (#2F & 2R) are newly rehabbed, super-bright duplex-ups w/ new HVAC (GFA w/ Central A/C), in-unit laundry, new kitchens & baths, hardwood floors throughout and great open layouts UNIT #2F is a large 2-bedroom + den with 1 full bath. UNIT #2R is also a large 2-bedroom with 1.5 baths. Terrific income-producing property, currently generating $6,780 PER MONTH TOTAL and breakdown as follows; *UNIT #1 @ $2,190 per mo and on a month-to-month lease (been there 3 years), *UNIT #2F @ 2,190 per month and lease expires 9/26 (2 years) & *UNIT #2R @ $2,400 and lease expires 9/26 (new tenant). The basement is currently unfinished, but it is a legal 4th garden unit and can be finished for $160K. ***EXCELLENT TOTAL ANNUAL INCOME of $81,360 minus - $16,336 in expenses (RE taxes, water & insurance) = $65,024 (NOI) TOTAL ANNUAL NET OPERATING INCOME for a Solid 7.4% CAP RATE.***Also, investing an additional $160K in finishing the legal 4th garden unit, brings the CAP rate up to 8.8%!! (We have the certificate of zoning from the city in hand showing 4 legal units). A+ location, quiet one-way street, close to all the great restaurants, coffee shopping, night-life, parks & excellent schools in the Logan Square/Bucktown area with excellent transportation options and a short walk to both the Western Blue Line or California stops, easy access to 90/94, close to The 606 bike path & more!!! ***Note***The 2 current tenants have indicated they will waive their right of 1st refusal under Chicago's N/W Side Preservation Ordinance, Tenant Opportunity to Purchase (606) Block Pilot Program).
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Home facts
- Listing ID #:12460557
- Added:23 day(s) ago
- Updated:September 25, 2025 at 01:28 PM
Rooms and interior
- Bedrooms:8
- Total bathrooms:5
- Full bathrooms:4
- Half bathrooms:1
Heating and cooling
- Heating:Forced Air, Natural Gas, Sep Heating Systems - 2+, Steam, Zoned
Schools
- Middle school:Clemente Community Academy Senio
- Elementary school:Goethe Elementary School
Utilities
- Water:Lake Michigan, Public
- Sewer:Public Sewer
Finances and disclosures
- Price:$875,000
- Tax amount:$11,264 (2023)
Copyright 2025 Midwest Real Estate Data LLC. All rights reserved. The data relating to real estate for sale on this web site comes in part from the Broker Reciprocity Program of the Midwest Real Estate Data LLC. Listing information is deemed reliable but not guaranteed.New listings near 2531 W Lyndale Street
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