862 W Lill Avenue
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Sold

862 W Lill Avenue

862 W Lill Avenue, Chicago, IL 60614

$2,150,000
Endless opportunities in the heart of Lincoln Park with 860-862 W Lill Ave. Enjoy a potential 5.6 cap rate in this 8-unit condo deconversion opportunity or start from scratch and develop this double lot (50x125) in a prime location for new construction. Zoned RT-4, this condo association consists of 8 -1 bedroom condos (7 tenants/1 owner occupied generating $141,600 in gross yearly rent). Projected/Stabilized yearly gross income $177,000. All units have central heat and 6 condos have washer/dryers. 6 units sport hardwood floors and dishwashers and have seen recent updates. The residents share 6 exterior parking spaces on first come, first serve basis. Currently a self managed HOA, the association can be dissolved through the sale of the property allowing investors and developers to use their imagination. Financials are available upon request. Tenants will not be vacating prior to closing. Last lease currently ends 10/23. This sale is "As Is".

6,250 Sq.Ft. LIVING AREA

6,250 Sq.Ft. lot

Sophia Klopas

Sophia Klopas

Chris  Johnson

Chris Johnson

Features & Amenities

Area & Lot

  • Status Sold
  • Living Area6,250 Sq.Ft.
  • Lot Area6,250 Sq.Ft.
  • MLS® ID11388637
  • TypeCommercial
  • YEAR BUILT1969
  • NeighborhoodLincoln Park

Exterior

  • STORIES2
  • roofRubber
  • AIR CONDITIONINGWall Sleeve, Window Unit(s)
  • SubstructureConcrete Perimeter

Financial

  • Sales Price$2,150,000
  • Real Estate Tax $30,939/yr
  • Zoning MULTI

Lincoln Park

One of the country’s most coveted neighborhoods, Lincoln Park offers the best of Chicago.

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Work With Us

Partners Sophia Klopas and Jason Stratton are a brother and sister team who have been in the Illinois real estate market for over twenty years. Together they offer complementary skill sets and professional expertise that make The KlopasStratton Team truly unique.

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