814 W Newport Avenue

Lake View East, Chicago, IL 60657

Stunning Rehabbed Greystone 3-flat + tall basement on a quiet 1-way street steps from Wrigley Field & Halsted! Great investment or perfect for a live-in owner. Exceptional income and 2 of the 3 units have been tastefully rehabbed including 2 newer kitchens with modern, flat-panel & shaker-style cabinets, granite countertops & stainless-steel appliances, and newer baths. ALL 3 UNITS HAVE 3-BEDROOMS, IN-UNIT LAUNDRY, GFA w/ CENTRAL-AIR CONDITIONING & 2 BATHROOMS, Large formal living room & dining rooms with Hardwood Floors throughout. All New Windows in 2011, newer Mechanicals (newer plumbing supply, some new electric, etc) & more! VERY Tall Basement and GENEROUS RM-5 ZONING (FAR = FLOOR AREA RATION OF 2.0) will allow for further income by expanding up and/or down into the basement for a 4th, legal apartment or combine with the first-floor unit to create a large duplex-down unit! A unique side & back alley allows for 4 full exterior parking spots (with room to expand for a 5th spot) all 4 are currently rented through Spot-Hero with an outstanding annual income of $23K! Excellent location with a short walk to Wrigley Field and steps from all the Wrigleyville & Lakeview amenities on Halsted & Clark including great area restaurants, coffeehouses, shopping, nightlife, parks, lakefront, EL stop, schools & more! - UNIT #3; 3-bed/1.5-bath (can easily add a shower for 2nd full bath) - lease exp 7/31/25 @ $3,010 per month...UNIT #2; 2-bed/2-bath and is currently vacant (was last rented for $3,100 per month) ...UNIT #1; 3-bed/2-bath (lease exp 7/31/25 @ $2,670 per month). 4 gas meters and 4 electric panels. ***EXCELLENT TOTAL ANNUAL INCOME of $128,877 minus - $31,354 in total expenses = $97,523 (NOI) ANNUAL NET OPERATING INCOME for a Solid 6.1% CAP rate.***Also, investing an additional $100K in creating a legal 4th garden unit (which is allowed under the current R5 zoning) & 5th parking spot brings the CAP rate up to 7.8%!

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Broker Office Phone Number: 773-466-7150

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