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$ 1,925,000
Est. payment | /mo
$ 1,925,000
Est. payment | /mo
Key Details
Property Type Multi-Family
Sub Type Multi Family 5+
Listing Status Active
Purchase Type For Sale
MLS Listing ID 12434402
Maintenance Fees $2,400
Year Built 1893
Annual Tax Amount $28,191
Tax Year 2023
Lot Dimensions 25 x 125
Property Sub-Type Multi Family 5+
Property Description
Welcome to 2735 N. Magnolia, located in Lincoln Park, one of Chicago's most sought-after neighborhoods. Ideally located on a low-density, tree-lined street, just steps from DePaul University's Lincoln Park campus. Rental demand in this area is consistently high, given its proximity to neighborhood retail, dining, and public transportation, ensuring strong tenant demand and long-term investment stability. The property consists of (5) units featuring a brick walk-up three (3) unit building in the front and a two (2) unit frame coach house in the rear. Both buildings are equipped with individual HVAC and hot water heaters for each unit, providing tenants with control over their own utilities and reducing owner-paid expenses. Additionally, the common area laundry facilities are owned, which provides an additional income stream for the property. The property has an ideal unit mix, including three (3) three bedroom, one bathroom apartments in the front building and two (2) one-bedroom, one bathroom units in the coach house. All apartments have well laid out floor plans and abundant natural light. All one (1) bedroom apartments have additional den space. The property has received significant capital improvements over the years including individual HVAC, individual hot water heaters, a new catch basin and drain line, updated windows, and well-maintained tuckpointing and a roof. This offering presents several value add avenues for an investor to increase the property's revenue. Modernization of the one the (1) non-conforming garden unit would unlock substantial upside income potential. By bringing rent to market levels in current condition, a new investor could achieve a 6.68 cap rate, allowing for a significant cash-on-cash return for many years to come.
Location
State IL
County Cook
Area Chi - Lincoln Park
Zoning MULTI
Interior
Cooling Central Individual
Fireplace N
Building
Dwelling Type Multi Family 5+
Level or Stories 3
Structure Type Brick,Wood,Vinyl Siding
© 2025 Listings courtesy of MRED as distributed by MLS GRID. All Rights Reserved.
Listed by Matthew Fritzshall • Triton Realty Group LLC
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Alan Berlow
REALTOR | Lic# 475125930