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$13,000,000
$13,999,000 7.1%
Est. payment /mo
Sold on 03/21/2025
2217 W Madison Street Chicago, IL 60612
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Key Details
Sold Price $13,000,000
Property Type Commercial
Sub Type Multi Family 5+
Listing Status Sold
Purchase Type For Sale
MLS Listing ID 12200392
Sold Date 03/21/25
Year Built 2019
Annual Tax Amount $192,581
Tax Year 2022
Lot Dimensions 21,384 SQFT
Property Sub-Type Multi Family 5+
Property Description
46-unit multifamily asset in the rapidly developing neighborhood of United Center/Near West Side. Professionally managed and Fully staibilized this property has approximately 40,500 RSF, containing a mixture of two-bedroom/two bath and one-bedroom/ one bath apartments, with two elevator bays, 1:1 attached garage parking and common rooftop deck. Monthly Income of 99,799 priced at 6.2 Cap Rate. Pro Forma at 7.1 Cap Rate. Completed in 2020 to an elevated standard all units are inclusive of stainless-steel appliances, quartz countertops, all new plumbing and electrical systems, in-unit laundry, custom outfitted closets, window treatments and more. With the United Center and Medical District just blocks away and the new Green Line stop at Damen and Lake opening late summer 2024, the Near West Side is a highly trafficked area that includes easy access to grocery stores, bars, restaurants, hotels, and various other entertainment options with much upside on the horizon. In addition to the new Green Line Station and being on a major bus route, the subject property offers tenants excellent transportation options via the Dan Ryan, Eisenhower & Blue Line stations.
Location
State IL
County Cook
Zoning MULTI
Interior
Cooling Central Air
Fireplace N
Exterior
View Y/N true
Roof Type Rubber
Building
Foundation Concrete Perimeter
Structure Type Brick,Concrete
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Listed by Karen Biazar • North Clybourn Group, Inc.
Bought with Karen Biazar • North Clybourn Group, Inc.
Bought with Karen Biazar • North Clybourn Group, Inc.