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14 S Leavitt Street, Chicago, IL 60612
$1,725,000
14 S Leavitt Street, Chicago, IL 60612View this property at 14 S Leavitt Street, Chicago, IL 60612
14 S Leavitt StreetChicagoIL60612
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Property Description
Rare opportunity to find a newer construction apartment building at this price point with upside opportunity. This impressive 7-unit property, originally built as condos in 2004, offers an attractive real estate investment in a prime location. This solid brick and block construction building features elevator service to all floors. The building consists of six spacious 2-bedroom, 2-bathroom units and 1 store front (or 7th apt) and 6 attached garage spaces. The 7th unit features a separate entrance from the sidewalk, making it ideal for a small business office space or short-term rental. Located on the Near West Side of Chicago, walking distance to the United Center Arena, Madison St bus lines, Illinois Medical District, and expressways. Tenants will love the easy commutes and convenient access to amenities, entertainment, and transportation. The property currently operates at a 5.7% CAP rate, with a strong Net Operating Income (NOI) of $97,571. Rents are considerably below market and present the opportunity to increase cash flow and ultimately property value, with new leases. We project an NOI of $131,120 and corresponding CAP rate of 7.6% when new rents are put in place. With its newer construction, prime location, versatile floor plans, and the potential for future rent growth & value enhancement, this 7-unit apartment building represents a solid investment choice. Call today.
Full Property Details
Full Property Details for 14 S Leavitt St
General
- Price: $1,725,000
- Taxes: $29,092 (2022)
- Status: Active
- Type: Commercial
- MLS ID: 11997796
- Updated: 3/18/2024
- Added to Site: 50 day(s) ago
Interior
- Interior Features: Passenger Elevator(s)
Location
- Area: CHI - Near West Side
- County: Cook
- Driving Directions: Located on the west side of Leavitt between Madison and Monroe
Heating & Cooling
- Cooling Type: Central Air Conditioning
- Heating Type: Gas
Utilities
- Trash: 1894
Structural Information
- Construction: Brick, Concrete
- Foundation: Concrete Perimeter
- Stories/Levels: 4
- Square Feet: 8,000
- Current Bldg. Use: Multi-Family
- Year Built: 2004
Lot Features
- Lot Size (Acres): 0.07
- Lot Size (Sq. Ft.): 3,300
- Lot Dimensions: 25 x 132
- Frontage: City Street, Alley Access
- Zoning: MULTI
Financial Considerations
- Insurance Fee: $4,580
- Operating Expenses: $49,480
- Other Fee: $2,369
- Assessment Year: 2004
- Tax Amount: $29,092.1
- Tax Year: 2022
- Tenant Pays: Air Conditioning, Electricity, Heat
- Pays Electric: 4800
- Pays Trash: 1894
Disclosures and Reports
- Property ID: 17181010930000
Listed by Keller Williams ONEChicago
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Schools
Schools serving 14 S Leavitt St
School District:Chicago Public Schools
Rating | Name | Grades | Distance |
---|---|---|---|
2131 W Monroe St, Chicago, IL 60612 | PK-8 | 0.1 mi | |
3250 W Adams St, Chicago, IL 60624 | 9-12 | 1.3 mi |
Disclaimer: School ratings provided by
GreatSchools. Ratings are on a scale of 1-10.
Learn more about GreatSchools ratings.
School attendance boundaries provided by Pitney Bowes and are for reference only. Contact the school directly to verify enrollment eligibility.
Price & Sales History for 14 S Leavitt St
Date
Details
Price
Change
Source
3/12/2024
Listed
$1,725,000
—
MLS
Disclaimer: Historical sales information is derived from public records provided by the county offices. Information is not guaranteed and should be independently verified.
Tax History
Tax History for 14 S Leavitt St
Year
Property Taxes
Change
Tax Assessment
Change
2022
$9,533
2%
$46,189
—
2021
$9,319
23%
$46,189
36%
2020
$7,606
13%
$34,030
—
2018
$6,744
-6%
$34,030
3%
2017
$7,171
8%
$33,199
—
2016
$6,649
9%
$33,199
—
2015
$6,084
16%
$33,199
18%
2014
$5,236
2%
$28,221
—
2013
$5,133
1%
$28,221
—
2012
$5,064
—
$28,221
—
Disclaimer: Historical tax information is derived from public records provided by the county offices. Information is not guaranteed and should be independently verified.
Estimate the Cost
Estimate the Cost for 14 S Leavitt St
14 S Leavitt Street, Chicago, IL 60612 (MLS# 11997796) is a Commercial property. 14 S Leavitt Street is currently listed for $1,725,000 and was received on March 12, 2024. Want to learn more about 14 S Leavitt Street? Do you have questions about finding other Commercial real estate for sale in Near West Side? You can browse all Near West Side real estate or contact a Coldwell Banker agent to request more information.