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6430 S Eberhart Avenue, Chicago, IL 60637
$125,000
6430 S Eberhart Avenue, Chicago, IL 60637View this property at 6430 S Eberhart Avenue, Chicago, IL 60637
6430 S Eberhart AvenueChicagoIL60637
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Property Description
Woodlawn is one of the fastest appreciating neighborhoods in the entire nation! This Greystone 2-unit is available for an absolute steal! There is so much upside for an investor looking to make a large profit or a homeowner looking to plant their feet in an area that will continue to aggressively appreciate for years to come! This Greystone 2-flat includes two large residential units, a full walkout basement and a private enclosed back yard! Unit #1 has 3-bedrooms, and 1 full bathroom and Unit #2 has 3-bedrooms and 1 full bathroom. Updated 3-bedroom apartments can rent for $1,700+ per month in this neighborhood! The strategy that will yield the maximum equity or profit margin will be achieved by improving this 2-unit into a legal 3-unit by converting the large unfinished basement into a legal dwelling unit and cooperating with the city of Chicago to improve the zoning from a 2 to 3-unit residential property. This strategy was effective at 6235 S. Eberhart which was sold in December of 2022 for $585,000. The after-repair-value for non-new construction 3-units or 2-units with legal garden apartments is $523,000, based on comparable sales within the past 6 months within a half mile radius of the subject property! With the right construction strategy there is an approximate $150,000+ profit margin available! In 2020 the city of Chicago passed the Additional Dwelling Unit Ordinance which provides owners of multi-units with up to $35,000 in funds in the form of a forgivable loan to create additional living space in the basement! For more ambitious investors, there is also potential to build a coach house in the back yard which the ADU ordinance also supports in the effort to achieve an even higher valuation ($550,000+). There are a plethora of new construction projects in this area which speaks to the future of this neighborhood and high consumer confidence! This building has no code violations! Minutes from the Lakefront, proximity to The University of Chicago, the Obama Presidential Library, Dan Ryan, Red Line and Jackson Park! Priced to sell so please act swiftly! ***This property is already hard money approved with our lender that requires 7% down and will finance 100% of the renovation***
Full Property Details
Full Property Details for 6430 S Eberhart Ave
General
- Sold For: $125,000
- Taxes: $2,346 (2021)
- Status: Closed
- Type: Multi-Family
- MLS ID: 11722187
- Added to Site: 437 day(s) ago
Rooms
Bathrooms
- Total Bathrooms: 2
Bedrooms
- Total Bedrooms: 6
Parking
- Parking Type: None
Location
- Area: CHI - Woodlawn
- County: Cook
- Driving Directions: 63rd Street to Eberhart, South to Property
School Information
- School District: 299
- Midd School District: 299
Heating & Cooling
- Heating Type: Forced Air
Utilities
- Water: Public
Structural Information
- Exterior Const.: Brick, Stone, Brick/Stone Msn Pred
- Basement Desc.: Full
- Year Built: 1905
- Built Before 1978: Yes
Unit Information
- Units in Building: 2
Lot Features
- Lot Size Range: Less than .25 Acre
- Lot Dimensions: 25 x 125
Financial Considerations
- Assessment Year: 1905
- Tax Amount: $2,346.7
- Tax Year: 2021
Disclosures and Reports
- Ownership: Fee Simple
- Property ID: 20222090270000
Listed by Straight-A Realty, LLC
Sold by Charles Rutenberg Realty
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Schools
Schools serving 6430 S Eberhart Ave
School District:Chicago Public Schools
Rating | Name | Grades | Distance |
---|---|---|---|
6311 S Calumet Ave, Chicago, IL 60637 | PK-8 | 0.2 mi | |
6220 S Stony Island Ave, Chicago, IL 60637 | 9-12 | 1.4 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 6430 S Eberhart Ave
Date
Details
Price
Change
Source
7/27/2023
Sold
$125,000
—
MLS
2/20/2023
Listed
$125,000
—
MLS
Disclaimer: Historical sales information is derived from public records provided by the county offices. Information is not guaranteed and should be independently verified.
6430 S Eberhart Avenue, Chicago, IL 60637 (MLS# 11722187) is a Multi-Family property that was sold at $125,000 on July 27, 2023. Want to learn more about 6430 S Eberhart Avenue? Do you have questions about finding other Multi-Family real estate for sale in Woodlawn? You can browse all Woodlawn real estate or contact a Coldwell Banker agent to request more information.