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171 N 25th Avenue, Melrose Park, IL 60160
$1,590,000 Contingent
171 N 25th Avenue, Melrose Park, IL 60160View this property at 171 N 25th Avenue, Melrose Park, IL 60160
171 N 25th AvenueMelrose ParkIL60160
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Property Description
Buyer suffered cold feet is your opportunity now to be the new buyer/owner. **Price Reduction** Prime Melrose Park Multi-Family consisting of a 2-story brick & stone building containing 20 residential apartments (made up of 10 one-bedroom and 10 two-bedroom apartments). All have leases mostly in place early 2024. Has 22 parking spaces. Healthy generating NOI and with further room to grow by decreasing expenses and bringing units closer to market rent. In addition, the 8,000 square foot basement can be sub divided for further rental income to either tenant storage, or two businesses. Plus, even more additional income is available by finishing the coin operated laundry room on 1st floor by adding 2 washers / 2 dryers, and if separate office space is rented out. This property is ideally located with many employment opportunities, retail, and restaurants all within short walking distance. If you're looking to add a cash cow to your portfolio, this is the one.
Full Property Details
Full Property Details for 171 N 25th Ave
General
- Price: $1,590,000
- HOA FEE: $10,300
- Taxes: $34,993 (2021)
- Status: Contingent
- Type: Commercial
- MLS ID: 11796776
- Updated: 2/16/2024
- Added to Site: 334 day(s) ago
Additional Information
- Security/Safety: Fire Extinguisher(s), Sprinklers (Wet), Stand Pipe, Sprinklers, Carbon Monoxide Detector(s)
Parking
- Parking Features: 19 to 30 Spaces
Location
- Area: Melrose Park
- County: Cook
- Township: Proviso
- Driving Directions: Lake Street and 25th Ave.
Heating & Cooling
- Cooling Type: Wall Sleeve
- Heating Type: Electric, Forced Air
Utilities
- Trash: 5315
- Onsite: Municipal Water, Cable Available
Structural Information
- Construction: Brick, Stone
- Exterior Const.: Brick, Stone
- Foundation: Concrete Perimeter
- Roof: Composition, Membrane, Rubber, Varies
- Stories/Levels: 2
- Current Bldg. Use: Multi-Family
- Year Built: 1945
- Built Before 1978: Yes
Unit Information
- Units w/Refrigerators: 20
- Units w/Range/Oven: 20
Lot Features
- Lot Size (Acres): 0.42
- Lot Size (Sq. Ft.): 18,200
- Lot Dimensions: 135 x 135
- Potential Use: Commercial
- Zoning: MULTI
Financial Considerations
- Maint. Fee: $10,300
- Insurance Fee: $7,901
- Operating Expenses: $93,146
- Other Fee: $10,530
- Security Deposit: Fire Extinguisher/s, Sprinklers-Wet, Stand Pipe, Sprinklers, Carbon Monoxide Detector(s)
- Assessment Year: 1945
- Tax Amount: $34,993
- Tax Year: 2021
- Tenant Pays: Electricity
- Pays Electric: 1850
- Pays Trash: 5315
Disclosures and Reports
- Documents Avail.: Rent Roll, Tax Bill
- Property ID: 15101000670000
Listed by Baird & Warner
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Schools
Schools serving 171 N 25th Ave
School Districts:Maywood-Melrose Park-Broadview 89, Proviso Township Hsd 209
Rating | Name | Grades | Distance |
---|---|---|---|
1715 W Lake St, Melrose Park, IL 60160 | PK-8 | 0.4 mi | |
1630 N 20th Ave, Melrose Park, IL 60160 | 6-8 | 0.7 mi | |
807 S 1st Ave, Maywood, IL 60153 | 9-12 | 1.8 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 171 N 25th Ave
Date
Details
Price
Change
Source
8/25/2023
Price Reduced
$1,590,000
-3.64%
MLS
6/15/2023
Price Reduced
$1,650,000
-8.33%
MLS
6/01/2023
Listed
$1,800,000
—
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 171 N 25th Ave
Year
Property Taxes
Change
Tax Assessment
Change
2022
$11,962
-2%
$38,819
—
2021
$12,146
1%
$38,819
-2%
2020
$12,016
-22%
$39,507
-17%
2019
$15,504
608%
$47,826
606%
2018
$2,189
-20%
$6,776
-22%
2017
$2,733
-41%
$8,657
-40%
2016
$4,620
-6%
$14,415
-8%
2015
$4,934
3%
$15,635
—
2014
$4,780
-10%
$15,635
-17%
2013
$5,300
-40%
$18,881
-42%
2012
$8,905
—
$32,832
—
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 171 N 25th Ave
171 N 25th Avenue, Melrose Park, IL 60160 (MLS# 11796776) is a Commercial property. 171 N 25th Avenue is currently listed for $1,590,000 and was received on June 01, 2023. Want to learn more about 171 N 25th Avenue? Do you have questions about finding other Commercial real estate for sale in Melrose Park? You can browse all Melrose Park real estate or contact a Coldwell Banker agent to request more information.