$549000 6 UNIT APARTMENT BUILDING LOCATED IN CHICAGO Start Price USD 549,000.00 Current Price USD 549,000.00 Time Left - Bid Count 0 Buy It Now Price USD 549,000.00 Reserve Price - Start Time Monday, July 14, 2008 End Time Wednesday, August 13, 2008 Location Chicago, IL See more about '$549000 6 UNIT APARTMENT BUILDING LOCATED IN CHICAGO' Description $549000 TWO SEPARATE 3 UNIT BUILDINGS 6 TOTAL UNIT APARTMENT BUILDING LOCATED IN CHICAGO:   Incredible opportunity to purchase two buildings connected by a courtyard, both properties are under one tax pin (14-05-312-002-0000), both buildings are 3 units 5823 NORTH RIDGE AVENUE, CHICAGO, IL 60660 AND 1439 WEST ARDMORE AVE, CHICAGO, IL 60660…so 6 unit apartment building.  Located in the fast appreciating Edgewater Neighborhood.  All 6 tenants pay for their own Gas and Electric.  No vacancies, on site coin laundry facilities and storage rooms.  2 Large studios on the first floor, 4 one bedroom one den apartments on the second and third floors.  The average tenant has occupied the building for eight years.  Rents can be increased because they have been kept somewhat low to avoid tenant turnover.  Just a few blocks from Lake Michigan.  The property appraised for $690,000 one year ago when I renewed my second Mortgage.  And I listed it with a Real Estate Agent for $689,000 last winter and had plenty of interest and turned down offer’s in the high 500k low 600k range .  Currently, I need a quick sale to raise funds for a joint venture in a business interest.  The property is priced to sell…and is way under market value.  Extra $5000 Credit towards closing cost if we have a closing by June 30, 2008.  The property can be split into two buildings and will qualify for conforming mortgage financing, and the lowest three unit in the area hasn’t sold for less the $400,000, and no 5-6 Unit have sold for less then $600,000 the past three years.  Do your own research and then call me if you would like more information, Oleg 847-208-6770 Also please view a video displaying both buildings by clicking the youtube.com link below.   5823 North Ridge Ave 6 Unit Apartment Buildinghttp://www.youtube.com/watch?v=WdIHY9v-9JE 1439 West Ardmore Ave 6 Unit Apartment Buildinghttp://www.youtube.com/watch?v=W1O0uVEKaYI   Rent Roll   5823 North Ridge Ave. 1st Floor $675 – Occupied since October 2003  - Current Area Market Rent $725-750 2nd Floor $575 – Occupied since July 1993         -  Current Area Market Rent $700-725 3rd Floor $600 – Occupied since September 2001 - Current Area Market Rent $700-725   1439 West Ardmore Ave 1st Floor $600 – Occupied since July 1985        -    Current  Area Market Rent $725-750 2nd Floor $575 – Occupied since January 1993 -    Current Area Market Rent $700-725 3rd Floor $625 – Occupied since February 2005 -  Current Area Market Rent $700-725   Monthly Laundry Income averages $150.   Total Monthly Income $3,850, Annual income $46,200   Potential Monthly Income with a little TLC $4,450.00, Annual Income $53,400   Place a Bid!