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$ 525,000
Est. payment /mo
Active
3622 W Franklin BLVD Chicago, IL 60624
9 Beds
3 Baths
UPDATED:
02/19/2025 01:41 PM
Key Details
Property Type Multi-Family
Sub Type Two to Four Units
Listing Status Active
Purchase Type For Sale
MLS Listing ID 12158369
Bedrooms 9
Year Built 1907
Annual Tax Amount $7,194
Tax Year 2023
Lot Dimensions 4420
Property Sub-Type Two to Four Units
Property Description
This exceptional three-flat in the vibrant Humboldt Park neighborhood offers a unique opportunity for both investors and owner-occupants to capitalize on a property with tremendous potential. Each of the three spacious units features three bedrooms, one bathroom, in-unit washer and dryer, and a utility/laundry sink for added convenience. Renovated just four years ago, the property is in excellent condition, only needing minor touch-ups to reach its full potential. The updated kitchens boast sleek stainless steel appliances, dishwashers, marbled quartz countertops with breakfast bars, and modern white shaker cabinets. Each unit is equipped with central A/C, recessed lighting, and a contemporary color palette, creating a bright and inviting atmosphere. Additional upgrades include tuckpointing and new windows (2020), while high ceilings and hardwood floors add to the charm. All hot water tanks were replaced in January 2025, providing added peace of mind for future maintenance. The rear numbered parking pad offers an additional rental income opportunity. Currently, all units are fully occupied, though two tenants have a less-than-perfect payment history. No notices have been given, as these tenants are good people working hard to take care of their balances. The new buyer must be willing to close with tenants in place and manage rent adjustments after acquisition to optimize returns. The garden unit and Unit 2 are on month-to-month leases. Two of the three tenants hold two-bedroom CHA vouchers, while one tenant is market-rate. With minor improvements, rents could be raised to as much as $2,600 per month, making this an ideal property for immediate cash flow and long-term growth. The seller acknowledges that the property is in a stabilization phase, which is reflected in the heavily discounted asking price. With an after-repair value (ARV) exceeding $650,000, this property offers substantial equity potential of over $125,000. The discount accounts for the effort required to maximize rental income and improve the property's valuation. Please note: The listing photos have been professionally rendered to depict the units as vacant; however, the property is currently occupied, and tenant possessions remain inside. Well-located near shopping, dining, parks, and public transit, with easy access to I-290, this property is being sold as-is at a discount due to its full occupancy status. It presents a rare opportunity to acquire a cash-flowing asset with room for significant appreciation. Don't miss out-schedule a showing today! Tenants' rights apply.
Location
State IL
County Cook
Area Chi - Humboldt Park
Zoning MULTI
Rooms
Basement None
Interior
Heating Natural Gas
Fireplace N
Exterior
Roof Type Rubber
Building
Dwelling Type Two to Four Units
Sewer Public Sewer
Water Public
New Construction false
Schools
School District 299 , 299, 299
Others
Ownership Fee Simple
Special Listing Condition None
© 2025 Listings courtesy of MRED as distributed by MLS GRID. All Rights Reserved.
Listed by D'Andre Daye • Straight-A Realty, LLC
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