Eric Schlutz, ALC
Description
This classic legal 3-flat, located on a quiet tree-lined street in the heart of Logan Square, offers a unique opportunity for both investors and owner-occupants. The property will be delivered with one vacant unit beginning August 1, creating an ideal opportunity for an owner-occupant to move in while benefiting from rental income from the remaining units. For investors, this also provides flexibility to immediately lease the unit at market rates or implement their own business plan. Property Highlights -Rare legal 3-flat with all three units above grade (no garden unit) -One unit delivered vacant beginning August 1 - ideal for owner-occupants (Unit 1) -Full unfinished basement with duplex-down potential (subject to the buyer verifying zoning, requirements, and city approval) -Potential future ADU opportunity (subject to the buyer verifying zoning, requirements, and city approval) Forced-air heating systems (3) and Central A/C in unit 3 with the ability to AC to units 1 and 2 -Recent building upgrades include the roof sealing and exterior concrete/masonry work -Parking w/ 2 rear spots -Washer & Dryer in the basement Just moments from Palmer Square Park, the 606 Trail, Blue Line access, and Logan Square's renowned dining, shopping, and entertainment options. Additional features include generous basement storage and free street parking. The property offers multiple paths for future value creation and a legal three-flat like this building is rare to find.
Property Highlights
Property Type: Multi Unit - Multiple
General Information
Bedrooms: 8
Bathrooms: 3
County: Cook
Listed By:
Gates and Gables Realty
847-847-4200
MRED MLS
MLS ID: 12681448
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3517 W Palmer Street , Chicago, IL 60647.
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| Loan Type | 30 Year Fixed | FHA 30 Year Fixed | 15 Year Fixed |
| Purchase Price | $849,000 | $849,000 | $849,000 |
| Down Payment | $169,800 | $29,715 | $212,250 |
| Monthly Mortgage Amount | $4,127 | $5,133 | $5,245 |
| Taxes | $1182 | $1182 | $1182 |
| Insurance | $100 | $100 | $100 |
| HOA/Dues/Fees | $0 | $0 | $0 |
| Monthly Mortage Insurance | $0 | $374 | $0 |
| Monthly Estimated Total | $5,557 | $6,937 | $6,675 |
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