6506-6508 S Ellis AVE Active Save Request In-Person Tour Request Virtual Tour
Chicago,IL 60637
Key Details
Property Type Multi-Family
Sub Type Multi Family 5+
Listing Status Active
Purchase Type For Sale
MLS Listing ID 12143981
Year Built 1930
Annual Tax Amount $25,832
Tax Year 2023
Lot Dimensions 50 X 125
Property Description
ASSESSOR HAS REDUCED ASSESSED VALUE BY APPROXIMATELY 32% FOR THE 2024 TAX YEAR! 6506-6508 S. Ellis Avenue is a rarely available, beautiful condo building with 6 individual condominiums being sold together as a package. Located just blocks from the prestigious University of Chicago and the construction site of the future Obama Presidential Library. All units are currently being rented out. Building underwent major renovation in approximately 2012 (New framing, new 100% copper plumbing, new electrical in all units, individual furnaces and hot water heaters in each unit). Hardwood floors in 5 of the 6 units. There are four (4) 2 bedroom, 1 bath units (located on the second and third floors), and two (2) 4 bedroom, 3 bath units on the first floor that are condo units that UTILIZE THE FIRST FLOOR AND THE LOWER LEVEL! FLOOR PLANS AVAILABLE FROM LISTING AGENT! Each unit has in-unit laundry, a dishwasher, and one (1) parking space per unit in the rear of the building. Units also have their own furnaces and TENANTS responsible for their own heat and electric. Water is not individually metered. Gated access to the building. Fenced-in yard space in the rear. Tenants also have access to a newer balcony in the rear of each unit. Common areas also remodeled. Because this neighborhood is being sought-after, two single family homes directly across the street (6501 & 6503 S. Ellis Avenue) from this building have sold for $739,000!!! And more to come with New Construction being built all around! Much more value to add to this building by stabilizing rents to current market value! Once purchased, new owner can sell as individual condos, or combine PINs and request reduction in taxes. Higher Rents and Less Expenses will equal higher income!!! Email listing agent for any questions.
Location
State IL
County Cook
Area Chi - Woodlawn
Zoning MULTI
Interior
Cooling Central Air
Fireplace N
Building
Dwelling Type Multi Family 5+
Level or Stories 3
Structure Type Brick