Chicago, United States of America
A fantastic investment opportunity, this multi-family property was originally constructed in 1915 and is comprised of 2 units. One of the units has 4 bedrooms and 1 bathroom and the other has 3 bedrooms and 1 bathroom. The spacious apartments have been recently remodelled and the property is located minutes away from expressway, schools, stores, restaurants and public parks.
Neighbourhood: Morgan Park
Morgan Park is located 14 miles South of the Loop. This neighbourhood is a residential area that offers mostly single-family homes and fewer multi-units and condominiums and provides families with numerous amenities and parks. According to the NeighborhoodScout, the home appreciation rate during the last year has increased by 14.47% and house prices are forecast to increase up to 14.64% over the next 3 years.
Voted by Condé Nast as the best city in the US for the fourth year in a row, Chicago, with its vast green spaces and world-renowned architecture, is now taking the culinary world by storm with multiple world-class restaurants as diverse as the city itself. Centrally located in the US, its airport hub at Midway is fuelling the cities renaissance and growth.
Chicago is the third-largest city in the U.S., right behind New York and Los Angeles, a major world financial centre and home to the second-largest central business district in the U.S. Key industry sectors in Chicago include business and professional services, food industry, transportation and logistics, life sciences and healthcare, technology, and manufacturing. Much of the Housing Stock in Chicago was built prior to World War II, making it one of the older and more historic cities in the country. The architecture of Chicago have influenced and reflected the history of American architecture and Chicago’s buildings in a variety of styles by many important architects. Median household incomes in Chicago grew by 3% over the last year, while median property values increased by 11.9%. Median home sales prices in Chicago are projected to keep rising in 2021 and are forecasted to increase by 8.4% until 2022.
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This property has undergone a detailed inspection and has recently been refurbished. This, in addition to a built-in reserve for pre-sale renovations, positions the property for capital gains on exit of the investment.
The property is currently vacant and the area enjoys strong rental demand from families and professionals. It is expected a new tenant will provide a long-term lease agreement.
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