Chicago - United States of America
A fantastic investment opportunity, this multi-family property was originally constructed in 1910 and is comprised of 2 units. One of the units has 3 bedrooms and 1 bathroom and the other has 2 bedrooms and 1 bathroom. The 3 bedroom unit has already a Section 8 tenant in place.
Neighbourhood: West Pullman
West Pullman is located 14 miles south of the Loop and is one of the most historic neighbourhoods of Chicago. In the last decades, has transformed from an industrial labour place to an unexpectedly high incidence of parkland and other outdoor recreation sites attracting families. In this neighbourhood, it is located one of the famous house of the recognized architect Frank Lloyd Wright's, incorporating geometric forms and elements of Japanese patterns.
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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Strong Tenancy - 2 units
Currently there is a tenant in one of the units. The second unit is vacant and it is expected the new tenant will provide a new long-term lease agreement.
The property will be professionally refurbished and will be delivered turnkey ready for the new tenants. It is expected the value of the property will increase considerably upon completion.
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