Chicago, United States of America
A fantastic investment opportunity, this multi-family property was originally constructed in 1895 and is comprised of 3 units. Each unit has 3 bedrooms and 1 bathroom. In addition, the property is located close to Hamilton Park, other green areas and schools excellent positioned for families and professionals.
Neighbourhood: Great Grand Crossing
Grand Crossing is located next to the expressway and South Shore district, Michelle (Robinson) Obama’s childhood neighbourhood, With low property prices, rental demand is underpinned by professional tenants from the St. Bernard Hospital and the University of Chicago. The area is undergoing significant gentrification due to the proximity of the Washington Park, the Obama Presidential Center and the Tiger Woods Jackson Park project which will help increase values and demand over the coming 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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The property is currently vacant and the area enjoys strong rental demand from families and professionals. It is expected a new Section 8 tenant will provide a 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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