Chicago - United States of America
A fantastic investment opportunity, this property is comprised of a townhouse, originally constructed in 1970. The property has 2 bedrooms, 1 bathroom, a kitchen and a living room.
Neighbourhood: University Park
University Park is a suburb of Chicago in Will county. The area offers a suburban quiet lifestyle to its residents and has numerous amenities and great parks available for residents to enjoy. Also, the area is experiencing a strong rental market as Amazon is opening a new 1.2 million-square-foot fulfillment center investing $150 million which is expected to create many new jobs and increase significantly the demand and the prices of the real estate market in the area.
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.
This property has undergone a detailed inspection and only minor decorative repairs are required in order to achieve the target rent and maximise the returns.
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