1556 N Lasalle Street Chicago, IL 60610
Monthly rent roll = $21, 000+ (Billboard = $4, 000, Commercial Unit = $4, 750, Penthouse = $6, 200, Unit 2R = $3, 100, Unit 2F = $3, 100). The building was 100% gut rehabbed (including the commercial unit). THERE IS A $4, 000 / PER MONTH BILLBOARD ON THE SIDE OF THE BUILDING THAT HAS A LONG TERM LEASE! Commercial unit gets $4, 750 a month from a successful barber shop (on year 2 of 10 year lease) 1 Billboard, 1 Commercial unit, 3 Residential units that were gut rehabbed in 2023! Furthermore, the Penthouse unit has the City approved short-term rental license. You can legally rent out the Penthouse as an Airbnb! This property is a cash cow and can generate approximately $255, 000+ in annual revenue. Building comes fully furnished/turn key for furnished short-term rentals. GREAT INVESTMENT! 15%+ cash on cash return, 10% = cap rate. The subject property is comprised of a +/- 2, 500 SF land site improved with a +/- 6, 300 SF 2.5-story, brick, mixed-use (commercial and residential) building in the Old Town neighborhood of Chicago. The ground/garden level of the subject is comprised of a rented commercial storefront unit totaling approximately 2, 000 SF. The 2nd floor is comprised of 2 MTM furnished rentals. Each unit is a 2 bed unit. The top floor consists of a single, large residential apartment unit that spans the entire floor and measures approximately 2, 000 SF. This unit is legally licensed as an Airbnb. The site is zoned B3-5, Community Shopping District. Manager would like to stay on to manage the short term rentals. This property has great cashflow, even @ 8% interest rates!
- Property TypeMulti-Family
- NeighborhoodN/A
- CountyCook
- Taxes$34,555
- HOA/Condo/Coop Fees$0
- Days on Site28 Days
- MLS StatusActive
- MLS ID Number12051627
- Home Size Source N/A
- Year Built1906
- Lot Size Acres
- Full BathsN/A
- Partial BathsN/A
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General Features
- Parking Spaces 0
- Sewer Public Sewer
- Basement None
- Water Public
- Property Sub Type Multi Family
- Zoning COMMR
- General Information None
- Rooms Total 17
- Lot Size Less Than .25 Acre
- Parking Total 0
Interior Features
- Heating Forced Air
Exterior Features
- Waterfront Property No
Community Features
- Township North Chicago
- MLS Area CHI - Near North Side