Multifamily

55 E Cedar

55 E Cedar St, Chicago, IL 60611

Listing Price: $2,150,000

Cap Rate
3.50%
Number of Units
4
GRM
17.85
Occupancy
97.00%
Price/Unit
$537,500
Price/Gross SF
$537.50
Gross SF
4,000

Investment Overview

55 East Cedar is a unique four unit multifamily property in the heart of the Gold Coast neighborhood of Chicago. Built in 1891, this property sits on quiet East Cedar, half a block away from Lake Shore Drive, walking distance to Rush Street nightlife, and the CTA Division Red Line stop.

A new owner or investor has multiple possibilities with this property:

-Continue to cash flow as a long-term investment.
-Turn back into hotel / Airbnb.
-Owner occupy and rent out additional units.
-Convert into a single-family home.
-Convert into duplex.

The current owner has enjoyed this property for over almost 15 years. It has been very well maintained and recently had significant updates such as new windows, deck, roof, and HVAC. The units are condo quality with a W/D and workout room in the basement. Each unit contains hardwood floors, and updated kitchens and baths. The property also contains multiple outdoor decks for the tenants.

Investment Highlights

  • Gold Coast Property A+ Location
  • Condo Quality Units
  • In-Building Washer / Dryer
  • New Roof, Windows, Deck, AC Unit(s)
  • Designed for Hotel or Airbnb use

Exclusively Listed By

Listing Price: $2,150,000

Cap Rate
3.50%
Number of Units
4
GRM
17.85
Occupancy
97.00%
Price/Unit
$537,500
Price/Gross SF
$537.50
Gross SF
4,000

Investment Highlights

  • Gold Coast Property A+ Location
  • Condo Quality Units
  • In-Building Washer / Dryer
  • New Roof, Windows, Deck, AC Unit(s)
  • Designed for Hotel or Airbnb use

Investment Overview

55 East Cedar is a unique four unit multifamily property in the heart of the Gold Coast neighborhood of Chicago. Built in 1891, this property sits on quiet East Cedar, half a block away from Lake Shore Drive, walking distance to Rush Street nightlife, and the CTA Division Red Line stop.

A new owner or investor has multiple possibilities with this property:

-Continue to cash flow as a long-term investment.
-Turn back into hotel / Airbnb.
-Owner occupy and rent out additional units.
-Convert into a single-family home.
-Convert into duplex.

The current owner has enjoyed this property for over almost 15 years. It has been very well maintained and recently had significant updates such as new windows, deck, roof, and HVAC. The units are condo quality with a W/D and workout room in the basement. Each unit contains hardwood floors, and updated kitchens and baths. The property also contains multiple outdoor decks for the tenants.

Exclusively Listed By

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