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Listed by Michael Applegateof Straight-A Realty, LLC
$125,000
Est. payment /mo
2 Beds
2 Baths
1,600 SqFt
UPDATED:
Key Details
Property Type Condo
Sub Type Condo,Garden Unit
Listing Status Active Under Contract
Purchase Type For Sale
Square Footage 1,600 sqft
Price per Sqft $78
MLS Listing ID 12778316
Bedrooms 2
Full Baths 2
Annual Tax Amount $4,130
Tax Year 2024
Lot Dimensions CONDO
Property Sub-Type Condo,Garden Unit
Property Description
EXCEPTIONAL BRONZEVILLE VALUE-ADD OPPORTUNITY WITH APPROXIMATELY $191,000 RENOVATED VALUE! Motivated international owner is looking to liquidate before year-end, creating an opportunity to acquire an approximately 1,600-square-foot, 2-bedroom, 2-full-bath condominium at only $125,000, approximately $66,000 below the seller's estimated renovated value before improvement and transaction costs. The spacious garden-level residence offers a large, functional floor plan with a separate den that can serve as a home office, additional lounge or flex space, hardwood flooring, central air, gas-log fireplace, stainless steel appliances, in-unit washer and dryer, two full bathrooms, and an assigned exterior parking space that comes with the unit. The property has been successfully operated as a rental by the current owner for more than a decade, including long-term participation with the Chicago Housing Authority, and the other owners in this intimate three-unit building also rent their units, creating an appealing setup for a buyer considering a long-term rental strategy. Another unique aspect of ownership is the historically low carrying cost: the current owner has never been charged or paid monthly association dues during ownership and has never been charged a special assessment. The unit offers an opportunity for thoughtful cosmetic updating and TLC rather than starting from scratch, allowing a new owner to modernize the space and potentially capitalize on the spread between the $125,000 acquisition price and the approximately $191,000 after-repair value supported by comparable garden unit condo sales within a 1 mile radius. The Bronzeville location adds another layer of appeal, with neighborhood favorites including Sip & Savor, Ain't She Sweet Cafe, Peach's Restaurant, Two Fish Crab Shack and Bronzeville Winery nearby, along with the Harold Washington Cultural Center, Washington Park, neighborhood shopping, public transportation and convenient access to Chicago's lakefront. Healthcare is also exceptionally convenient, with Provident Hospital of Cook County, the Northwestern Medicine Bronzeville Outpatient Center, and the larger University of Chicago Medicine Hyde Park campus all within the surrounding area. Bronzeville continues to offer a distinctive combination of historic architecture, cultural significance, neighborhood dining, coffee shops, recreation and proximity to Hyde Park. Whether the next owner's strategy is to refresh and rent, renovate and hold, or create a spacious personal residence, this property offers substantial square footage, two full baths, private laundry, included parking, proven rental history and significant potential upside at an unusually low acquisition basis. Property is being sold as-is and requires a cash acquisition due to condominium financing limitations. Seller is motivated and seeking a clean year-end transaction.
Location
State IL
County Cook
Rooms
Basement None
Interior
Heating Natural Gas
Cooling Central Air
Flooring Hardwood
Fireplaces Number 1
Fireplaces Type Gas Log
Fireplace Y
Appliance Range, Microwave, Refrigerator, Washer, Dryer
Laundry In Unit
Exterior
View Y/N true
Building
Sewer Public Sewer
Water Lake Michigan
Structure Type Brick
New Construction false
Schools
School District 299, 299, 299
Others
Pets Allowed Cats OK, Dogs OK
HOA Fee Include None
Ownership Condo
Special Listing Condition None
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Greg Cirone
Managing Broker License ID: 471003959
Managing Broker License ID: 471003959