2205 Cullom AveChicago, IL 60618

Property Details for 2205 Cullom Ave

Year built

1907

Construction

MASONRY/CONCRETE MASONRY UNITS (CMUS)

Lot size

0.07 AC

Property size (Sq ft)

2,422 SF

Property type

Residential income properties

Property subtype

Residential income homes

APN

14-18-311-009

APU

1418311009

Description

This classic two-unit apartment building, located at 2205 W Cullom Ave in Chicago's desirable North Center neighborhood (zip code 60618), presents a compelling investment opportunity. The property features two spacious units: a two-bedroom, one-bathroom unit and a three-bedroom, one-bathroom unit. An unfinished basement provides ample storage space, and a two-car garage adds significant value and convenience. The building is situated on a lot in Cook County, Illinois, and offers excellent potential for either immediate rental income or future renovation and value enhancement. Based on recent comparable properties, projected rental income is estimated at $2,250 per month for the two-bedroom unit and $2,850 per month for the three-bedroom unit, totaling $5,100 monthly. The property is being offered at an asking price of $730,000. This presents a rare chance to acquire a well-located multifamily property in a thriving Chicago neighborhood with strong rental demand. The property's existing structure and potential for upgrades make it an attractive option for both seasoned investors and those new to the multifamily market. The unfinished basement offers significant potential for expansion or additional rental units. The two-car garage is a valuable amenity in a densely populated urban area. This property is ready for a new owner to capitalize on its potential.

• CAP approach

  CAP return

  Valuation

  6%

  $904,037

  6.5%

  $834,496

  7%

  $774,889

• Comparable approach

  Method

  Valuation

  Relative Method

  $488,972

  Geo Method

  $488,972

• Alternative Use

  Use

  Valuation

  Residential

  $834,496

  Hospitality

  $764,394

  Educational

  $635,966

  Medical

  $657,838

  Retail

  $989,281

Location Insight

City

Chicago

County

Cook

State

Illinois

Latitude

41.9593

Longitude

-87.6841

CBSA code

16980

CBSA name

CHICAGO-NAPERVILLE-JOLIET, IL-IN-WI METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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