3222-3224 S Morgan Street
Chicago, IL 60608

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Description

Turnkey 9-unit mixed-use property in one of Chicago's strongest rental markets of Bridgeport!. Excellent unit mix: three (3) 2BD/1BA, four (4) 1BD/1BA, and two (2) retail storefronts. The 3222 storefront and 1R unit are currently combined and leased to one tenant, easily converted back to separate spaces if desired. Each unit separately metered for gas and electric. Heating includes a mix of furnaces and Williams heaters; commercial units and 2F have furnaces with A/C condensers. Major capital improvements include full gut rehab of Unit 2F with all new plumbing, electrical, and HVAC, storefront cosmetic updates (2024), two new furnaces (2024), new water heaters, copper plumbing in select areas, electrical upgrades, and new basement coin laundry (2 washers/2 dryers). Located just off I-55 & I-90/94, minutes from Downtown, and walking distance to Guaranteed Rate Field and public transit. Strong rental history, updated systems, and minimal deferred maintenance make this an ideal turnkey addition to any investment portfolio.**Investor Upside: Add a concrete parking pad in the rear (gate already in place) and generate additional parking income, install furnaces and A/C in remaining units, add a doorbell/buzzer system for convenience and security, and raise all rents to market levels-current rents are below market.

Features

• Property Type: Commercial
• Sub Type: Mixed Use
• Listing Status: Active
• County/Area: Cook County
• Zip Code: 60608
• Year Built: 1891
• Sq.Ft.: 6,660 sq ft
• Stories: 2
• Units: 9 units
• # Of Apts: 7
• # Of Dryers: 2
• # Of Ranges: 7
• # Of Refrigs: 7
• # Of Stores: 2
• # Of Tenants: 9
• # Of Washers: 2
• Additional Parcels: Yes
• Approximate Age: Older
• Building Area Total: 6660
• Built Before 1978 (Y/N): Yes
• Cap Rate: 7.1
• Construction Materials: Brick
• Cooling: Central Individual
• Directions: 31st St or 35th St to Morgan.
• Electric: Circuit Breakers, Service - 201 to 600 Amps
• Electric Expense: 784
• Electric Expense Source: Actual
• Foundation Details: Concrete Perimeter
• Fuel Expense: 784
• Fuel Expense Source: Actual
• Geographic Locale: Chicago South
• Gross Income: 12370
• Gross Rent Multiplier: 10.1
• Gross Scheduled Income: 148440
• Heat/Ventilation: Central Heat/Indiv Controls, Forced Air, Gas
• Information: 48-Hr Notice Required
• Insurance Expense: 7725
• Insurance Expense Source: Actual
• Location: Corner, Mixed Use Area, High Traffic Area
• Lot Size Square Feet: 5269
• Main Type: Commercial Sale
• Misc Inside: Laundry Room
• Operating Expense: 43049
• Other Expense: 1740
• Other Expense Source: Actual
• Outdoor Parking: Parking-Street
• Ownership Type: Individual
• Property Sub Type: Mixed Use
• Roof Structure: Flat, Pitched
• Tax Annual Amount: 15613
• Tax Year: 2023
• Total Annual Expense Source: Actual
• Total Monthly Income: 12370
• Township: South Chicago
• Trash Expense: 779
• Trash Expense Source: Actual
• Water Expense Source: Actual
• Water Sewer Expense: 779