Home Details for 3835 W North Avenue

This is the perfect armchair investment property with tons of value add opportunity. The building contains 2 addresses: 3835 W North Ave contains a first floor commercial retail restaurant with no basement renting for $1,500, the second floor is a 3 bedroom / 1 bathroom apartment rented for $2,100, and the 3rd floor is a 3 bedroom / 1 bathroom apartment rented for $2,100. The second attached building is 1552 N. Avers which contains a duplex-down 3 bedroom / 1 bathroom apartment which was rented for $2,100, the second floor is a 2 bedroom / 1 bathroom apartment renting for $1,600 and the 3rd floor is a 2 bedroom / 1 bathroom apartment renting for $1,600. There is also a shared basement that is accessed on the side entry for avers which contains 5 water heaters and 6 gas meters and 6 electrical panels. There is also a 2 car garage on the back of the property. Value add potential includes adding washers and dryers to either the units themselves or in the shared basement; using the garage rooftop for a shared deck and outdoor space and renting the garage parking spots. All the units have central heat and HVAC with window AC units but condensers can be installed to allow for forced air conditioning. Currently the building is brining in roughly $11,000 a month making this for a great turn-key investment or perfect 1031 exchange. The residential units are being master leased by a professional mid-term rental company taking all the risk off the owner and allowing for a maintenance free operation. Both the residential tenant and the commercial tenants are month to month at this point and interested in re-signing a lease or can vacate if needed.