- Address: 1507 Ridgeland Ave, Berwyn, IL 60402
- Repairs: $30,000-40,000
- Asking Price: $195,000
- AVR: up to $385,000
- Rents for up to: $4,000+ per month
This is a contract for legal Brick 2-Unit property with 7 bedrooms and 3 bathrooms with an 3rd unit that recently decommissioned in the basement. This property includes a detached 2 car garage.
This property has been well rented out for the last 10 years and is easy to rent. The current owner was in the process of getting the top unit ready for rent and it needs about 5-10K of work. The property features updated flooring, new boiler, updated windows, newer roof, and is a solid property.
The highest use of the property would be to get the top unit rent ready and comply with the ceiling height requirement for the basement unit by completely remodeling the basement to remove the 4-inch platform floor to make it a legal 3 unit property.
The taxes are only $6,604/year.
Sold Comparables within the Berwyn area within a few blocks:
- 2 Unit Comp – 1341 Ridgeland Ave – 320K – 7 Bed 3 Bath – Sold 08/2018
- 2 Unit Comp – 1630 Ridgeland Ave – 338K – 6 Bed 3 Bath – Sold 8/2018
- 3 Unit Comp – 1817 S 56th Court – 385K – 6 Bed 3 Bath – Pending 11/2018