Skip To Content

    1628 N Drake Avenue

    Chicago, IL 60647
    • $699,000
    • STATUS: Active
    • ON SITE: 46 days
    • MLS #: 11113988
    Price Reduced
    UPDATED: 75 min ago
    $699,000
    • 8
      BEDS
    • 0.1
      ACRES
    • 0
      BATHS
    • 0
      1/2 BATHS
    Neighborhood:
    Type:
    Multi-Family
    Built:
    1901
    County:

    School Ratings & Info

    School District:
    299

    Description

    Excellent opportunity to own a recently rehabbed 3-unit less than 2 blocks from the 606 in Logan Square. 1628 N Drake features three large apartments, including two three-bed one-bathroom units and one two-bedroom one-and-a-half-bathroom unit, each with excellent large living spaces and kitchens. 1628 N Drake features new kitchens and baths, furnaces, copper plumbing, tankless water heaters, in-unit laundry, stainless steel appliances, and new windows. Gated parking pad in the back allows for 3+ cars. Excellent opportunity for an owner occupant or investor. Separate utilities. Tenants pay for heat and electric. 1628 N Drake provides a turnkey property with strong cash-flows on day 1 (in-place cap rate 7.12%) and presents additional upside potential due to below-market rents (pro forma cap rate 8.00%).

    Monthly Payment Calculator



    © 2021 Midwest Real Estate Data LLC. All rights reserved. IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Information is deemed reliable but is not guaranteed accurate by MTP, MRED or Helen Oliveri Real Estate. Based on information submitted to the MRED as of 2021-07-24T15:53:19.927 UTC. All data is obtained from various sources and has not been, and will not be, verified by broker or MRED. MRED supplied Open House information is subject to change without notice. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information. Some properties which appear for sale on this website may subsequently have sold and may no longer be available. NOTICE: Many homes contain recording devices, and buyers should be aware they may be recorded during a showing.

    Digital Millennium Copyright Act
    www.chicagolandexclusivehomes.com/homes/117984165
    Print Image

    1628 N Drake Avenue Chicago, IL 60647

    • Price: $699,000
    • Status: Active
    • Updated: 75 min ago
    • MLS #: 11113988
    8
    Beds
    0
    Baths
    0
    ½ Baths
    0.1
    Acres
    1901
    Built
    Neighborhood:
    Chi - Humboldt Park
    County:
    Cook
    Area:
    Chi - Humboldt Park
    School District:
    299
    Property Description
    Excellent opportunity to own a recently rehabbed 3-unit less than 2 blocks from the 606 in Logan Square. 1628 N Drake features three large apartments, including two three-bed one-bathroom units and one two-bedroom one-and-a-half-bathroom unit, each with excellent large living spaces and kitchens. 1628 N Drake features new kitchens and baths, furnaces, copper plumbing, tankless water heaters, in-unit laundry, stainless steel appliances, and new windows. Gated parking pad in the back allows for 3+ cars. Excellent opportunity for an owner occupant or investor. Separate utilities. Tenants pay for heat and electric. 1628 N Drake provides a turnkey property with strong cash-flows on day 1 (in-place cap rate 7.12%) and presents additional upside potential due to below-market rents (pro forma cap rate 8.00%).
    Exterior Features

    Exterior Building Type Brick Number Of Cars 3 Parking Space/S Parking Features UnassignedOff Alley Parking On Site Yes Parking Ownership Owned Parking Total 3 Unit1 Floor Level 1 Unit2 Floor Level 2 Unit3 Floor Level 3 Waterfront YN No

    Interior Features

    3 Bedroom Unit In Building Yes Appliances Features Unit1 StoveRefrigeratorWasherDryerDishwasherHardwood Floors Appliances Features Unit2 StoveRefrigeratorWasherDryerDishwasherHardwood Floors Appliances Features Unit3 StoveRefrigeratorWasherDryerDishwasherHardwood Floors Basement Full Basement Description Unfinished Bathrooms Total Integer 4 Bedrooms Below Grade 0 Bedrooms Possible 8 Full Baths In Building 3 Full Baths In Unit1 1 Full Baths In Unit2 1 Full Baths In Unit3 1 Half Baths In Building 1 Half Baths In Unit1 1 Half Baths In Unit2 0 Half Baths In Unit3 0 Heating Natural GasForced Air Number Of Bedrooms Unit1 2 Number Of Bedrooms Unit2 3 Number Of Bedrooms Unit3 3 Number Of Rooms Unit1 5 Number Of Rooms Unit2 6 Number Of Rooms Unit3 6 Rooms Total 17

    Property Features

    Additional Parcels YN No Age Description 100+ Years Built Before1978 YN Yes Corporate Limits Chicago General Information None Gross Income 60180 Insurance Expense 1465 Lease Exp Date Mo Yr Unit1 02/22 Lease Exp Date Mo Yr Unit2 04/22 Lease Exp Date Mo Yr Unit3 05/22 Lot Size Less Than .25 Acre Lot Size Dimensions 25 X 175 Net Operating Income 49785 New Construction YN No Property Sub Type 3 Flat Rebuilt YN No Rehab Year 2020 Rehab YN Yes Security Deposit Unit1 0 Security Deposit Unit2 0 Security Deposit Unit3 0 Sewer Public Sewer Special Assessments U Special Listing Conditions None Special Service Area N Tax Annual Amount 7150.37 Tax Year 2019 Tenant Pays Unit1 ElectricGasHeat Tenant Pays Unit2 ElectricGasHeatParking Tenant Pays Unit3 ElectricGasHeatParking Total Rental Income 60180 Unit1 Rent 1525 Unit2 Rent 1740 Unit3 Rent 1750 Water Sewer Expense 1200 Water Source Public

    Listing information © 2021 Midwest Real Estate Data LLC.
    Listing provided courtesy of Chicago Real Estate Resources.


    © 2021 Midwest Real Estate Data LLC. All rights reserved. IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Information is deemed reliable but is not guaranteed accurate by MTP, MRED or Helen Oliveri Real Estate. Based on information submitted to the MRED as of 2021-07-24T15:53:19.927 UTC. All data is obtained from various sources and has not been, and will not be, verified by broker or MRED. MRED supplied Open House information is subject to change without notice. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information. Some properties which appear for sale on this website may subsequently have sold and may no longer be available. NOTICE: Many homes contain recording devices, and buyers should be aware they may be recorded during a showing.

    Digital Millennium Copyright Act
     
    https://bt-photos.global.ssl.fastly.net/mred/orig_boomver_1_11113988-1.jpg https://bt-photos.global.ssl.fastly.net/mred/orig_boomver_1_11113988-1.jpg https://bt-photos.global.ssl.fastly.net/mred/orig_boomver_1_11113988-1.jpg
    Logo
    Helen Oliveri Real Estate
    101 W. Gilmer Road
    Hawthorn Woods IL, 60047