705-711 W 71st S Union Avenue, Chicago, Illinois 60621

$699,000
List Price
$699,000
MLS#
MRD11636537
Status
ACTIVE
Type
Commercial
Subtype
Multi Family 5+
County
Cook
City
Chicago
Neighborhood
Englewood
Days On Market
6

Property Description

Huge value add building with great unit mix in Englewood on corner lot within opportunity and enterprise zone! 14 total units with 5 units currently vacant, units that are rented are below market rent. New buyer can update empty units to reach market rents and transition occupied units as they become available, cosmetic interior upgrades will be needed to fetch higher rents. Boiler 4 years old, a section of the roof was rebuilt other areas are silver-coated as needed, and fairly new hot water heater. Incentives in Chicago's six Enterprise Zones * State sales tax (6.25%) on building materials is waived with the Building Materials Exemption (this is common to all Illinois Enterprise Zones). * Real Estate Transfer Tax Exemption - This is a tax on the value of sold real estate. * Machinery & Equipment Sales Tax Exemption. This exemption includes repair and replacement parts for machinery and equipment used primarily in the wholesale or retail sale or lease, and equipment, manufacturing fuels, material and supplies for the maintenance, repair or operation of manufacturing, or assembling machinery or equipment. * Utility Tax Exemption. A 5 percent state tax exemption on gas, electricity and the Illinois Commerce Commission 0.1 percent administrative charge and excise taxes on the act or privilege of originating or receiving telecommunications. * Enterprise Zone Investment Tax Credit. A 0.5 percent credit against the state income tax for investments in qualified property, which is placed in service in an enterprise zone. * Contribution Deduction. A deduction from taxable income worth double the value of a cash or in-kind contribution to an approved project.

Additional Information

Tax Year
2020
Year Built
1907

Mortgage Calculator

Amount of Loan
Annual Interest Rate
%
Term of Loan
Years

Does not include any taxes or fees.
Please consult a financial professional.
Calculator source: Real Geeks

Listing courtesy of Root Realty, Inc..



The data relating to real estate for sale on this website comes in part from the Broker Reciprocity program of Midwest Real Estate Data LLC. Real Estate listings held by brokerage firms other than our company are marked with the MRED Broker Reciprocity logo or the Broker Reciprocity thumbnail logo (the MRED logo) and detailed information about them includes the names of the listing brokers. Some properties which appear for sale on this website may subsequently have sold and may no longer be available. The accuracy of all information, regardless of source, including but not limited to square footages and lot sizes, is deemed reliable but not guaranteed and should be personally verified through personal inspection by and/or with the appropriate professionals. The information being provided is 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.

Copyright 2022 MRED LLC. All rights reserved.

Based on information submitted to the MRED as of . 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.

NOTICE: Many homes contain recording devices, and buyers should be aware they may be recorded during a showing.

The Digital Millennium Copyright Act of 1998, 17 U.S.C. § 512 (the DMCA) provides recourse for copyright owners who believe that material appearing on the Internet infringes their rights under U.S. copyright law. If you believe in good faith that any content or material made available in connection with our website or services infringes your copyright, you (or your agent) may send us a notice requesting that the content or material be removed, or access to it blocked. Notices must be sent in writing by email to DMCAnotice@theMLSGRID.com.

The DMCA requires that your notice of alleged copyright infringement include the following information: (1) description of the copyrighted work that is the subject of claimed infringement; (2) description of the alleged infringing content and information sufficient to permit us to locate the content; (3) contact information for you, including your address, telephone number and email address; (4) a statement by you that you have a good faith belief that the content in the manner complained of is not authorized by the copyright owner, or its agent, or by the operation of any law; (5) a statement by you, signed under penalty of perjury, that the information in the notification is accurate and that you have the authority to enforce the copyrights that are claimed to be infringed; and (6) a physical or electronic signature of the copyright owner or a person authorized to act on the copyright owner’s behalf. Failure to include all of the above information may result in the delay of the processing of your complaint.