$ 1,195,000
7701 W Belmont AVE Elmwood Park, IL 60707
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$ 1,195,000
Est. payment /mo
New
7701 W Belmont AVE Elmwood Park, IL 60707
5,600 SqFt
UPDATED:
11/21/2024 08:29 PM
Key Details
Property Type Commercial
Sub Type Mixed Use
Listing Status Active
Purchase Type For Sale
Square Footage 5,600 sqft
Price per Sqft $213
MLS Listing ID 12214986
Year Built 1950
Annual Tax Amount $20,959
Tax Year 2023
Lot Dimensions 105 X 47
Property Description
This one-of-a-kind investment opportunity is located in the heart of Elmwood Park's bustling downtown. The property is a mixed-use building with 100 percent occupancy that offers incredible potential for investors. Upstairs, there are two fully rehabbed residential units, each featuring 2 BED/ 1 BATH with in-unit washer/dryer. Both units are fully occupied, with tenants responsible for their own gas and electricity, ensuring consistent and reliable rental income. The downstairs commercial storefront is currently utilized as a cafe and gaming room, providing a dynamic and popular space for the community. The commercial tenant is responsible for water, gas, electricity, and repairs. Tenant is open to extending their lease for an additional 5 to 10 years, offering a secure and stable long-term investment opportunity. Additionally, there is an extra commercial space that is currently leasing as a banquet facility or venue, complete with its own separate PIN number, address and entrance. The basement provides ample storage space, adding further convenience and functionality to the property. The building also features an outdoor courtyard and parking, which make it ideal for hosting events such as private parties or other gatherings. These features add further value and versatility to the space. The landlord is responsible for paying property taxes, while the current setup minimizes other maintenance responsibilities, creating a low-effort yet profitable investment opportunity. With its prime location, multiple revenue streams, and endless potential, this building is truly a gem. Don't miss your chance to own this remarkable property and take advantage of its many possibilities.
Location
State IL
County Cook
Area Elmwood Park
Zoning RTAIL
Interior
Cooling Central Air, Central Individual
Fireplace N
Building
Dwelling Type Mixed Use
Level or Stories 2
Structure Type Brick,Concrete,Block
© 2024 Listings courtesy of MRED as distributed by MLS GRID. All Rights Reserved.
Listed by Svitlana Creadon • Compass