Monthly rent roll = $21,000+ (Billboard = $4,000, Commercial Unit = $4,750, Penthouse = $6,200, Unit 2R = $3,100, Unit 2F = $3,100). The building was 100% gut rehabbed (including the commercial unit). THERE IS A $4,000 / PER MONTH BILLBOARD ON THE SIDE OF THE BUILDING THAT HAS A LONG TERM LEASE! Commercial unit gets $4,750 a month from a successful barber shop (on year 2 of 10 year lease) 1 Billboard, 1 Commercial unit, 3 Residential units that were gut rehabbed in 2023! Furthermore, the Penthouse unit has the City approved short-term rental license. You can legally rent out the Penthouse as an Airbnb! This property is a cash cow and can generate approximately $255,000+ in annual revenue. Building comes fully furnished/turn key for furnished short-term rentals. GREAT INVESTMENT! 15%+ cash on cash return, 10% = cap rate. The subject property is comprised of a +/- 2,500 SF land site improved with a +/- 6,300 SF 2.5-story, brick, mixed-use (commercial and residential) building in the Old Town neighborhood of Chicago. The ground/garden level of the subject is comprised of a rented commercial storefront unit totaling approximately 2,000 SF. The 2nd floor is comprised of 2 MTM furnished rentals. Each unit is a 2 bed unit. The top floor consists of a single, large residential apartment unit that spans the entire floor and measures approximately 2,000 SF. This unit is legally licensed as an Airbnb. The site is zoned B3-5, Community Shopping District. Manager would like to stay on to manage the short term rentals. This property has great cashflow, even @ 8% interest rates!
Property Details
Property Features
Property Information:
Year Built: 1906
Listing Office:
Office Name: TBFS Investments LLC-Realty
Office Phone: (217) 725-7346
Listing Agent: Daniel Moja
Interior Features
Interior Information:
Basement: No
Bedroom and Bathroom Information:
Total Bedroom Count: 5
Utilities
Utilities Information:
Heating: Forced Air
School Info
Assigned Schools Information:
Lincoln Park High School, Public District Grades 9-12
Manierre Elementary School, Public District Grades PK-8
Other
Directions Information:
Directions: LaSalle St. north to North Ave. Property located just off the southwest corner of the intersection.
Price Information
Listing Price Info
Price Summary:
List Price: $2,699,999
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Housing Market Comparison
See how this home compares to others in Chicago, IL.
This property is $2.3M more than the Median Sold Price in Chicago, IL.
Based on homes sold in the last 12 months
MLS Details
MLS Information:
MLS Name: MRED
MLS Number: #12051627
Listing Office:
Office Name: TBFS Investments LLC-Realty
Office Phone: (217) 725-7346
Listing Agent: Daniel Moja
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Schools
Schools Nearby
The school rating is a score out of 10, where 10 is the highest and 1 is the lowest. Assigned schools have a bold outline.
Elementary School
1
/10
Manierre Elementary School
1420 N Hudson Ave
Distance between this listing and this school0.41 miles
Public District Grades PK-8
High School
9
/10
Lincoln Park High School
2001 N Orchard St
Distance between this listing and this school0.84 miles
Public District Grades 9-12
Assigned Schools
1
/10
Manierre Elementary School
1420 N Hudson Ave
Distance between this listing and this school0.41 miles
Public District Grades PK-8
Nearby Schools
10
/10
Skinner North Elementary School
640 W Scott St
Distance between this listing and this school0.70 miles
Public District Grades KG-6
5
/10
Ogden Elementary School
24 W Walton St
Distance between this listing and this school0.77 miles
Public District Grades KG-8
Nearby Schools
6
/10
Lasalle Elementary Language Academy
1734 N Orleans St
Distance between this listing and this school0.31 miles
Public Magnet Grades KG-8
8
/10
Franklin Elementary Fine Arts Center
225 W Evergreen Ave
Distance between this listing and this school0.35 miles
Public Magnet Grades KG-8
5
/10
Salazar Elementary Bilingual Center
160 W Wendell St
Distance between this listing and this school0.64 miles
Public District Grades PK-8
Assigned Schools
9
/10
Lincoln Park High School
2001 N Orchard St
Distance between this listing and this school0.84 miles
Public District Grades 9-12
Nearby Schools
10
/10
Payton College Preparatory High School
1034 N Wells St
Distance between this listing and this school0.64 miles
Public Magnet Grades 9-12
6
/10
Ogden Intermediate High School
1250 W Erie St
Distance between this listing and this school1.75 miles
The neighbors living near this home have an average income of $78,784. Residents of Chicago, IL typically earn between $35k-100k each year. Typical family type is single, no kids. The majority of residents in this area have post secondary degree education.
All data provided by Home Junction and Claritas
Frequently Asked Questions About 1556 N Lasalle St
What is the listing price of this property?
The listing price of 1556 N Lasalle St property is $2,699,999.
What type of property is this?
The property 1556 N Lasalle St is a house located in Chicago, Illinois, 60610.
Is this property for sale now?
Active Listing: 1556 N Lasalle St is For Sale (Active/New) which means the seller is accepting offers.
What are the assigned schools for this property?
The assigned schools for 1556 N Lasalle St are: Manierre Elementary School: GreatSchools Rating 1/10Lincoln Park High School: GreatSchools Rating 9/10
How many bedrooms and bathrooms does this property have?
The property at 1556 N Lasalle St has 5 bedrooms and 7 bathrooms.
Which year was this property built?
The year of construction for 1556 N Lasalle St is 1906.
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This home is located at 1556 N Lasalle St in Chicago, IL and zip code 60610 in the Near North Side neighborhood. This home was built in 1906. Features: 5 bedrooms, 7 bathrooms. It has been listed on Rocket Homes since May 09, 2024 and is currently priced at $2,699,999.
While more than 979 listings in Chicago, IL in May 2024 were sold above asking price, there were more than 394 listings sold at asking price, and more than 1030 were sold below. The number of homes for sale in Chicago, IL increased by 13.3% between April 2024 and May 2024. In May 2024 median list price was $349,982 and the average listing age was 29 days.
From Rocket Homes Real Estate and based on county public records data.