- List Price $625,000
- Price / Unit $208,333
- Property Type Two – Four Unit
- Units 3
- Current Rents $47,400
- Pro Forma Rents $69,600
- In Place NOI $29,199.59
- Projected NOI $51,399.59
- Target CAP Rate 4.7
- Market CAP Rate 4.5
- Today's Market Value $625,000
- Value w/Market Rents N/A
*Today’s Market Value & Value w/Market Rents is a theoretical value calculation derived by NOI and CAP rate. It does not take any other property factors into account.
- 8
- 3.5
- -
- 1971
- 100%
- 5
- 2
- Boiler Heat
- Window Units
- Common, Paid
8
3.5
-
- 1971
- 100%
- 8
- 2
- Boiler Heat
- Boiler Heat
- Common, Paid
About the property
Welcome to 1619 N 35th Ave—a meticulously maintained, all-brick 3-flat offering strong income potential and long-term value. This property stands out as one of the best-kept buildings in the area. The building features two spacious 3-bedroom, 1.5-bath units and a 2-bedroom garden apartment, offering ideal flexibility for investors or owner-occupants. All units are in solid condition with updated mechanicals and a clean, functional layout. On-site laundry includes coin-operated washer/dryer for added convenience and income. The property sits on a shared common driveway and has a 2-car garage, offering excellent parking access. For buyers looking to expand their portfolio, the adjacent property at 1617 N 35th Ave is also available, making this a rare package deal opportunity with additional income and development potential. Whether you’re looking for steady rental income, future value appreciation, or a package deal in a prime rental market, this investment checks all the boxes. An IL licensed real estate broker has an ownership interest in the LLC that owns the property.
About the neighbourhood
- Nestled in the heart of Melrose Park, 1617 N 35th Ave offers more than just a great property—it provides access to a vibrant, well-established community with a strong rental demand. This neighborhood is known for its quiet, tree-lined streets, long-term residents, and a strong sense of community pride. Conveniently located near major thoroughfares like North Avenue and I-290, the area offers easy access to downtown Chicago, O’Hare Airport, and surrounding suburbs. Public transportation, including nearby Metra and CTA stops, makes commuting a breeze for both tenants and owners. Just minutes from parks, schools, grocery stores, and the popular Winston Plaza shopping center, residents enjoy a blend of suburban comfort and urban convenience. The area continues to attract renters and investors alike, thanks to its affordability, accessibility, and overall neighborhood stability. Whether you're investing or planning to live in the area, Melrose Park remains a smart and strategic choice.
Municipality - Investor Guide
Melrose Park
| Transfer Stamps | Pre Sale Inspection | Yearly Rental Inspection | |
|---|---|---|---|
| Buyer: N | Cost: No | Required: Yes | Required: Yes |
| Seller: Y | Cost: Yes | Cost: Varies | Cost: Varies |
For a list of all Municipality requirements visit our Municipality Requirements Page
Property Documents
Property Financials
View current and future return metrics based on customizable inputs. "Annual Net Income", "Monthly Cash Flow", "Cash on Cash Return", "Equity Value", and "Equity Multiple" are based off of the "Year 2 Pro Forma" column inputs.
Property Current
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Year 2 Pro Forma
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Debt Service
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Mortgage Calculator
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Utility Table
Total Yearly Utitlity Cost: $4,269.00
*This Utility Table does not include snow removal or lawn care costs, if any. For more details on snow/lawn expenses, see the "Expenses" attachment located under the "Property Documents" section.
Property Taxes
| 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|
| Tax Amount | $5,640.17 | $10,254.86 | $9,903.04 | $11,653.49 |
| YOY Tax Change ($) | -$4,614.69 | +$351.82 | -$1,750.45 | +$172.03 |
| YOY Tax Change (%) | -45.00% | +3.55% | -15.02% | +1.50% |
| Current Assessed Value | $36,000 | Source - Public Record For more information on assessments, property taxes, and tax appeals visit: Property Taxes | Assessed - Land | $2,898 | Assessed - Improved | $33,102 |
For more information on assessments, property taxes, and tax appeals visit: Property Taxes
Walkscore
Nearby
- Arts & Entertainment
-
Casa Italia (0.28 mi)
-
DLS Studios (0.33 mi)
-
Signco (0.34 mi)
- Education
-
St Charles Borromeo Religious Education (0.13 mi)
-
Schools Public (0.24 mi)
-
Casa Italia (0.28 mi)
- Food
-
Platillos Gomez Te La Comes (0.23 mi)
-
Mar Y Tierra Restaurant (0.34 mi)
-
Mariscos La Coronita (0.34 mi)
- Health & Medical
-
Marce’s Dance & Fitness Club (0.12 mi)
-
Casa Italia (0.28 mi)
-
Brucci Anthony DDS (0.34 mi)
Contact Information
- List Price $625,000
- Property Type Two – Four Unit
- Current Rents $47,400
- In Place NOI $29,199.59
- Target CAP Rate 4.7
- Today's Market Value $625,000
- Price / Unit $208,333
- Units 3
- Pro Forma Rents $69,600
- Projected NOI $51,399.59
- Market CAP Rate 4.5
- Value w/Market Rents N/A
*Today’s Market Value & Value w/Market Rents is a theoretical value calculation derived by NOI and CAP rate. It does not take any other property factors into account.
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