33 Realty is pleased to present for sale 5714 S Prairie Avenue, a four-unit multi-family investment property in the east Washington Park neighborhood of Chicago. This is an excellent opportunity for an owner-occupant as the top floor (unit 3) 5-bed/2-bath unit is currently being gut-rehabbed and will be vacant upon closing.
The property is composed of two 4-Bed/1-Bath & two 5-Bed/2-Bath apartments that were previously renovated for individual condominiums.
All units have hardwood and tile throughout, modern appliances, gas-forced-heat, granite counter tops, individual hot water tanks, and individual utilities. The residences are larger than most of the new construction in the area, ranging in size between 1,200 and 1,400 SF and feature separate dining & living areas. The rents in the three occupied units are significantly below market.
Real Estate incentives range widely and have been overlooked by the Commercial Multiple Listing Services (MLS) for decades. Real estate incentives is a generic term used to group any number of programs, such as tax incentives, that are designated by an agency for a geographic area."
Why are Real Estate Incentives Important and to Whom?
"Incentives" are vital today and in the future because:
U.S. Public: Many incentives focus on job creation and Affordable Housing
Investors and Commercial Developers use incentives to reduce financial risk, obtain gap financing, etc. Investors and developers look for property listings with incentives available.
Commercial Real Estate Brokers, in mass, unfortunately do not know about incentives tied to their listings
Entire Supply Chain of Real Estate Development such as small and large companies who will provide goods and services to new and revitalized properties.