5028 31St Pl Cicero, IL 60804

Property Details for 5028 31St Pl

Year built

1914

Property size

7,250 SF

Property type

Commercial real estate

Description

This exceptional six-unit multi-family investment property, located at 5028 W 31st Place in Cicero, Illinois, presents a compelling opportunity for discerning investors. Boasting a substantial 7,250 square feet, the property includes a large two-car garage with additional rentable storage spaces. Significant renovations have enhanced the property's value and appeal. Interior updates to all units have been completed since 2016, including a complete gut renovation of the largest unit (a four-bedroom, two-bathroom unit) in 2024. This renovation included the addition of a new full bathroom and a master walk-in closet. Further improvements in 2023 encompassed a complete roof replacement and the installation of new hardy board siding (up to six feet) around the building's perimeter, along with foam board insulation. Ceiling insulation was also added throughout the building in 2023. The property offers two parking spaces and seven storage spaces for rent, generating additional income streams. The owner currently covers water, common electric, and garage electric expenses, while tenants are responsible for their individual gas heat, cooking gas, water heating, and electric. The substantial monthly rental income, coupled with the extensive recent renovations and the generous security deposits held by the owner, makes this a highly attractive investment prospect. The property sits on a 0-acre lot. This is a turnkey investment ready to generate immediate returns.