Nestled steps away from the 606 Bloomingdale Trail in Logan Square and within walking distance to popular spots like The Freeze and Parsons Chicken and Fish on Armitage, this acquisition presented an ideal opportunity for a 2-flat to single-family deconversion fix and flip project. With obvious floor unevenness and restricted basement height, we successfully obtained proper plans and permits for a comprehensive gut rehab. Following the completion of the demolition phase, investors expressed interest in acquiring the property with approved plans and permits, showcasing the significant profit potential. A testament to the impactful relationship between quality design and maximizing returns on investment.
→ Visit website
[ INVESTMENT SUMMARY ]
Purchase Price: $260,000
Construction Budget: N/A (see strategy)
Sale Price: $430,000
Hold Period: 16 months
Contact me for deal details
[ SCOPE ]
Size: 2200 SQ. FT., 4 bed, 3 bath
Strategy: The acquisition price for the property was skillfully negotiated below the prevailing land value in the area. Subsequently, with approved plans in place, the property was strategically listed for sale in two distinct ways: as a fully developed unit and also in its current state, complete with the necessary permits from the City of Chicago.
The dual listing approach attracted a multitude of interested investors, leading to a competitive bidding environment. Ultimately, a strategic decision was made to sell the property to an investor, securing a favorable cash deal.
