1927 Minnehaha Creek 'Armchair' Income Property
As income properties go, this 1927 Double Bungalow is as clean as they come. To understand the owner's approach to his rental properties, are the recently installed "Leaf-Gaurd" gutters. He spent the last 10 years creating a building that is completely 'armchair.' The phrase, "set it and forget it" rings loudly: Gutters to kitchens to original bay windows with fresh varnish coats; this building is impeccably maintained.
A private non-MLS offering, the 1927 double bungalow boasts two 3-bedroom units as well as a basement studio apartment. Monthly rental income tallying in at $3770 presently, approaching an annual income stream of a starting professional career.
The layout of this building is one that is truly rare in the duplex market - the sprawling 3 bedroom units layout nicely at 1350 feet, making this an incredible space for young families, or the professional couple that is seeking a single family alternative, as the owner occupier will still collect $2295 monthly while occupying one of the large units! This allows for the cosmopolitan lifestyle that many younger somethings crave- travel, dining and leisure. Escaping a house payment creates the ability to 'escape' with more frequency.
Home Detail (specific documents & seller disclosures available via email)
- Built 1927, 3100 finished square feet, attached 2 car garage, new windows, central AC & air exchanger, new Roof/Gutters/insulation, Stucco Re-Dash, Concrete Drive and decorative walks, 1st and 2nd floor kitchens and baths renovated, all copper replaced, new garage doors & openers
- Seller is committed to selling non MLS in 2014 for $415,000
- Walk Throughs are available upon establishment of credit worthiness
The floor to ceiling windows on the main floor unit bring amazing light and the nature right into your space. We covet these windows as our dogs never had a dull moment living with them in our Blaisdell duplex.
The box-square craftsman windows are wrapped tightly in Monray storms with Monray windows providing an unparalleled R-value and sound insulator.
The original state of things is impeccable: flawless doors, hardware and 1927 artisan detail. The finish detail of the woodwork and crown molding is well above most income properties. This building is a true owner occupant magnet.
Notice the in-ceiling ductwork for the central air conditioning. Also, the original craft style opening from dining to living.
The upper Kitchen is nicely finished and extremely functional.
The lower kitchen is more upscale with custom cabinetry and granite- these upgrades are timeless and expensive to incur on multi-units.
The lower unit tenants haven't fully moved in, so the unit was sparingly shot, it flows and is of the same finish quality as the upper unit.
One of three bedrooms, these units offer the size and alternative to single family dwellings!
Bathrooms are very spacious for the era, complete with original mosaic floor tile, and newly tiled and redone showers for a high-end feel.
This unique lower level studio can be leased for separate occupancy or combined with the same unit, it's presently leased to a local craft brewing professional at $695 per month.
Basement is CLEAN & DRY, with epoxied floors, clean, painted foundation walls and glass block security windows. The clean state of the building mechanics is obvious.
Attached two car garage and parking behind leaves tenants the rarity of having off-street and secure parking!
Nestled within cozy perennial gardens there rests a back patio sitting area for outdoor enjoyment, the greatest asset to this asset is its location. Venture a 1/2 block down the hill and you reach the Minnehaha Creek trails, Marathon Routes, 48th & Chicago, and the bustling activity of the creek and the Grand Rounds.
The best buildings to manage are the ones that are cosmetically modern, with respect to the original detail, and located within the coveted areas of Minneapolis. These facets create scenarios where tenants fight over the units when vacancy does occur. This is highlighted in greater detail in the Duplex Manifesto article.
Give us a call if you would like more info or to discuss the Chicago duplex in greater detail.