7100 S Union Avenue Chicago, IL 60621
Proud to present 7100 S. Union Ave. a 14-unit multifamily property located in Chicago, IL. Heavy value-add 14 unit multifamily in the opportunity and enterprise zone in Englewood! (14) 2 Bedroom / 1 Bathroom apartments. 7 of the apartments are vacant. A new investor can make interior modifications to vacant units to raise the rents to market levels and transition occupied units as they become available. The hot water heater is relatively new, and the boiler is five years old. Located in the Englewood community, the property is strategically situated to take advantage of urban amenities, transportation links, and a growing local economy. The property is located in an opportunity zone. Located in Zone 6 of a Chicago Enterprise Zone Sales Tax Deduction Each retailer who makes a qualified sale of building materials to be incorporated into real estate in an enterprise zone established by a county or municipality under the Illinois Enterprise Zone Act by remodeling, rehabilitation or new construction, may deduct receipts from such sales when calculating the tax imposed by this Act. Real Estate Transfer Tax Exemption Commercial and industrial properties purchased within Enterprise Zones are eligible for an exemption from Chicago's Real Estate and Transfer Tax. Machinery and Equipment Consumables/Pollution Control Facilities Sales Tax Exemption A 6.25 percent state sales tax exemption on purchases of tangible personal property to be used in the manufacturing or assembly process or in the operation of a pollution control facility within an Enterprise Zone is available. Utility Tax Exemption A state utility tax exemption on gas, electricity and the Illinois Commerce Commission's administrative charge and telecommunication excise tax is available to businesses located in Enterprise Zones. Enterprise Zone Investment Tax Credit A state investment tax credit of 0.5 percent is allowed a taxpayer who invests in qualified property in an Enterprise Zone. Contribution Deduction Businesses may deduct double the value of a cash or in-kind contribution to an approved project of a designated Enterprise Zone organization from taxable income. The Englewood area has experienced a steady demand for rental properties, driven by its proximity to major employment centers and educational institutions. The property presents an attractive investment opportunity with the potential for rental income growth and property value appreciation over time. The Englewood community has been undergoing revitalization efforts, contributing to improved safety, infrastructure, and overall quality of life. The property benefits from excellent transportation links, with nearby access to bus routes and major roadways, enhancing its attractiveness to commuters.
|2 months ago||Listing updated with changes from the MLS|
|2 months ago||Listing first seen online|