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3834 W Polk St
3834 W Polk St
Chicago, IL 60624
About
Property originally listed for sale on the marketplace by Sandra Lopez with Baird Warner.
Click here to learn more about how third parties sell their properties on the Lofty Marketplace.
Owners voted to sell the property as-is for $310,000. See the Property Updates section below for more details.
The Operating Reserve balance (-$6,260) is below half full.
Owners voted to apply 100% of cash flow to replenish the reserve until it is half full ($9,875), and then apply 50% of cash flow until the reserve is full ($19,750).
Based on the monthly cash flow ($459) if all units are paying rent on time, it will take ~35.2 months for the reserve to be half full and ~43.1 additional months to go from half full to full.
The Operating Reserve balance is part of the property value. As a result, the property will increase in value as the Operating Reserve is replenished.
3-Unit property (Triplex) located in Chicago, Illinois.
Details
- Fully renovated original Grey Stone Triplex with spacious living areas, hardwood floors and an inviting backyard
- Laundry hook-up in the basement for all 3 units
- Located less than a mile away from shopping and public transportation
- Located right off the expressway and 7 minutes from Oak Park or a 12-minute ride to or from downtown
- The maintenance reserve has been increased from 5% to 7.5% to account for the following:
- Two of the furnaces are fully functional but nearing the end of their lifespan. Likely have to be replaced in the next 5 years or sooner
- Roof is due for re-coating soon
- The following issues from the Inspection Report have already been repaired:
- Chimney mortar joints have been repaired by seller
- Bricks on west side of the building have been repaired by seller
- View Operating Reserve balance chart
- View property transaction data
Property Management and Insurance
- Managed by HomeRiver Group Chicago
- Insurance Policy through Obie Insurance
Occupancy Status
- Unit 1
- Vacant
- Unit 2
- 1 year lease renewal (05/01/2024 - 04/01/2025)
- $1,442/month
- Tenant was previously on a 1 year lease from 05/05/2023 - 04/30/2024 at $1,400/month.
- $1,400/month
- Lease Agreement
- Unit 3 (Basement)
- Vacant
Location Data
Due Diligence Documents
- HouseCanary Property Valuation Report (HouseCanary valuations are less accurate for 2+ Unit properties, like this property)
- Inspection Report
- Purchase Agreement
- Assignment Contract
- Operating Agreement
- Closing Statement
- Property Deed
- View All Documents
Property Management
Property Manager
Property manager details coming soon.
Due Diligence Documents
About this offering
The Market
Chicago, IL
Chicago is the Midwest’s largest economic hub, with major employers in finance, healthcare, logistics, and tech. The CTA’s rail and bus network connects neighborhoods to downtown jobs, and the lakefront trail, parks, and world-class dining and culture make the city a draw for residents. Many South Side neighborhoods offer homeownership at a fraction of downtown prices, and a large renter population keeps demand for quality rental homes steady.
Property Updates
Governance Results:
The Governance Voting results are back for the vote to accept, counter, or deny the reduction request.
The winning vote is:
Accept the reduction request of $15,000 (Listing Agent's recommendation)
This option was declared the winner in Round 1 with 1,707 token votes via the Ranked Choice Voting method.
The other voting options were eliminated in Round 1:
Deny the reduction
64 token votes
Counter at a reduction of $7,500
411 token votes
The buyer's attorney has been notified of the Owners' decision to accept the reduction. Any new updates about the closing process will be provided promptly.
Investor Reviews
Frequently Asked Questions
Have questions?
Have other questions? Learn how Lofty works
Share price
3834 W Polk St
Chicago, IL 60624
About
Property originally listed for sale on the marketplace by Sandra Lopez with Baird Warner.
Click here to learn more about how third parties sell their properties on the Lofty Marketplace.
Owners voted to sell the property as-is for $310,000. See the Property Updates section below for more details.
The Operating Reserve balance (-$6,260) is below half full.
Owners voted to apply 100% of cash flow to replenish the reserve until it is half full ($9,875), and then apply 50% of cash flow until the reserve is full ($19,750).
Based on the monthly cash flow ($459) if all units are paying rent on time, it will take ~35.2 months for the reserve to be half full and ~43.1 additional months to go from half full to full.
The Operating Reserve balance is part of the property value. As a result, the property will increase in value as the Operating Reserve is replenished.
3-Unit property (Triplex) located in Chicago, Illinois.
Details
- Fully renovated original Grey Stone Triplex with spacious living areas, hardwood floors and an inviting backyard
- Laundry hook-up in the basement for all 3 units
- Located less than a mile away from shopping and public transportation
- Located right off the expressway and 7 minutes from Oak Park or a 12-minute ride to or from downtown
- The maintenance reserve has been increased from 5% to 7.5% to account for the following:
- Two of the furnaces are fully functional but nearing the end of their lifespan. Likely have to be replaced in the next 5 years or sooner
- Roof is due for re-coating soon
- The following issues from the Inspection Report have already been repaired:
- Chimney mortar joints have been repaired by seller
- Bricks on west side of the building have been repaired by seller
- View Operating Reserve balance chart
- View property transaction data
Property Management and Insurance
- Managed by HomeRiver Group Chicago
- Insurance Policy through Obie Insurance
Occupancy Status
- Unit 1
- Vacant
- Unit 2
- 1 year lease renewal (05/01/2024 - 04/01/2025)
- $1,442/month
- Tenant was previously on a 1 year lease from 05/05/2023 - 04/30/2024 at $1,400/month.
- $1,400/month
- Lease Agreement
- Unit 3 (Basement)
- Vacant
Location Data
Due Diligence Documents
- HouseCanary Property Valuation Report (HouseCanary valuations are less accurate for 2+ Unit properties, like this property)
- Inspection Report
- Purchase Agreement
- Assignment Contract
- Operating Agreement
- Closing Statement
- Property Deed
- View All Documents
Property Management
Property Manager
Property manager details coming soon.
Due Diligence Documents
Offering Details
The Market
Chicago, IL
Chicago is the Midwest’s largest economic hub, with major employers in finance, healthcare, logistics, and tech. The CTA’s rail and bus network connects neighborhoods to downtown jobs, and the lakefront trail, parks, and world-class dining and culture make the city a draw for residents. Many South Side neighborhoods offer homeownership at a fraction of downtown prices, and a large renter population keeps demand for quality rental homes steady.
Property Updates
Governance Results:
The Governance Voting results are back for the vote to accept, counter, or deny the reduction request.
The winning vote is:
Accept the reduction request of $15,000 (Listing Agent's recommendation)
This option was declared the winner in Round 1 with 1,707 token votes via the Ranked Choice Voting method.
The other voting options were eliminated in Round 1:
Deny the reduction
64 token votes
Counter at a reduction of $7,500
411 token votes
The buyer's attorney has been notified of the Owners' decision to accept the reduction. Any new updates about the closing process will be provided promptly.
Investor Reviews
Frequently Asked Questions
Need Help?
Have other questions? Learn how Lofty works
Not paying rent right now
Projected Returns
Investing with Lofty can generate returns in two ways:
1) Annual cash flow from rental income.
2) Annual appreciation from long-term property value changes.
Monthly Cash Flow
$0.00
Monthly Rent
$0.00
Monthly Expenses
$0.00
Paid to investors
Annual Appreciation
Based on the Zillow Value Home Index (ZHVI) Single Family Homes Time Series, single family homes appreciated an average of 11% per year over the last 20 years (March 31, 2003 - March 31, 2023).
This figure reflects a national benchmark for single family homes in the 35th to 65th home-price percentile range and may not represent this specific property's zip code. Real-world returns can also vary based on investment costs, hold period, and leverage.
Use the returns calculator below to explore how different assumptions can impact your hypothetical investment outcome.
Projected Returns Calculator
Adjust the assumptions below to model how this property could grow over 7 years.
Annualized Return
+3.6%
per year over 7 years
7-Year Projection
$1,286
+$286 vs. initial $1,000
This calculator is for illustrative purposes only and displays a range of hypothetical investment outcomes based on the inputs you provide. Actual investment outcomes depend on many factors and cannot be determined before the investment period ends. Historical performance is not indicative of future results.
The calculations assume a 7-year hold period and an average annual net operating income increase of 3%. The 10- and 20-year averages are based on data from the ZHVI Single Family Homes Time Series and reflect averages for single-family homes in the 35th to 65th percentile by home price.