424 Cory Avenue
Waukegan, IL 60085

24 Hour Notice to Show: Long term owner selling a beautiful Victorian legal non-conforming 3-unit home. Includes a 2-bedroom, 1-bedroom, and a 2-room efficiency; rents can be 20% or more higher. Each unit has its own entrance and there are no common tenant areas. Owner pays for heat (gas), sewer, water and house electrical meter for the building. Tenants pay electricity for their unit. All apartments rented and recently (3 years) painted and new carpeting. High efficiency (95%) direct vent furnace, high efficiency direct vent 40-gallon hot water tank installed 2020, and house roof replaced in 2011 with 35-year architectural shingles. Each unit has its own electrical meter with 100-amp service that the tenant pays for, and basement/garage/outside lights are on separate 100-amp panels the owner pays for. There is off-street parking for 5 cars outside as well as a 2 story detached 3 car garage; allowing up to 8 cars to be parked on property. There is a full basement with an outside rear entrance for the landlord, and separate entrance for the tenant in the upstairs 2 bed apartment. Building passed both the housing and fire inspections performed by Waukegan in 2022. The property also has an oversized 3 car detached garage with full second story for storage that could rent for $400-500 a month. Both rollup garage doors are 8' high and the garage is 9' high on the first floor. Garage was built in 1992 on a foundation and not a slab. A 50-amp electrical panel in the garage is connected to the house meter, and the garage also has gas and water lines stubbed from house to garage. Second floor of the garage is accessed from inside the garage via a staircase, also the second floor has a 4' wide barn door on the second floor if access for larger items is needed. Rents can be higher, and the garage can be utilized for additional rent if desired or used for own storage as needed. Seller notes, buyers use proper due diligence: Property is a LEGAL non-conforming 3 unit per the city of Waukegan, and property is currently zoned as a 2-unit, but can stay a 3 unit as long as owner wants. However, this means that if property significantly damaged in fire or other event greater than 50% of the value it can only be rebuilt as a 2 Unit. Also note that there is a shared 10' easement for driveway for ingress/egress with 2 unit on West side of property (430 Cory), but each property has separate parking for cars on their individual property (NO shared parking area). This neighbor's garage encroaches 3.5 feet into 424 property line, there is a recorded easement allowing this and it does not affect parking or driveway easement.