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$ 950,000
Est. payment /mo
Active
1513 W 87th ST Chicago, IL 60620
UPDATED:
Key Details
Property Type Multi-Family
Sub Type Multi Family 5+
Listing Status Active
Purchase Type For Sale
MLS Listing ID 12704484
Year Built 1929
Annual Tax Amount $15,430
Tax Year 2024
Lot Dimensions 50x150
Property Sub-Type Multi Family 5+
Property Description
Value Add Multi Family in Chicago's Auburn Gresham Neighborhood. 1513 W 87th St presents a solid investment featuring 11 total unit: 8 residential apartments and 3 commercial storefronts, offering immediate income with long-term upside. The residential component includes eight 1-bedroom, 1-bath units, with four units on the second floor and four on the third floor. All units feature similar layouts and are occupied by long-term tenants on month-to-month leases, currently renting at $750 per month, providing stable cash flow with flexibility for future rent growth. The three commercial storefronts, located on the first floor, offer excellent street visibility and can be utilized for retail or office use. These spaces are currently owner-occupied and will be delivered vacant at closing, allowing a new owner to set market rents or occupy the space. Additional features include a rear parking lot accessed from the alley, a garage/storage room, and an unfinished basement offering additional storage or potential value add opportunities. This property is ideal for investors seeking a mixed-use asset with existing income, commercial flexibility, and upside potential in a well-established South Side neighborhood. Package Opportunity: A separate commercial corner-lot storefront located directly across the street is also available and may be purchased as a package with this property.
Location
State IL
County Cook
Area Chi - Auburn Gresham
Zoning MULTI
Interior
Cooling None
Fireplace N
Exterior
Utilities Available Sewer Connected, Water Available
Building
Dwelling Type Multi Family 5+
Water Municipal Water
Structure Type Brick,Stone
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Listed by Hugo Sanchez of Realty of America, LLC