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Listed by Michael Applegateof Straight-A Realty, LLC
Bought with Kellye Jackson of Redfin Corporation
Bought with Kellye Jackson of Redfin Corporation
$ 267,500
$ 250,000 7.0%
Est. payment | /mo
6 Beds
3,049 Sqft Lot
$ 267,500
$ 250,000 7.0%
Est. payment | /mo
6 Beds
3,049 Sqft Lot
Key Details
Sold Price $267,500
Property Type Multi-Family
Sub Type Two to Four Units
Listing Status Sold
Purchase Type For Sale
MLS Listing ID 12350666
Sold Date 08/25/25
Bedrooms 6
Year Built 1898
Annual Tax Amount $2,011
Tax Year 2023
Lot Size 3,049 Sqft
Lot Dimensions 25X125
Property Sub-Type Two to Four Units
Property Description
Fantastic Investment Opportunity in Red-Hot North Lawndale! Presenting a rare chance to own a legal 2-flat in the rapidly developing North Lawndale neighborhood! Each unit boasts 3 spacious bedrooms, a full bathroom, and a dining room that can be converted into a fourth bedroom for increased rental income. The unfinished walkout basement with high ceilings offers future potential to convert into a legal third unit. Located in the WEST ADU Zone and a Tax Increment Financing (TIF) District, this property is a prime candidate for a buyer using an FHA 203k loan to customize it to their vision. The first-floor tenant will be moving out in May, and the property will be delivered vacant at closing, allowing for immediate occupancy or rental. Comparable renovated 2-unit properties have sold for an average of $484,000 within a 1-mile radius, while legal 3-units have sold for $572,000. With strong cash flow potential, renovated 3-bedroom apartments in the area are renting for an average of $1,733 per month, and 4-bedroom apartments for $1,990 per month. This property will be delivered free of code violations, offering a clean slate for a buyer seeking huge equity upside, whether as an investment or to convert into a 3-unit and live in one unit while the other two units pay for the property expenses. Don't miss this excellent opportunity to capitalize on North Lawndale's growing market!
Location
State IL
County Cook
Community Curbs, Sidewalks, Street Lights, Street Paved
Zoning MULTI
Rooms
Basement Unfinished, Full, Walk-Out Access
Interior
Heating None
Fireplace N
Exterior
View Y/N true
Building
Sewer Public Sewer
Water Lake Michigan, Public
Structure Type Brick,Stone
New Construction false
Schools
School District 299, 299, 299
Others
Ownership Fee Simple
Special Listing Condition None
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