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Listed by David Gearyof Geary's Realty LLC
$ 1,690,000
Est. payment | /mo
22,546 SqFt
$ 1,690,000
Est. payment | /mo
22,546 SqFt
Key Details
Property Type Commercial
Sub Type Multi Family 5+
Listing Status Active Under Contract
Purchase Type For Sale
Square Footage 22,546 sqft
Price per Sqft $74
MLS Listing ID 12390171
Year Built 1925
Annual Tax Amount $30,206
Tax Year 2023
Lot Dimensions 98X125
Property Sub-Type Multi Family 5+
Property Description
This 33-unit mixed-use property, a bank-owned asset in Chicago's thriving North Austin neighborhood, presents an attractive investment opportunity in a historic urban setting. Constructed in 1925, the elegant terracotta building features 7 commercial storefronts, 20 one-bedroom/one-bathroom apartments, and 6 two-bedroom/one-bathroom apartments, creating a diverse and stable revenue stream. The property's varied unit mix appeals to a wide range of tenants, from small businesses to residential renters. Significant value-add potential exists through targeted upgrades, including modernizing the commercial spaces (notably the vacant corner unit), enhancing on-site parking, and improving laundry facilities. With strategic renovations and efficient property management, investors can unlock substantial cash flow and long-term appreciation in Chicago's dynamic rental market. Located in a vibrant, historic community with strong demand, this property is ideal for those looking to capitalize on the city's growing real estate opportunities.
Location
State IL
County Cook
Zoning COMMR
Interior
Fireplace N
Exterior
View Y/N true
Building
Structure Type Brick
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