Basics
- Bedrooms: 19
- Bathrooms: 10
- Lot size: 3406 sq ft
- Year built: 1911
Description
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Description:
Located in Chicago’s North Lawndale neighborhood, this three-story brick and stone building, built in 1911, offers a total of 10 residential units — 9 fully remodeled apartments plus a nonconforming 10th unit. The unit mix includes two large 3-bedroom/1-bath apartments, six 2-bedroom/1-bath apartments, one compact 1-bedroom/1-bath, and one cozy studio (formerly a retail storefront now legalized as an ADU). The building sits on a 3,406 sq ft lot and has an approximate total building size consistent with a 3-story walk-up. The property has a full, partially finished basement and no parking spaces. It is currently partially occupied, with the storefront units framed-out and awaiting completion.
Showings are available by appointment only.
Financial Snapshot
The property is offered at a marketing price of $465,000.
The building benefits from new mechanicals, including a 2-year-old roof, updated plumbing, electrical systems, and individual gas-forced-air furnaces (GFAs). Annual property taxes are approximately $10,000.00 (2023).While current gross rental income is undisclosed, this property presents a strong value-add opportunity with substantial rental upside upon stabilization. Comparable renovated 9–10 unit buildings in North Lawndale have demonstrated gross annual rents exceeding $120,000, yielding a pro forma cap rate in the 9–10% range.
Property Overview
This is a classic Chicago greystone-style multi-family with stained original hardwood flooring, separately metered utilities, and upgraded mechanicals. The two storefront units on the main level have been framed and partially built out, offering additional value once completed. The property has no open city violations, and all prior compliance work under a previous court order has been finalized.
Investment Highlights
- 10 total units (9 legal + 1 nonconforming)
- New roof, updated plumbing, and electrical systems
- Individual GFAs and separate metering for all units
- Strong rental upside potential after completing ADU build-outs
- Brick and stone construction ensuring long-term durability
- Sold as-is, with all major systems already upgraded
- Located near Douglas Park, Cinespace Studios, and Lawndale Christian Center—key neighborhood anchors supporting ongoing redevelopment and tenant demand
Market Context
North Lawndale has experienced a steady resurgence over the past five years, driven by public and private investment initiatives including the Ogden Commons mixed-use redevelopment and the expansion of Cinespace Chicago Film Studios. Multi-family demand remains strong, particularly for well-maintained, medium-sized buildings catering to working-class tenants. Average rents for updated 2BR units range from $1,250–$1,450, with 3BRs commanding $1,600–$1,800 monthly. The area’s proximity to Douglas Park, the CTA Pink Line, and I-290 further enhances its investment appeal.
Terms
Cash or hard-money buyers only. Seller financing is not available.
Property is sold as-is with all city compliance sign-offs completed.Contact
For all inquiries, showing requests, or additional information, please call 1-888-775-4570 or email sales@sharpedgeproperty.com.