1513 W 87th Street,Chicago, IL 60620
Chicago, IL 60620
Description
Value Add Mixed-Use Opportunity in Chicago's Auburn Gresham Neighborhood. 1513 W 87th St presents a solid mixed-use 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.
Details
| MLS # | 12704452 |
|---|---|
| Listing Type | For Sale |
| Style | Mixed Use |
| Sub-Type | Resale |
| Status | Active |
| Year | 1929 |
| Days On Site | 37 |
| Listing Provided By | Realty of America, LLC | Hugo Sanchez |
Features
| Story(s) | 3 |
|---|---|
| Units | 11 |
| Zoning | MULTI |
| Acreage | 0.17 |
Interior
| Cooling | None |
|---|
Exterior
| Foundation Details | Block, Brick/Mortar, Concrete Perimeter |
|---|---|
| Construction Materials | Brick, Stone |
Utilities
| Utilities | Electric to Site, Natural Gas Available, Sewer Connected, Water Available |
|---|---|
| Electric | Separate Meters |
Taxes
| Tax Year | 2024 |
|---|---|
| Tax Annual Amount | 15430.04 |
Area Information
| State | IL |
|---|---|
| County | Cook |
| City | Chicago |
| Zip Code | 60620 |
| Area | CHI Auburn Gresham |
| Listing VS Median (in 60620) | |
Price: $950,000 low | high Med: $219,500 On site: 37 low | high Med: 63 | |
Market Activity 60620
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Learn More About This Property
| State | IL |
|---|---|
| County | Cook |
| City | Chicago |
| Zip Code | 60620 |
| Area | CHI Auburn Gresham |
| Listing VS Median (in 60620) | |
Price: $950,000 low | high Med: $219,500 On site: 37 low | high Med: 63 | |
