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Listed by Cory Tanzerof Option Premier LLC
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Est. payment /mo
Open Sat 1PM-3:30PM
1507 W George ST Chicago, IL 60657
7 Beds
Open House
Sat Jul 18, 1:00pm - 3:30pm
Sun Jul 19, 11:00am - 1:30pm
UPDATED:
Key Details
Property Type Multi-Family
Sub Type Two to Four Units
Listing Status Active
Purchase Type For Sale
MLS Listing ID 12705120
Bedrooms 7
Year Built 1994
Annual Tax Amount $29,814
Tax Year 2024
Lot Dimensions 25x124
Property Sub-Type Two to Four Units
Property Description
Incredible Lakeview investment opportunity with RT-3.5 zoning, allowing for two-flats, townhouses, low-density apartment buildings, and single-family homes. Currently generating below market value $7,000/month in rental income with substantial upside through aesthetic renovations and rental increases, this property is being offered as a portfolio of three individual condo PINs, with the potential to convert to a single tax PIN. Constructed in 1994, the 4-story BRICK & BLOCK building features three units totaling 7 bedrooms and 4 bathrooms. Unit #3 is a spacious 3 bed/2 bath duplex-up with vaulted ceilings and streaming natural light - 1,862sqft, Unit #2 is a 2 bed/1 bath - 919sqft, and Unit #1 is a 2 bed/1 bath garden-level unit - 907sqft. ALL units feature private rear balconies and are individually metered and include in-unit washer and dryer, central HVAC, and individual water heaters. The property also offers a private fenced backyard and three rear parking spaces on a parking pad. Good long-term tenants who pay on time: Unit #3 rents for $3,300/month through 5/31/27, Unit #2 rents for $1,900/month through 4/30/27, and Unit #1 rents for $1,800/month through 8/31/26. Walk to Jewel Osco, Diversey Train and Buses. Rarely does a cash-flowing, value-add asset with flexible zoning, multiple exit strategies, and long-term redevelopment potential become available in one of Chicago's most sought-after neighborhoods!
Location
State IL
County Cook
Zoning MULTI
Rooms
Basement None
Interior
Heating Natural Gas
Fireplace N
Exterior
View Y/N true
Building
Sewer Public Sewer
Water Lake Michigan
Structure Type Brick,Block
New Construction false
Schools
School District 299, 299, 299
Others
Ownership Condo
Special Listing Condition None
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