1507 George Street, Lake View, Chicago, Illinois 60657
$1,395,000
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For Sale
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| Status: | New |
| Sqft: | 0 |
| Cost/Sqft: | — |
| Beds: | 7 |
| Baths: | 0 |
| Year Built: | 1994 |
| Property Taxes: | $29,814 |
| Lot Size: | 0,00 |
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!
Property Specifics
| Multi-unit | |
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| 1994 | |
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| Cook | |
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| 12705120 | |
| 14291240471003 |
Room Specifics
Total Bedrooms: 7
Bedrooms Above Ground: 7
Bedrooms Below Ground: 0
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Full Bathrooms: 5
Bathroom Amenities: —
Bathroom in Basement: 0
Rooms: —
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Other Specifics
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| 25x124 | |
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| Not in DB | |
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Listing Provided By
Option Premier LLC
