4837 Forrestville Avenue, Grand Boulevard, Chicago, Illinois 60615

Description

EXCEPTIONAL BRONZEVILLE VALUE-ADD OPPORTUNITY WITH APPROXIMATELY $191,000 RENOVATED VALUE! Motivated international owner is looking to liquidate before year-end, creating an opportunity to acquire an approximately 1,600-square-foot, 2-bedroom, 2-full-bath condominium at only $125,000, approximately $66,000 below the seller's estimated renovated value before improvement and transaction costs. The spacious garden-level residence offers a large, functional floor plan with a separate den that can serve as a home office, additional lounge or flex space, hardwood flooring, central air, gas-log fireplace, stainless steel appliances, in-unit washer and dryer, two full bathrooms, and an assigned exterior parking space that comes with the unit. The property has been successfully operated as a rental by the current owner for more than a decade, including long-term participation with the Chicago Housing Authority, and the other owners in this intimate three-unit building also rent their units, creating an appealing setup for a buyer considering a long-term rental strategy. Another unique aspect of ownership is the historically low carrying cost: the current owner has never been charged or paid monthly association dues during ownership and has never been charged a special assessment. The unit offers an opportunity for thoughtful cosmetic updating and TLC rather than starting from scratch, allowing a new owner to modernize the space and potentially capitalize on the spread between the $125,000 acquisition price and the approximately $191,000 after-repair value supported by comparable garden unit condo sales within a 1 mile radius. The Bronzeville location adds another layer of appeal, with neighborhood favorites including Sip & Savor, Ain't She Sweet Cafe, Peach's Restaurant, Two Fish Crab Shack and Bronzeville Winery nearby, along with the Harold Washington Cultural Center, Washington Park, neighborhood shopping, public transportation and convenient access to Chicago's lakefront. Healthcare is also exceptionally convenient, with Provident Hospital of Cook County, the Northwestern Medicine Bronzeville Outpatient Center, and the larger University of Chicago Medicine Hyde Park campus all within the surrounding area. Bronzeville continues to offer a distinctive combination of historic architecture, cultural significance, neighborhood dining, coffee shops, recreation and proximity to Hyde Park. Whether the next owner's strategy is to refresh and rent, renovate and hold, or create a spacious personal residence, this property offers substantial square footage, two full baths, private laundry, included parking, proven rental history and significant potential upside at an unusually low acquisition basis. Property is being sold as-is and requires a cash acquisition due to condominium financing limitations. Seller is motivated and seeking a clean year-end transaction.

Property Specifics

Property History