1516 Homan Avenue, North Lawndale, Chicago, Illinois 60623
$267,500
|
Sold
|
|
| Status: | Closed |
| Sqft: | 0 |
| Cost/Sqft: | — |
| Beds: | 6 |
| Baths: | 0 |
| Year Built: | 1898 |
| Property Taxes: | $2,011 |
| Days On Market: | 550 |
| Lot Size: | 0,07 |
Description
Fantastic Investment Opportunity in Red-Hot North Lawndale! Presenting a rare chance to own a legal 2-flat in the rapidly developing North Lawndale neighborhood! Each unit boasts 3 spacious bedrooms, a full bathroom, and a dining room that can be converted into a fourth bedroom for increased rental income. The unfinished walkout basement with high ceilings offers future potential to convert into a legal third unit. Located in the WEST ADU Zone and a Tax Increment Financing (TIF) District, this property is a prime candidate for a buyer using an FHA 203k loan to customize it to their vision. The first-floor tenant will be moving out in May, and the property will be delivered vacant at closing, allowing for immediate occupancy or rental. Comparable renovated 2-unit properties have sold for an average of $484,000 within a 1-mile radius, while legal 3-units have sold for $572,000. With strong cash flow potential, renovated 3-bedroom apartments in the area are renting for an average of $1,733 per month, and 4-bedroom apartments for $1,990 per month. This property will be delivered free of code violations, offering a clean slate for a buyer seeking huge equity upside, whether as an investment or to convert into a 3-unit and live in one unit while the other two units pay for the property expenses. Don't miss this excellent opportunity to capitalize on North Lawndale's growing market!
Property Specifics
| Multi-unit | |
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| 1898 | |
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| No | |
| 0.07 |
| Cook | |
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| — / — | |
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| 12350666 | |
| 16232250270000 |
Property History
| DATE: | EVENT: | PRICE: | SOURCE: |
|---|---|---|---|
| 25 Aug, 2025 | Sold | $267,500 | MRED MLS |
| 9 May, 2025 | Under contract | $250,000 | MRED MLS |
| 29 Apr, 2025 | Listed for sale | $250,000 | MRED MLS |
Room Specifics
Total Bedrooms: 6
Bedrooms Above Ground: 6
Bedrooms Below Ground: 0
Full Bathrooms: 2
Bathroom Amenities: —
Bathroom in Basement: 0
Rooms: —
Other Specifics
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| 25X125 | |
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| Not in DB | |
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Tax History
| Year | Property Taxes |
|---|---|
| 2025 | $2,011 |
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Listing Provided By
Straight-A Realty, LLC
