Address
1513 W 87th Street, Chicago, IL
Price
$ 950,000
Property Attributes
- MLS#12704484
- TypeMulti-Family
- Listing Status Active
- CountyCOOK
- CityChicago
- AreaCHI - Auburn Gresham
- NeighborhoodAuburn Gresham
- Zip60620
- Style
- Year Built1929
- Taxes$ 15430
- Price$ 950,000
- Bedrooms1
- Full Bathrooms0
- Half Bathrooms0
- Lot Size0.172176 Acres
Data Source:
Midwest Real Estate Data (MRED)
Property Description
Value Add Multi Family in Chicago's Auburn Gresham Neighborhood. 1513 W 87th St presents a solid 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.
| Price History | |
|---|---|
| 7/14/2026 | Listed $950,000 |
General Features
| Cooling | None |
|---|---|
| Utilities | Sewer Connected,Water Available |
| Possession | Closing,Tenant's Rights |
| Zoning | MULTI |
| Construction Materials | Brick,Stone |
| Year Built | 1929 |
| Electric | Separate Meters |
| Tenant Pays | Electricity,Heat |
| Stories Count | 3 |
| Township | Lake |
| Tax Year | 2024 |
| Gross Income | 72000 |
| County | Cook |
| Net Operating Income | 72000 |
| Operating Expense | 8000 |
| Insurance Expense | 200 |
| Property Type | Commercial Sale |
| Possible Use | Commercial,Multi-Family,Retail |
| Status | Active |
| Directions | South Ashland Ave To W 87th St |
| City | Chicago |
| Number Of Units Total | 11 |
| MLS Area | CHI - Auburn Gresham |
| Lot Size Square Feet | 7500 |
| Tax Annual Amount | 15430.04 |
| Electric Expense | 50 |
| Fuel Expense | 100 |
| Trash Expense | 112 |
| Water Sewer Expense | 200 |
| Additional Parcels Y/N | No |
| Standard Status | Active |
| Property Type | Multi Family 5+ |
Exterior Features
| Water Source | Municipal Water |
|---|---|
| Foundation Details | Block,Brick/Mortar,Concrete Perimeter |
| Lot Dimensions | 50x150 |
| Frontage Type | City Street |
Amenities
- Foreclosure
- Views
- Short Sale
- New Construction
- Adult 55+
- Lease To Own
- No HOA Fees
- Furnished
- Primary On Main
- Air Conditioning
- Seller Finance
- Green
- Fixer Upper
- Horse
- Golf
- Fireplace
- Deck
- Garage
- Basement
- Pool
Property vs Multi-Family Average in 60620
Price
Taxes
Year Built
Visits
