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$ 340,000
Est. payment | /mo
9 Beds
3 Baths
3,920 Sqft Lot
$ 340,000
Est. payment | /mo
9 Beds
3 Baths
3,920 Sqft Lot
Key Details
Property Type Multi-Family
Sub Type Two to Four Units
Listing Status Active Under Contract
Purchase Type For Sale
MLS Listing ID 12478320
Bedrooms 9
Year Built 1920
Annual Tax Amount $5,696
Tax Year 2023
Lot Size 3,920 Sqft
Lot Dimensions 4030
Property Sub-Type Two to Four Units
Property Description
Investor special in Chicago's fast-growing Austin neighborhood! This massive 3-unit building at 5551 W Van Buren Ave is the perfect opportunity for an investor looking to finish a nearly complete project and generate serious cash flow. Each of the three spacious units offers 3 bedrooms, 1 full bath, a large living and dining room combo, kitchen, and dedicated laundry area. The tall-ceilinged basement holds potential for a 4th unit or duplex-down, maximizing your ROI. Plus, the property features a fenced-in yard with gated access and 3 private parking spaces-a rare gem for city living. Demolition has already been completed both inside and out. The heavy lifting is done - now it's time to finish and start cashing in. Upgrades include a brand-new 3-story rear porch built to code, new rear siding, new windows, completed rough plumbing with installed water heaters and sump pump, and framing/structural work approved by the City of Chicago DOB. The third-floor unit is nearly completed, and high-efficiency furnaces are already on site. Remaining work includes electrical installation and cosmetic finishes. New buyer has the flexibility to complete the rehab with the current architect/contractor team or bring their own. With projected rents at $2,000 per unit and ARVs ranging from $525K-$600K, this is your chance to build equity and earn strong rental income. Just blocks from Columbus Park, Austin Town Hall Park, and the Garfield Park Conservatory, and close to Leland Elementary, Michele Clark Magnet High School, and Catalyst Circle Rock Charter School. Easy access to I-290, public transportation, and area retail. Don't miss this value-add investment in a transforming West Side location!
Location
State IL
County Cook
Area Chi - Austin
Rooms
Basement Unfinished, Full
Interior
Heating Natural Gas, Forced Air
Fireplace N
Exterior
Roof Type Asphalt
Building
Dwelling Type Two to Four Units
Building Description Brick, No
Sewer Public Sewer
Water Lake Michigan
Structure Type Brick
New Construction false
Schools
School District 299 , 299, 299
Others
Ownership Fee Simple
Special Listing Condition None
© 2025 Listings courtesy of MRED as distributed by MLS GRID. All Rights Reserved.
Listed by Hugo Araujo of Coldwell Banker Realty
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Brandy Graves
Broker-Associate | Lic# 475175567