IL > Chicago
Chicago, IL 60623,1516 S Homan AVE
Chicago, IL 60623,1516 S Homan AVE
Chicago, IL 60623,1516 S Homan AVE
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Jessika Bennett

Jessika Bennett

+1(331) 684-5003
$250,000
Est. payment /mo
6 Beds
2 Baths
3,049 Sqft Lot
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OPEN HOUSE

Sat May 03, 3:00pm - 4:00pm

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Key Details

Property Type Multi-Family

Sub Type Two to Four Units

Listing Status Active

Purchase Type For Sale

MLS Listing ID 12350666

Bedrooms 6

Year Built 1898

Annual Tax Amount $2,011

Tax Year 2023

Lot Size 3,049 Sqft

Lot Dimensions 25X125

Property Sub-Type Two to Four Units

Property 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!

Location

State IL

County Cook

Area Chi - North Lawndale

Zoning MULTI

Rooms

Basement Unfinished, Full, Walk-Out Access

Interior

Heating None

Fireplace N

Exterior

Community Features Curbs, Sidewalks, Street Lights, Street Paved

Building

Dwelling Type Two to Four Units

Building Description Brick,Stone, No

Sewer Public Sewer

Water Lake Michigan, Public

Structure Type Brick,Stone

New Construction false

Schools

School District 299 , 299, 299

Others

Ownership Fee Simple

Special Listing Condition None

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Midwest Real Estate Data (MRED) IDX
© 2025 Listings courtesy of MRED as distributed by MLS GRID. All Rights Reserved.
Listed by Michael Applegate • Straight-A Realty, LLC
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agent

Jessika Bennett

Broker | License ID: 475.193596

+1(331) 684-5003

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1516 S Homan AVE

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