1513 W 87th Street
Chicago, IL 60620

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Description

Value Add Mixed-Use Opportunity in Chicago's Auburn Gresham Neighborhood. 1513 W 87th St presents a solid mixed-use 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.

Features

• Property Type: Commercial
• Sub Type: Mixed Use
• Listing Status: Active
• County/Area: Cook County
• Zip Code: 60620
• Year Built: 1929
• Stories: 3
• Units: 11 units
• Zoning: MULTI
• # Of Apts: 8
• # Of Offices: 3
• # Of Refrigs: 8
• # Of Stores: 3
• # Of Tenants: 8
• Approximate Age: Older
• Built Before 1978 (Y/N): Yes
• Construction Materials: Brick, Stone
• Directions: South Ashland Ave To W 87th St
• Electric: Separate Meters
• Electric Expense: 50
• Electric Expense Source: Owner Projection
• Foundation Details: Block, Brick/Mortar, Concrete Perimeter
• Fuel Expense: 100
• Fuel Expense Source: Owner Projection
• Geographic Locale: Chicago South
• Gross Income: 72000
• Gross Rent Multiplier: 13.1
• Gross Scheduled Income: 72000
• Heat/Ventilation: Forced Air
• Information: List Broker Must Accompany, Show-Call Listing Office, No Sign on Property, None
• Insurance Expense: 200
• Insurance Expense Source: Owner Projection
• Known Encumbrances: None Known
• Location: Public Transport Avail, In City Limits, High Traffic Area
• Lot Size Square Feet: 7500
• Main Type: Commercial Sale
• Misc Outside: Balcony/ies, Security Gate
• Outdoor Parking: 1-5 Spaces
• Roof Structure: Flat
• Tax Annual Amount: 15430
• Tax Year: 2024
• Tenant Pays: Electricity, Heat
• Total Monthly Income: 6000
• Township: Lake
• Trash Expense: 112
• Trash Expense Source: Owner Projection
• Utilities: Electric to Site, Natural Gas Available, Sewer Connected, Water Available
• Water Expense Source: Owner Projection
• Water Sewer Expense: 200
• Water Source: Municipal Water