Commercial: Multi Family 5+ - MLS# 12557284
Tools & Resources:
Description
Welcome to 1505-07 N. Dearborn Parkway, a pair of adjacent vintage greystone apartment buildings located in the heart of the Gold Coast, one of Chicago's most prestigious and supply-constrained residential neighborhoods. The properties represent a rare value-add opportunity within a premier submarket where renovated rental inventory is limited and long-term demand remains exceptionally strong. Both buildings feature striking curb appeal, classic greystone architecture, and well-preserved vintage details that resonate with Gold Coast renters. A new investor could modernize apartment interiors, enhance finishes, and capitalize on the unique and desirable floor plans to achieve meaningfully higher rent levels, while preserving the historic character that defines the neighborhood. The properties are offered individually or as a portfolio. In addition, available are adjacent properties at 1511 & 1515 N. Dearborn Parkway, which are currently gutted and present optional upside for a value-add investor or developer. Multiple offers received - Highest and best offers are due by 2/7 and will be presented to sellers on 2/9
Features
- Property Type: Commercial
- Sub Type: Multi Family 5+
- Listing Status: Active
- County/Area: Cook County
- Zip Code: 60610
- Year Built: 1888
- Stories: 3
- Units: 16 units
- Zoning: MULTI
- Additional Parcels: Yes
- Approximate Age: Older
- Built Before 1978 (Y/N): Yes
- Cooling: Central Air, Window Unit(s)
- Directions: North Ave south on Dearborn
- Electric Expense: 1500
- Fuel Expense: 6000
- Gross Income: 325224
- Gross Rent Multiplier: 15
- Gross Scheduled Income: 329700
- Heat/Ventilation: Radiators
- Indoor Parking: 1-5 Spaces
- Insurance Expense: 10500
- Janitor Expense: 4500
- Main Type: Commercial Sale
- Maintenance Expense: 3750
- Operating Expense: 34227
- Other Expense: 34380
- Tax Annual Amount: 125366.4
- Tax Year: 2024
- Tenant Pays: Electricity
- Total Monthly Income: 21980
- Trash Expense: 3750
- Type Multi-Family: Flats
- Water Sewer Expense: 6000
©2026, Midwest Real Estate Data (MRED). All rights reserved.