Listing 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.