2737 W Congress Parkway Active Save Request In-Person Tour Request Virtual Tour
Chicago,IL 60612
Key Details
Property Type Multi-Family
Sub Type Two to Four Units
Listing Status Active
Purchase Type For Sale
MLS Listing ID 12346378
Bedrooms 10
Year Built 1901
Annual Tax Amount $8,825
Tax Year 2023
Lot Dimensions 25X125
Property Sub-Type Two to Four Units
Property Description
***Asking price is only $249,900 - Estimated After-Repair-Value is $677,000*** Incredible opportunity to own a legal 2-flat with a bonus garden apartment in the rapidly developing East Garfield Park (Tri-Taylor) neighborhood-steps from the Western Blue Line, 15 minutes to UIC via I-290, and surrounded by new construction, including the $7B "1901 Project" near the United Center that's set to transform the area with thousands of new residences, parks, retail, and entertainment. The property features a new back porch (2021), roof replaced within the last 6 years, and will be delivered fully vacant at closing. Zoned RM-5 and located in the West ADU zone, it qualifies for conversion into a legal 3-unit under the City's ADU Ordinance-unlocking major value and rental income potential. Renovated 2-units in the area have recently sold for an average of $546,000, while a full 3-unit conversion pushes the estimated after-repair value to $677,000. Renovated 3-4 bedroom apartments in this neighborhood rent for $2,916-$2,974/month, creating a projected rental income of nearly $9,000/month when fully occupied. Whether you're an investor looking for cash flow or an owner-occupant hoping to "house hack" by living in one unit and letting the other two cover most-if not all-of your expenses, this is a smart buy with serious upside. Excellent candidate for an FHA 203k renovation loan-bring your vision and build equity from day one.
Location
State IL
County Cook
Community Sidewalks,Street Lights
Zoning MULTI
Rooms
Basement Finished,Full
Interior
Heating Natural Gas,Forced Air
Fireplace N
Exterior
View Y/N true
Roof Type Rubber
Building
Sewer Public Sewer
Water Lake Michigan,Public
Structure Type Brick
New Construction false
Schools
School District 299,299,299
Others
Ownership Fee Simple
Special Listing Condition None