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$549,900

Est. payment - /mo

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6,411 SqFt

Active Under Contract

1509 S Ridgeway AVE Chicago, IL 60623

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Park Place Realty Group LLC

info@parkplacerealtyllc.com +1(708) 722-5106

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Key Details

Property Type Multi-Family

Sub Type Multi Family 5+

Listing Status Active Under Contract

Purchase Type For Sale

Square Footage 6,411 sqft

Price per Sqft $85

MLS Listing ID 12310046

Year Built 1916

Annual Tax Amount $4,477

Tax Year 2023

Lot Size 4,356 Sqft

Lot Dimensions 25X125

Property Sub-Type Multi Family 5+

Property Description

Excellent investment opportunity in Chicago's revitalizing North Lawndale neighborhood! 1509 S Ridgeway is a solid brick 6-unit multifamily building offering a strong mix of unit layouts and incredible income potential. This stately 1916 structure features three spacious 3-bedroom, 1-bath units and three well-sized 2-bedroom, 1-bath units-totaling 15 bedrooms and 6 full bathrooms across the property. Several units have been recently updated with modern finishes including dark wood cabinetry, granite countertops, stylish tile backsplashes, vinyl plank flooring, and refreshed bathrooms, while others offer room for value-add upgrades. Ideal for both seasoned investors and those new to multifamily ownership, this property is located in a designated Opportunity Zone and Enterprise Zone 1, offering generous tax incentives and future appreciation potential. The full basement presents additional storage or possible expansion opportunities. The building sits on a wide lot with a gated yard and has a front-facing entry on a quiet residential block. Located just steps from Herzl Elementary School and within easy reach of public transportation, parks, and local amenities, this property benefits from strong rental demand and long-term tenant appeal. North Lawndale is a community on the rise, with recent investments in housing, infrastructure, and community development driving increased interest and growth. Central air in rear units only. refrigerators in 2F and 3F only. This property is being conveyed AS IS and is priced accordingly.

Location

State IL

County Cook

Area Chi - North Lawndale

Zoning MULTI

Rooms

Basement Unfinished

Interior

Cooling Central Air

Fireplace N

Exterior

Roof Type Tar/Gravel

Building

Dwelling Type Multi Family 5+

Structure Type Brick

Listed by Anthony Erangey of Baird & Warner

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Park Place Realty Group LLC

Broker | License ID: 888222

+1(708) 722-5106