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Listed by Katerina Vielehrof @properties Christie's International Real Estate
$ 3,499,000
Est. payment | /mo
$ 3,499,000
Est. payment | /mo
Key Details
Property Type Commercial
Sub Type Multi Family 5+
Listing Status Active Under Contract
Purchase Type For Sale
MLS Listing ID 12463102
Year Built 1926
Annual Tax Amount $11,453
Tax Year 2023
Lot Dimensions 134X147
Property Sub-Type Multi Family 5+
Property Description
Investment Opportunity: Transform a Historic Gem in Riverside Unlock the untapped potential of this rare 36+ unit mixed-use property located in the heart of historic Riverside, just minutes from the Riverside Metra Station-offering unmatched convenience for commuters to downtown Chicago. This full GUT REHAB project is a blank canvas, ready for transformation. Bring your vision and creativity to breathe new life into a building with immense upside. Full System Overhaul Needed: Complete replacement of plumbing and electrical systems is required to meet 2021 building code standards. Expansion Potential: Opportunity to enlarge existing units, significantly increasing value and rental income. Diverse Unit Mix: Spacious 2-bedroom, 1-bath units with 10-foot ceilings Comfortable 1-bedroom, 1-bath units Efficient studio apartments Retail storefronts ideal for neighborhood-serving businesses Strategic Location & Zoning: Prime location near transit, shops, and schools Mixed-use zoning with residential and commercial upside Strong rental demand in a high-growth area Historic charm with modern redevelopment potential. This property is currently uninhabitable and requires a full-scale renovation. Due to the size and complexity of the project-and the involvement of the Village of North Riverside-it demands a well-capitalized, experienced developer with a strong background in finance and large-scale construction. Whether your vision includes modern rentals, stylish condos, or a vibrant live/work community, the income potential is limitless in today's tight housing market. Potential Revenue (Post-Renovation. 2BR Units (avg. rent: $2000-$2400/month) 1BR Units (avg. rent: $1,600-$1800/month) Cap Rate & Valuation Potential: Strong upside with potential condo conversion or phased lease-up strategy Studios (avg. rent: $1,100/month) According to the plans-excluding the ground floor and commercial spaces-the building includes 18 two-bedroom, one-bath units; 12 one-bedroom, one-bath units; and 6 studio apartments.
Location
State IL
County Cook
Zoning MULTI
Interior
Fireplace N
Exterior
View Y/N true
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2600 S. Michigan Ave., STE 102, Chicago, IL, 60616, United States