📍1500 S Lawndale Ave | Chicago, IL 60623 (Lawndale)
Asking Price: $575,000
Solid brick 10-unit mixed-use property located in the Lawndale area of Chicago’s West Side. The asset consists of 9 residential apartments in move-in ready condition plus 1 storefront requiring a full build out, offering immediate income with clear value-add upside.
Property Overview
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10 Units Total: 9 residential + 1 storefront
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Unit Mix:
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(2) 3BR / 1BA
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(6) 2BR / 1BA
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(1) 1BR / 1BA
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(1) Storefront (build out needed, ~18’ ceilings)
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Construction: Solid brick
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Condition:
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9 residential units: move-in ready; cosmetic updates only
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Storefront: full build out required
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Utilities: Separately metered gas & electric
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Heat: Individual forced-air furnaces
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Sale: As-is
Capital Improvements & Exterior Condition
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Newer roof with transferable warranty
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Updated mechanicals, electrical, and plumbing (MEP)
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Excellent brick condition with recent tuckpointing
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Solid rear deck in good condition
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Well-maintained exterior; minimal deferred maintenance
Deferred Item (Reflected in Price)
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Foundation work required (buyer to verify scope)
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Asking price already reflects this condition, providing a discounted basis
Market Rent Assumptions (Lawndale Area)
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3BR @ $1,800 (2 units)
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2BR @ $1,550 (6 units)
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1BR @ $1,200 (1 unit)
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Storefront @ $2,200
Total Monthly Gross Income: $16,300
Annual Gross Income: $195,600
Operating Expenses (Estimated)
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Property Taxes: $13,557
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Insurance: $9,000
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Water (Owner Paid): $12,000
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Common Area Utilities: $4,500
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Maintenance / Repairs / Reserves: $11,000
Total Estimated Expenses: $50,057
Stabilized NOI
NOI: $145,543 / year
ARV Based on NOI (Lawndale Cap Rates)
| Exit Cap | Estimated Value |
|---|---|
| 13.0% (Conservative) | ~$1.12M |
| 12.0% (Market) | ~$1.21M |
| 11.0% (Strong Execution) | ~$1.32M |
👉 Estimated ARV Range: $1.12M – $1.32M
🏢 Active Multifamily & Income Properties (Comps):
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2338 S Kedzie Ave, Chicago, IL 60623 – 9-Unit Apartment Building listed at ~$1,150,000 with cap rate ~7.6% (LoopNet). LoopNet
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3522 W Grenshaw St, Chicago, IL 60624 – 9 Units listed ~$800,000 (~7.7% cap). Crexi
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1515 S Drake Ave, Chicago, IL 60623 – 6 Units (10.0% cap) listed at ~$800,000. Crexi
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1264 S Saint Louis Ave, Chicago, IL 60623 – 6 Units (~11.0% cap) listed ~$749,000. Crexi
Investment Highlights
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Basis well below replacement cost
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Majority of units rent-ready
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Storefront adds immediate NOI upon lease-up
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Separate meters reduce operating risk
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Updated major systems
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Strong stabilized cash flow
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NOI-supported ARV (no speculative pricing)
Investor Summary
1500 S Lawndale Ave presents a high-yield mixed-use value-add opportunity in the Lawndale area with conservative underwriting and strong downside protection. With stabilized market rents, the property supports an ARV of $1.12M–$1.32M using realistic local cap rates, creating substantial equity over total project cost.