1206-1210 W 83rd Street,Chicago, IL 60620
Chicago, IL 60620
Description
UNRIVALED 25-UNIT VALUE-ADD OPPORTUNITY IN THE HEART OF AUBURN GRESHAM Strike while the market is hot with this massive brick mixed-use powerhouse located at 1206-1210 W 83rd St. Positioned as the most competitive investment in the 60620 zip code, this asset is priced for a high-octane liquidation at just $799,000. This is a rare chance to secure a scale-level project at approximately $32,000 per door in a submarket that has seen a 21.7% year-over-year increase in median listing prices. The heavy lifting on capital expenditures has already been initiated with five units completely transformed into designer showcases. These renovated units feature sleek shaker cabinetry paired with premium white quartz countertops and a full suite of stainless steel appliances. The aesthetics are elevated by modern porcelain tile in the bathrooms, sophisticated matte black fixtures, and a mix of luxury vinyl plank and meticulously refinished original hardwoods. Throughout the building, new vinyl windows provide immediate energy efficiency and long-term cost savings. Operating at 55% occupancy, this property offers an immediate lease-up upside at 2026 market rates. The five high-visibility storefronts under flexible B3-2 zoning provide a versatile commercial engine or potential for residential conversion. Furthermore, the bottom line is set for a massive boost with property taxes projected to drop from $29,000 to low teens next year. This is an "as-is" sale perfect for cash or hard money buyers looking to move fast and capture the best price-per-unit deal on the South Side. Forget the "unknowns" of a total gut rehab. We've already done the heavy lifting on the most critical components: Renovated Showcase Units: 5 units have been completely transformed with high-end designer finishes to set the new building standard. Designer Kitchens: Sleek shaker cabinetry, premium quartz countertops, and a full suite of stainless steel appliances. Spa-Inspired Baths: Modern porcelain tile, matte black fixtures, and custom LED lighting. Premium Flooring: A sophisticated mix of Luxury Vinyl Plank (LVP) and meticulously refinished original hardwoods. Energy Efficiency: The building features updated vinyl windows throughout, drastically reducing future CapEx. System Integrity: Recent maintenance includes fixed leaks and plumbing updates, ensuring a smoother transition for the new owner. THE UPSIDE: THE NUMBERS DON'T LIE Immediate Lease-Up Potential: Currently 55 percent occupied, allowing you to hand-select your tenant base at 2026 market rates. Commercial Engine: 5 vacant storefronts under flexible B3-2 zoning-perfect for retail, service, or potential residential conversion. Tax Transformation: Significant bottom-line boost incoming with property taxes projected to drop from $29k to just low teen next year. Priced to Move
Details
| MLS # | 12723001 |
|---|---|
| Listing Type | For Sale |
| Style | Multi Family 5+ |
| Sub-Type | Resale |
| Status | Active Under Contract |
| Year | 1929 |
| Days On Site | 20 |
| Listing Provided By | Prime Real Estate Group Inc | Peter Chrysanthou |
Features
| Story(s) | 3 |
|---|---|
| Units | 25 |
Interior
| Cooling | Window Unit(s) |
|---|
Exterior
| Foundation Details | Concrete Perimeter |
|---|---|
| Construction Materials | Brick |
Utilities
| Electric | Circuit Breakers |
|---|
Taxes
| Tax Year | 2024 |
|---|---|
| Tax Annual Amount | 29975 |
Area Information
| State | IL |
|---|---|
| County | Cook |
| City | Chicago |
| Zip Code | 60620 |
| Area | CHI Auburn Gresham |
| Listing VS Median (in 60620) | |
Price: $799,926 low | high Med: $220,000 On site: 20 low | high Med: 95 | |
Market Activity 60620
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Learn More About This Property
| State | IL |
|---|---|
| County | Cook |
| City | Chicago |
| Zip Code | 60620 |
| Area | CHI Auburn Gresham |
| Listing VS Median (in 60620) | |
Price: $799,926 low | high Med: $220,000 On site: 20 low | high Med: 95 | |
