1331 W Melrose Street
Chicago, IL 60657
- 6 beds
- 4 baths
- – sqft
- 3,049 sqft lot
- 1898 build
- – on site
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Prime Investment Opportunity in Southport Corridor - Multi-Unit Building with Coach House. Discover a rare opportunity to own a versatile 3-unit property in the heart of the highly sought-after Southport Corridor, one of Chicago's most vibrant and walkable neighborhoods. Situated on a quiet, tree-lined street, this property is just three blocks from the Southport Brown Line stop, providing seamless access to the city while being steps from some of the best shopping, dining, and entertainment options Chicago has to offer. This well-maintained multi-unit is ideal for a live-in investor looking for rental income, a single-family home conversion with additional income potential, or even a nanny/Airbnb setup with the detached coach house in the rear. The main building includes a full basement with the potential for an easy duplex-down conversion, adding even more value to this already lucrative investment. The second-floor 3-bedroom, 2-bath duplex-up is flooded with natural sunlight thanks to skylights and large windows, featuring an updated eat-in kitchen with custom 42" cabinets and an island, a primary bedroom with ample space, and bathrooms designed for relaxation-one with a whirlpool tub and double vanity. A wood-burning fireplace, gleaming hardwood floors, and ceiling fans add warmth and character, while a private deck and landscaped patio provide outdoor enjoyment. This unit also boasts central A/C, an alarm system, extra storage, and in-unit laundry for convenience. The first-floor unit offers a comfortable 1-bed + den layout with 9-ft ceilings, hardwood floors, and a modern kitchen, a primary bedroom with a large closet, a spacious modern bathroom with linen storage, and the den/second bedroom providing flexibility for an office or guest space. The unit includes central heat and A/C, ceiling fans, and complimentary shared laundry in the basement, with a beautifully landscaped brick patio in the backyard. The rear coach house adds a fantastic investment opportunity, whether as a long-term rental, Airbnb, or in-law/nanny suite, ensuring privacy while contributing to additional income streams. This location offers the best of city living, just steps from top restaurants, boutique shops, entertainment venues, and only a 7-minute walk to Wrigley Field, all while maintaining a peaceful residential feel on a quiet, tree-lined street. Whether you're an investor seeking a turnkey rental property or a homeowner dreaming of a single-family conversion with income potential, this prime Southport Corridor property offers limitless possibilities
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Last updated Apr 2, 2025
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MLS# 12279179 —
The Building
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Year Built:1898
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Rebuilt:No
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New Construction:false
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Roof:Asphalt
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Basement:Unfinished, Full
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Other Equipment:CO Detectors
Interior
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Rooms Total:12
Location
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Directions:MELROSE IS ONE WAY WEST, ENTER FROM RACINE
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Location:84025
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Location:85774
The Property
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Parcel Number:14203300100000
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Property Type:Residential Income
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Lot Size Dimensions:25X120
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Lot Size Acres:0.07
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Waterfront:false
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Additional Parcels:false
Listing Agent
- Contact info:
- Agent phone:
- (312) 735-0237
- Office phone:
- (773) 432-0200
Taxes
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Tax Year:2023
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Tax Annual Amount:20038.16
Beds
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Bedrooms Total:6
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Bedrooms Possible:6
Baths
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Baths:4
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Full Baths:4
The Listing
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Short Sale:Not Applicable
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Special Listing Conditions:None
Heating & Cooling
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Heating:Natural Gas, Forced Air
Utilities
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Sewer:Public Sewer
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Water Source:Lake Michigan, Public
Schools
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Elementary School:Burley Elementary School
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Elementary School District:299
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Middle Or Junior School:Burley Elementary School
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Middle Or Junior School District:299
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High School:Lake View High School
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High School District:299
The Community
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Community Features:Curbs, Sidewalks, Street Lights, Street Paved
Walk Score®
Provided by WalkScore® Inc.
Walk Score is the most well-known measure of walkability for any address. It is based on the distance to a variety of nearby services and pedestrian friendliness. Walk Scores range from 0 (Car-Dependent) to 100 (Walker’s Paradise).
Bike Score®
Provided by WalkScore® Inc.
Bike Score evaluates a location's bikeability. It is calculated by measuring bike infrastructure, hills, destinations and road connectivity, and the number of bike commuters. Bike Scores range from 0 (Somewhat Bikeable) to 100 (Biker’s Paradise).
Transit Score®
Provided by WalkScore® Inc.
Transit Score measures a location's access to public transit. It is based on nearby transit routes frequency, type of route (bus, rail, etc.), and distance to the nearest stop on the route. Transit Scores range from 0 (Minimal Transit) to 100 (Rider’s Paradise).
Soundscore™
Provided by HowLoud
Soundscore is an overall score that accounts for traffic, airport activity, and local sources. A Soundscore rating is a number between 50 (very loud) and 100 (very quiet).
Sale history
Date | Event | Source | Price | % Change |
---|---|---|---|---|
4/1/25
Apr 1, 2025
|
Sold | MRED | $1,262,500 |