1516 S Homan Avenue
Chicago, IL 60623
- 6 beds
- 2 baths
- – sqft
- 3,049 sqft lot
- 1898 build
- – on site
Fantastic Investment Opportunity in Red-Hot North Lawndale! Presenting a rare chance to own a legal 2-flat in the rapidly developing North Lawndale neighborhood! Each unit boasts 3 spacious bedrooms, a full bathroom, and a dining room that can be converted into a fourth bedroom for increased rental income. The unfinished walkout basement with high ceilings offers future potential to convert into a legal third unit. Located in the WEST ADU Zone and a Tax Increment Financing (TIF) District, this property is a prime candidate for a buyer using an FHA 203k loan to customize it to their vision. The first-floor tenant will be moving out in May, and the property will be delivered vacant at closing, allowing for immediate occupancy or rental. Comparable renovated 2-unit properties have sold for an average of $484,000 within a 1-mile radius, while legal 3-units have sold for $572,000. With strong cash flow potential, renovated 3-bedroom apartments in the area are renting for an average of $1,733 per month, and 4-bedroom apartments for $1,990 per month. This property will be delivered free of code violations, offering a clean slate for a buyer seeking huge equity upside, whether as an investment or to convert into a 3-unit and live in one unit while the other two units pay for the property expenses. Don't miss this excellent opportunity to capitalize on North Lawndale's growing market!
Last checked:
As a licensed real estate brokerage, Estately has access to the same database professional Realtors use: the Multiple Listing Service (or MLS). That means we can display all the properties listed by other member brokerages of the local Association of Realtors—unless the seller has requested that the listing not be published or marketed online.
The MLS is widely considered to be the most authoritative, up-to-date, accurate, and complete source of real estate for-sale in the USA.
Estately updates this data as quickly as possible and shares as much information with our users as allowed by local rules. Estately can also email you updates when new homes come on the market that match your search, change price, or go under contract.
Checking…
•
Last updated Apr 29, 2025
•
MLS# 12350666 —
The Building
-
Year Built:1898
-
Rebuilt:No
-
New Construction:false
-
Construction Materials:Brick, Stone
-
Basement:Unfinished, Full, Walk-Out Access
Interior
-
Room Type:Foyer
-
Rooms Total:16
Location
-
Directions:From I-290, take the Homan Ave exit. Head south on Homan Ave, and the property will be on your left at 1516 S Homan Ave, Chicago, IL 60623.
-
Location:27867
The Property
-
Parcel Number:16232250270000
-
Property Type:Residential Income
-
Lot Size Dimensions:25X125
-
Lot Size Acres:0.07
-
Zoning:MULTI
-
Waterfront:false
Listing Agent
- Contact info:
- Agent phone:
- (708) 743-0043
- Office phone:
- (630) 288-2446
Taxes
-
Tax Year:2023
-
Tax Annual Amount:2011
Beds
-
Bedrooms Total:6
-
Bedrooms Possible:6
Baths
-
Baths:2
-
Full Baths:2
The Listing
-
Special Listing Conditions:None
Heating & Cooling
-
Heating:None
Utilities
-
Sewer:Public Sewer
-
Water Source:Lake Michigan, Public
Schools
-
Elementary School District:299
-
Middle Or Junior School District:299
-
High School District:299
The Community
-
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 |
|---|---|---|---|---|
|
4/29/25
Apr 29, 2025
|
Listed / Active | MRED | $250,000 |
