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    7831 S Colfax Ave Chicago, IL 60649

    Under Contract
    For Sale
    $550,000

    Commercial Sale - Chicago, IL

    Days on Market:
    26
    Last Refresh:
    Dec 11 at 2:06 am

    Property Features for 7831 S Colfax Ave

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Standard status
    Active Under Contract
    Zoning
    MULTI
    APN
    21303290320000

    Building Details

    Year built
    1915
    Number of units
    8
    Architectural style
    Other

    Manage Chicago, Inc (773) 569-7325 [email protected]

    Listing agent Damaris Santiago (773) 449-5151 License #475207620

    Listing date Nov 16, 2025

    MLS# 12466306 Listing URL

    Copyright © 2025 Midwest Real Estate Data, LLC. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    Overview

    South Shore Multifamily Investment Opportunity

    This fully occupied 8-unit building is located in the South Shore neighborhood of Chicago, just a few blocks from Lake Michigan. The property features new electric, plumbing, and HVAC systems, as well as a newer roof with a skylight and two new rear porches. All city violations have been cleared, and the title is clean. The building comprises six oversized 3-bed/1-bath units with formal dining and living rooms, one large 2-bed/1-bath garden unit, and one 1-bed/1-bath garden unit. Each unit features spacious layouts with hardwood floors, ceramic tile kitchens and baths, and fire-rated unit doors. The property is fully occupied with responsible tenants, and all tenants pay their own utilities. Current rents are below market value, presenting a value-add opportunity for investors.
    Property Profile Location Intelligence

    Current Use by Public Records

    Apartment buildings

    Suggested Use

    Law Firm Restaurant Realty agency Spa & Massage Dental Office Hair Salon Nail Salon Clothing Store Food Market Grocery Store

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Chicago
    County
    Cook
    State
    Illinois
    Longitude
    -87.5609779
    Latitude
    41.7526433

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    FAQs

    What type of property is this?
    Apartment building - Fully occupied 8-unit building near Lake Michigan in Chicago.
    Where is this apartment building located?
    The property is located at 7831 S Colfax Ave Chicago, IL.
    What is the asking price?
    The asking price for this property is $550,000.
    What are key features of this property?
    This property features: - Fully occupied 8-unit building with strong cash flow potential.; - All-new electric, plumbing, and HVAC systems ensure low maintenance.; - Newer roof with skylight and two brand-new rear porches enhance the building's appeal.
    (773) 449-5151
    Request Owner's contact information
    7831 S Colfax Ave Chicago, IL 60649
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    Chicago, IL 60649
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    Realmo Value Estimation

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.

    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.

    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    7831 S Colfax Ave Chicago, IL 60649
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