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    233-241 E 115th St Chicago, IL 60628

    Sponsored
    For Sale
    $150,000

    9-unit building, high value-add potential

    Property size:
    6,300 SF

    Description

    Added:
    Jan 16, 2025
    Days on Market:
    362
    This 6,300 square foot mixed-use building, located at 233-241 E 115th St in Chicago's Pullman neighborhood, presents a significant value-add opportunity. Currently vacant, the property comprises three 1-bedroom/1-bathroom units, one 2-bedroom/1-bathroom unit, and five retail spaces. The building sits on a 0.23-acre lot and offers a unique chance for a new owner to renovate the apartments and retail spaces, potentially converting some units into larger 2-bedroom apartments to maximize rental income. Individual utilities for each unit simplify management. Its convenient location, a short walk from Palmer Park and the Kensington/115th Metra Station, and a 25-minute drive from downtown Chicago, ensures strong tenant appeal. The property is priced at $150,000, offering a potential per-unit cost of approximately $16,700. This presents a compelling investment opportunity for those seeking a hands-on project with substantial upside potential through strategic renovations and tenant selection, ultimately creating a cash-flowing asset. The building's layout and location provide flexibility for a variety of uses and income streams.

    Property Features for 233-241 E 115th St

    General Information

    Property type
    Other retail properties
    Square Feet
    6,300 SF
    Price / Square Foot
    $23
    Class
    C
    Total Parking Spaces
    10
    Elevators
    N/A
    Lot Size
    10,019 SF

    Building Details

    Year Built
    1906

    HighLights

    • Prime 6,300 sq ft mixed‑use building in Chicago's Pullman neighborhood.
    • Nine units: three 1‑bedroom, one 2‑bedroom apartments, and five retail spaces.
    • Significant value‑add potential through renovations and tenant selection; $150,000 asking price.
    Property Profile Location Intelligence

    Current Use by Public Records

    Retail properties

    Suggested Use

    Realty agency Law Firm Restaurant Spa & Massage Dental Office Hair Salon Nail Salon Building Supply Clothing Store Gym & Fitness

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

    Location Insight

    City
    Chicago
    State
    Illinois

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    FAQs

    What type of property is this?
    Other retail property - 9-unit building, high value-add potential
    Where is this other retail property located?
    The property is located at 233-241 E 115th St Chicago, IL.
    What is the asking price?
    The asking price for this property is $150,000.
    What are key features of this property?
    This property features: Prime 6,300 sq ft mixed-use building in Chicago's Pullman neighborhood.; Nine units: three 1-bedroom, one 2-bedroom apartments, and five retail spaces.; Significant value-add potential through renovations and tenant selection; $150,000 asking price.
    (630) 209-3622
    Request Owner's contact information
    233-241 E 115th St Chicago, IL 60628
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    Chicago, IL 60628
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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
    233-241 E 115th St Chicago, IL 60628
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