1040 W 87th St Chicago, IL 60620
32 unit courtyard located in the Auburn Gresham community of Chicago’s south west side.
Property size:
22,380 SFLot size:
0.51 Acres- Added:
- Jan 16, 2025
- Days on Market:
- 454
- Last Refresh:
- Mar 16 at 9:06 am
Property Features for 1040 W 87th St
General Information
- Standard status
- Active
- Property type
- Multifamily properties, Residential income homes, Other residential income properties, Residential income properties, Investment properties
- Size
- 22,380 SF
- Elevators
- N/A
- Lot size
- 0.51 Acres
Building Details
- Year Built
- 1930
Listing agent Noah (630) 209-3622
Listing office (630) 209-3622
Listing date Jan 16, 2025
Overview
Auburn Gresham 32-Unit Courtyard Building
This 32-unit courtyard building is located in Chicago's Auburn Gresham neighborhood. The property features 26 one-bedroom/one-bathroom units and 6 studio apartments, all with spacious layouts and abundant natural light. Situated on 87th Street, it is located three blocks from the Gresham Metra Station and is close to CTA public transportation. Recent capital improvements include a modern Peerless Boiler with an R&D control system, a newer hot water boiler and tank, a code-compliant porch, and a newer roof. The property is a stabilized, cash-flowing asset. A value-add opportunity exists through improved leasing and bringing rents to current market rates, with potential for a 40% increase based on comparable properties. The property sits on a 0.51-acre lot and totals 22,380 square feet. The building provides a strong tenant base and immediate cash flow, making it an attractive investment for buyers seeking a stable and potentially high-return asset in a Chicago neighborhood.
Property Profile
Insight Report
Location Intelligence
Current Use by Public Records
Extra Space Storage
Storage Facility
Location Insight
- Map
- Local Demand
- City
- Chicago
- County
- Cook
- State
- Illinois
- Longitude
- -87.598265
- Latitude
- 41.737675
Nearby Similar for Sale
FAQs
What type of property is this?
Multifamily property - 32 unit courtyard located in the Auburn Gresham community of Chicago’s south west side.
Where is this multifamily property located?
The property is located at 1040 W 87th St Chicago, IL.
What is the asking price?
The asking price for this property is $1,850,000.
What are key features of this property?
This property features: Highly Desirable Auburn Gresham Location; Newer Hot Water Boiler & Water Tank; Modern Peerless Boiler w/ R&D Control System
