Multi-Unit Property in
For Sale
$1,080,000
2904 S Wells Street, Chicago, IL 60616
Well-maintained 7-unit property with value-add potential in Chicago.
Days on Market116
Property Features for 2904 S Wells Street
General Information
Standard status
Active
Property subtype
Commercial
Building Details
Year Built
1885
Listing Agency:
KALE REALTY
(312) 939-5253
Listed By:
QIANKUN CHEN · License #475171061
Source:
Corcoran
Added: Apr 9
Changed: Jul 10
Last Checked: Aug 2 at 8:34AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of KALE REALTY
Investment Insights
Based on property information with market context.
This multi-unit property features a total of 7 residential units, offering multiple streams of rental income. The front building includes a 3 bed/1 bath unit on the first floor, a 2 bed/1 bath unit on the second floor, and a 1 bed/1 bath unit on the third floor. The rear building consists of three 2 bed/1 bath units. Additional income is generated from the coach house unit and parking space. The property is in solid condition, with 6 units featuring central heating and cooling and 1 unit equipped with central heat and window AC. Current rents are below market and have not been increased in years, presenting a strong value-add opportunity for investors to enhance cash flow through future rent adjustments. The versatile unit mix appeals to a wide tenant base and helps minimize vacancy. Conveniently located near transportation, restaurants, and local amenities, this is an ideal asset for both seasoned investors and those seeking stable long-term income. It is located in a desirable neighborhood.
Key Highlights
- Multiple income streams from 7 residential units plus coach house and parking.
- Value‑add opportunity through rent adjustments to market rates.
- Six units with central heating and cooling.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,599
Businesses Nearby
Explore this area
Business Placement
Demographics for 60616, IL
54,013
Population
26,912
Households
2
Avg Household Size
38
Median Age
53%
College-Educated
86%
High-School Grad
3.8 sq mi
ZIP Area
14,214
Density / Sq Mi
$77,841
Median Household Income
$53,415
Median Earnings
$1,329
Median Rent
$387,300
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Well-maintained 7-unit property with value-add potential in Chicago.
Where is this apartment building located?
The property is located at 2904 S Wells Street Chicago, IL.
What is the asking price?
The asking price for this property is $1,080,000.
What are key features of this property?
This property features: Multiple income streams from 7 residential units plus coach house and parking.; Value‑add opportunity through rent adjustments to market rates.; Six units with central heating and cooling.
