1623 Harlem Ave Berwyn, IL 60402

Property Details for 1623 Harlem Ave

Year built

1884

Lot size

0.14 lot acres

Property size

4,810 SF

Property type

Commercial real estate

Description

This fee-simple multifamily property, located at 1623 S Harlem Ave in Berwyn, IL (zip code 60402), presents a compelling value-add investment opportunity. The three-story brick building encompasses 4,810 square feet on a 0.14-acre lot and features six units: four two-bedroom/one-bathroom units and two one-bedroom/one-bathroom units. The property includes five on-site parking spaces and an on-site laundry facility. Built in 1884, the building boasts all oak finishes and thermo windows, and has recently undergone tuckpointing. A newer hot water heater (approximately three years old) is in place. The building is separately metered for electricity and cooking gas (tenant responsibility), while the landlord covers common area electric, gas-fired heat, hot water, and water/sewer. Its prime location offers convenient access to major commercial corridors (Roosevelt Road and W Cermak Road), numerous retail amenities (including Walmart, Costco, and various restaurants), and public transportation (Pace bus, Harlem CTA Station, and nearby Metra stations). The property is also within close proximity to Interstates 290 and 55. Strong demographics, with a high average household income within a three-mile radius, further enhance its investment potential. Current rents are below market, presenting a significant opportunity to increase revenue. The property's durable brick construction contributes to low maintenance costs. This is a well-maintained property in a high-demand area with significant upside potential. The asking price is $775,000, representing a price per unit of $129,167 and a price per square foot of $161.

Location Insight

City

Berwyn

County

Cook

State

Illinois

Longitude

-87.8035829

Latitude

41.8570524