6215 Washtenaw Ave Chicago, IL 60659

Property Details for 6215 Washtenaw Ave

Year built

1927

Lot size

0.14 lot acres

Property size

7,191 SF

Property type

Commercial real estate

Description

This exceptional 8-unit multifamily property, situated on a 0.14-acre lot at 6215 N Washtenaw Avenue in Chicago's desirable West Ridge neighborhood, presents a compelling value-add investment opportunity. The building encompasses 7,191 square feet and features six legal two-bedroom units on the upper floors, each boasting a separate living room, dining room, and a partially enclosed back porch offering additional storage space. Adding to the income potential, the basement contains two additional apartments—one with two bedrooms and another with one bedroom. Each unit benefits from individual central heating. Currently, the building enjoys stable occupancy with most tenants holding long-term leases. However, the month-to-month lease agreements provide flexibility for adjusting rental rates following any planned renovations or upgrades. Six convenient parking spaces are available for tenants. Recent improvements include a newer porch. The property is being sold "as-is," acknowledging the need for some work, but offering significant potential for rental income increases post-renovation. The low current rents present a substantial opportunity to enhance profitability. This property is ideally suited for investors seeking to expand their portfolio with a high-return asset in a sought-after location. The combination of stable occupancy, significant upside potential, and the desirable West Ridge location makes this a truly remarkable investment prospect.