Incredible opportunity to own a legal 2-flat with a bonus garden apartment in the rapidly developing East Garfield Park (Tri-Taylor) neighborhood-steps from the Western Blue Line, 15 minutes to UIC via I-290, and surrounded by new construction, including the $7B "1901 Project" near the United Center that's set to transform the area with thousands of new residences, parks, retail, and entertainment. The property features a new back porch (2021), roof replaced within the last 6 years, and will be delivered fully vacant at closing. Zoned RM-5 and located in the West ADU zone, it qualifies for conversion into a legal 3-unit under the City's ADU Ordinance-unlocking major value and rental income potential. Renovated 2-units in the area have recently sold for an average of $546,000, while a full 3-unit conversion pushes the estimated after-repair value to $677,000. Renovated 3-4 bedroom apartments in this neighborhood rent for $2,916-$2,974/month, creating a projected rental income of nearly $9,000/month when fully occupied. Whether you're an investor looking for cash flow or an owner-occupant hoping to "house hack" by living in one unit and letting the other two cover most-if not all-of your expenses, this is a smart buy with serious upside. Excellent candidate for an FHA 203k renovation loan-bring your vision and build equity from day one.
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For more information about 2737 W Congress, Chicago, IL 60612 contact Corcoran Urban Real Estate.
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Listing provided by Straight-A Realty, LLC
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