Historic jumbo Chicago Greystone in West Garfield Park, recently operating at a 9.5-10 percent cap rate. This spacious 2-unit property is zoned RT-4 and eligible for the City of Chicago's ADU Program, offering strong current income, a vacant unit ready for immediate market-rate rental, and compelling value-add potential for investors looking to increase long-term returns. The first-floor unit features 3 bedrooms and 1 bathroom. The second-floor unit features 5 bedrooms and 1 bathroom. All bedrooms are generous in size, and both units offer huge living rooms, large dining rooms, and expansive enclosed rear porches. Both units went through extensive cosmetic renovations in 2024, including new bathrooms, lighting, flooring, paint, and stainless steel stove and refrigerator appliances. Unit 1 received copper plumbing and electrical updates, as well as a new furnace and water heater in 2024. Unit 2 received copper plumbing, electrical updates, and a furnace replacement in 2021, along with a new water heater in 2023. Additional improvements include a new basement furnace in 2024, several new windows in 2024, roof maintenance and repairs in 2024, and a new sump pump installed in March 2026. Unit 1 is currently rented to a CHA tenant for $1,600/month, with 89% paid by CHA. Unit 2 is currently vacant and ready for immediate market-rate rental. It was recently rented for $2,519/month through CHA, and the seller has active interest from new CHA tenants at $2,850/month. Tenants pay heat, gas, and electric. With much of the framework already in place, the basement provides a unique opportunity to further maximize the property's long-term income potential. The basement offers 8-foot ceilings, three separate entrance/exit points, and is currently framed out as a spacious 1-bedroom unit. Prior kitchen plumbing locations are visible, and the bathroom area is framed out with prior drain locations visible for a sink, toilet, and shower. The layout also allows for separate access to storage, mechanicals, and a future laundry area. The rear of the property includes a concrete parking pad inside a fully fenced yard. This is a solid investment opportunity with size, character, recent updates, existing rental income, separate utilities, and room to add future value.
