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$ 450,000
Est. payment | /mo
4 Beds
2 Baths
$ 450,000
Est. payment | /mo
4 Beds
2 Baths
Key Details
Property Type Multi-Family
Sub Type Two to Four Units
Listing Status Active
Purchase Type For Sale
MLS Listing ID 12474808
Bedrooms 4
Year Built 1928
Annual Tax Amount $2,970
Tax Year 2023
Lot Dimensions 30X125
Property Sub-Type Two to Four Units
Property Description
Pleased to present 6933 S Washtenaw Ave | Chicago, IL 60629 - This three-unit multifamily asset comprises a Total Building Area of 4,503 SF and a Net Rentable Area of 4,351 SF, reflecting an efficient layout with minimal common area and strong income-producing ratios. The property is turnkey, having undergone comprehensive 2023 capital improvements that include replacement of all furnaces and compressors, boilers, and hot-water tanks, a full plumbing upgrade with copper water lines, cast-iron main and 2 PVC range line, complete electrical replacement, a new roof, new first and second-floor windows, refreshed front and side facades, and new hardscape and turf landscaping. Systems are institutional-style with forced-air HVAC for heating and cooling in each unit. Utilities are cleanly separated with three gas meters and four electric meters including common service. The current unit program features two near-identical two-bedroom apartments with closets, separate living and dining rooms, rehabbed kitchens with stainless appliances and ~7-ft islands, and recess lighting all throughout the living areas, while Unit 2 also includes a large balcony. Current rents of $1,500 and $1,575 align with neighborhood comparables that range from $1,350 to $1,700 for rehabbed two-bedroom units. Importantly, both tenancies are now structured on month-to-month lease terms, providing buyers with immediate flexibility to implement rent growth strategies or reposition the units in alignment with investment objectives. The lower level, though unfinished, already has its own HVAC system, compressor, and water tank, also from 2023, and presents a clear opportunity to finish a ~1,018 SF unit projected to achieve $1,350 per month. Additional income opportunities include three outdoor parking spaces currently not leased that could generate $75 per space per month, along with an owner-owned coin-operated washer and dryer. The property is zoned RS-3. The location is within Chicago Lawn's Lithuanian Plaza/Marquette Park submarket. It sits directly across from McKay Elementary School and is anchored by two prominent neighborhood churches, Nativity of the Blessed Virgin Mary at 6812 S Washtenaw and St. Adrian at 7000 S Washtenaw, both contributing to the stability and identity of the immediate community. Transit access is strong with CTA bus routes #67, #63, #49, and #94 providing connections to Orange Line rail stations at Western, Kedzie, and Midway, with typical Midway-to-Loop travel times of 20 to 25 minutes. Recreational amenities include Marquette Park with its lagoon, nine-hole golf course, and driving range. As of July 31, 2025, Chicago's median asking rent reflects a 6.3 prcnt year-over-year increase according to ZORI. Nationally, multifamily rents are up 2.1 prcnt for 2025, while Apartment List reports Chicago median rent up approximately 4-5 prcnt year-over-year. These trendlines indicate a favorable environment for continued growth in this submarket, particularly for renovated units near transit and retail. In addition, the area continues to benefit from long-term investment drivers, including the proposed $150M redevelopment of Ford City Mall into a ~913k SF campus along the 79th Street Corridor. With modernized systems, clean utility separation, durable neighborhood anchors, month-to-month lease structures that secure immediate buyer flexibility, and multiple avenues for income enhancement through parking, laundry, and a straightforward lower-level finish, this property offers investors a stabilized multifamily asset with immediate cash flow, future rent upside, and strong positioning within Chicago Lawn and Lithuanian Plaza. A complete booklet with financial details, a list of building improvements and annual return analysis and studies (cap rate, cash-on-cash, IRR) is available to buyers by contacting the listing agent.
Location
State IL
County Cook
Area Chi - Chicago Lawn
Zoning MULTI
Rooms
Basement Unfinished, Full
Interior
Heating Natural Gas
Fireplace N
Exterior
Exterior Feature Balcony
Community Features Park, Tennis Court(s), Lake, Street Lights, Street Paved, Other
Building
Dwelling Type Two to Four Units
Building Description Brick, No
Sewer Public Sewer
Water Lake Michigan, Public
Structure Type Brick
New Construction false
Schools
School District 299 , 299, 299
Others
Ownership Fee Simple
Special Listing Condition None
© 2025 Listings courtesy of MRED as distributed by MLS GRID. All Rights Reserved.
Listed by Manuel Torrejon-Regalado of Keller Williams ONEChicago
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Alan Berlow
REALTOR | Lic# 475125930