1331 W Melrose Street, Chicago, Illinois 60657
- $1,262,500
- 6
- BD
- 4
- BA
- Sold Price
- $1,262,500
- List Price
- $1,300,000
- Closing Date
- Apr 01, 2025
- MLS#
- 12279179
- Status
- CLOSED
- Type
- Multifamily
- Subtype
- Residential Income
- Bedrooms
- 6
- Bathrooms
- 4
- Gross Rental Income
- $94,380
- County
- Cook
- City
- Chicago
- Neighborhood
- Lake View
- Days On Market
- 62
Property Description
Prime Investment Opportunity in Southport Corridor - Multi-Unit Building with Coach House. Discover a rare opportunity to own a versatile 3-unit property in the heart of the highly sought-after Southport Corridor, one of Chicago's most vibrant and walkable neighborhoods. Situated on a quiet, tree-lined street, this property is just three blocks from the Southport Brown Line stop, providing seamless access to the city while being steps from some of the best shopping, dining, and entertainment options Chicago has to offer. This well-maintained multi-unit is ideal for a live-in investor looking for rental income, a single-family home conversion with additional income potential, or even a nanny/Airbnb setup with the detached coach house in the rear. The main building includes a full basement with the potential for an easy duplex-down conversion, adding even more value to this already lucrative investment. The second-floor 3-bedroom, 2-bath duplex-up is flooded with natural sunlight thanks to skylights and large windows, featuring an updated eat-in kitchen with custom 42" cabinets and an island, a primary bedroom with ample space, and bathrooms designed for relaxation-one with a whirlpool tub and double vanity. A wood-burning fireplace, gleaming hardwood floors, and ceiling fans add warmth and character, while a private deck and landscaped patio provide outdoor enjoyment. This unit also boasts central A/C, an alarm system, extra storage, and in-unit laundry for convenience. The first-floor unit offers a comfortable 1-bed + den layout with 9-ft ceilings, hardwood floors, and a modern kitchen, a primary bedroom with a large closet, a spacious modern bathroom with linen storage, and the den/second bedroom providing flexibility for an office or guest space. The unit includes central heat and A/C, ceiling fans, and complimentary shared laundry in the basement, with a beautifully landscaped brick patio in the backyard. The rear coach house adds a fantastic investment opportunity, whether as a long-term rental, Airbnb, or in-law/nanny suite, ensuring privacy while contributing to additional income streams. This location offers the best of city living, just steps from top restaurants, boutique shops, entertainment venues, and only a 7-minute walk to Wrigley Field, all while maintaining a peaceful residential feel on a quiet, tree-lined street. Whether you're an investor seeking a turnkey rental property or a homeowner dreaming of a single-family conversion with income potential, this prime Southport Corridor property offers limitless possibilities
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Additional Information
- School District
- 299
- Elementary School
- Burley Elementary School
- Middle School
- Burley Elementary School
- High School
- Lake View High School
- Corporate Limits
- Chicago
- Tax Year
- 2023
- Tax Amount
- $20,038
- Year Built
- 1898
- Lot Dimensions
- 25X120
- Lot Size Range
- Less Than .25 Acre
- Heating
- Natural Gas, Forced Air
- Sewer
- Public Sewer
- Basement
- Yes
- Total Rental Income
- $94,380
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