2454 N Spaulding Avenue, Chicago, Illinois 60647

Property Description

Incredible opportunity to own this amazing income generating property w duplex down owners unit and three rental apartments in one of Chicago's most sought-after neighborhoods. This classic limestone and brick building showcases vintage charm, original woodwork trim, hardwood floors, high 10 foot ceilings, and excellent natural light throughout. The building has been updated while retaining its original character, making it both attractive to renters as well as a secure option for long-term ownership. This meticulously maintained, owner-occupied building features a massive 2,300 sq. ft. owner's duplex-down and two large, additional light-filled, 7-room rental units. The 25-foot-wide structure boasts a newly recoated white sealed roof. The spacious interior rooms feature preserved original vintage features, including 10' ceilings, hardwood floors, classic trim moldings and built-in china hutches. These historic details are seamlessly integrated with modern amenities, including individual central heat and A/C on all four floors (installed within 7 years), updated bathrooms and kitchens with stainless steel appliances and natural, hard-surface countertops. A significant 2024-2025 upgrade includes new energy-efficient Low-E, argon-insulated, foam-filled vinyl windows with exterior self-expanding foam for superior insulation and sound-deadening. The owner's duplex includes a professionally finished lower level featuring 8' ceilings and supplemental in-floor radiant heat. This level offers two bedrooms, a family room, a full bath with a spa-like rainfall walk-in shower, a second full kitchen, and a gorgeous wood-topped bar. The ADU garden apartment is a versatile space which easily converts into a "granny flat." This potential Granny Flat unit (ADU) is fully functioning and ready to go, just needs city docs filed & approval. The vintage-inspired first floor completes the duplex with living and dining areas, kitchen, an office or 4th bedroom, a full bath with a clawfoot tub, and another bedroom with a large walk-in closet and an enclosed sunroom. The two upper-level units each offer 7 rooms, with three bedrooms and one bath, fully updated and currently rented on a month-to-month basis for maximum owner flexibility. The building's exterior matches the interior quality, featuring a recently cleaned greystone facade, low-maintenance landscaping, and a large, beautifully treed yard. Exceptional infrastructure updates include three newer water heaters, re-sided and repaired enclosed porches, white-seal roof coating, high capacity gutter & heat tape to prevent ice damming. The property is rounded out with a 2-car garage with new doors and openers, plus a private driveway for two additional cars and a new combination-lock side gate for added security. Current rents are at market value with month to month leases presenting significant upside potential for investors or live in owners. Ideally located on quiet Spaulding Ave and Altgeld St. yet near Logan Square corridors, walk to popular restaurants, nightlife retail and major CTA transit lines for downtown access. Ideal flexibility as a live in investment opportunity.