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(312) 788-7079
Real Estate Company
3332 W Congress Parkway, Chicago, Illinois 60624
- $249,900
- 4
- BD
- 2
- BA
- List Price
- $249,900
- MLS#
- 12801938
- Status
- NEW
- Type
- Multifamily
- Subtype
- Residential Income
- Bedrooms
- 4
- Bathrooms
- 2
- County
- Cook
- City
- Chicago
- Neighborhood
- Fifth City
- Days On Market
- 1
Property Description
VACANT CHICAGO GREYSTONE | POTENTIAL THREE-UNIT CONVERSION | VALUE-ADD OPPORTUNITY NEAR MAJOR WEST SIDE REDEVELOPMENT | ESTIMATED RENOVATED 3-UNIT ARV $590K-$699K. Delivered completely vacant, this 1903 limestone-front Classical Revival greystone in East Garfield Park, on a 25x125 RM-5 lot, is a true value-add canvas: two existing units (each 2 bed/1 bath; 9 rooms, 4 beds total), a full unfinished basement, original stone facade, and 2 exterior parking spaces. The building requires a complete renovation and is being sold as-is; a cleanout is underway. THE THIRD-UNIT PLAY: Chicago's Additional Dwelling Unit ordinance, citywide since April 1, 2026, allows one conversion unit in eligible 1-4 unit buildings at least 20 years old in RM districts, with no added parking required and an exemption from minimum lot area per unit. Owner-occupancy and block-face limits may apply in the City's West ADU zone, and Department of Housing pre-certification, permits, and building-code compliance (including basement ceiling height and egress) are required. A third unit is not currently permitted or guaranteed; buyers should verify eligibility with the City and their architect. WHY THE UPSIDE MATTERS: Within one mile in the last six months, fully renovated vintage 3-flats closed at $589,000-$635,000 (3169 W Monroe, $635K), a fully remodeled 3-flat closed at $699,000, and renovated 2-flats with finished lower-level duplexes closed at $590,000-$610,000. Based on those closed sales, we estimate a fully renovated legal 3-unit after-repair value of approximately $590,000-$699,000, or roughly $500,000-$610,000 as a renovated 2-flat with a finished lower level. These are estimates only, not an appraisal or guarantee, and depend on renovation scope, condition, permits, and City approvals. LOCATION: East Garfield Park, steps from the Kedzie-Homan Blue Line and the I-290 Eisenhower, about 1.3 miles to the Illinois Medical District, and roughly 1.9 miles from the United Center on the Near West Side, where the $7 billion, 55-acre 1901 Project broke ground in June 2026 and received a full building permit for its 6,000-capacity Music Hall in November 2026 (Phase 1 targeted for 2028). Close to Garfield Park and the Conservatory, with fast access to downtown. STRATEGIES: full renovation and resale, a long-term hold with potential three-unit income, or owner-occupancy with rental income, subject to financing and legal-use requirements. Cash or renovation financing recommended. Vacant and easy to show: schedule a private showing through ShowingTime. Additional interior photos will be added as the cleanout is completed.
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Additional Information
- School District
- 299
- Elementary School
- Faraday Elementary School
- Corporate Limits
- Chicago
- Tax Year
- 2024
- Tax Exemptions
- Homeowner
- Tax Amount
- $3,046
- Year Built
- 1903
- Lot Dimensions
- 25 x 125
- Lot Size Range
- Less Than .25 Acre
- Units
- 2
- Parking Spaces
- 2
- Parking Details
- Yes
- Heating
- None
- Sewer
- Public Sewer
- Basement
- Yes
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