6617 Ashland Ave Chicago, IL 60636

This exceptional mixed-use building at 6617 S Ashland Ave, Chicago, IL 60636 presents a compelling investment opportunity. The 15,000 square foot, two-story property, built in 1923 and extensively renovated in 2022, boasts a unique gated courtyard design enhancing resident safety and appeal. The building comprises fourteen units: ten residential (four one-bedroom and six two-bedroom units, each with one bathroom and over 850 square feet) and four commercial units. The residential units feature large windows and abundant natural light. The commercial spaces, totaling 4,000 square feet, offer excellent visibility on Ashland Avenue, ideal for a variety of businesses. The property has undergone significant renovations, including a full roof replacement, completed masonry work, and framing, making it ready for mechanical, electrical, and plumbing (MEP) installation. City-approved plans and imminent permits streamline the completion process. The building sits on an 11,260 square foot lot and is zoned B3-2. With a projected net operating income (NOI) exceeding $207,716 and a pro-forma cap rate of 46.16%, this property offers substantial returns. The asking price is $450,000, or $32,143 per unit, and $30 per square foot. Its prime location on a major thoroughfare with high daily traffic volume, coupled with proximity to public transportation (bus stop and Green Line access), further enhances its investment potential. This is a turnkey opportunity to capitalize on a strong rental market and high demand for commercial space in a vibrant Chicago neighborhood.