7200 S Vincennes Avenue,Chicago, IL 60621
Chicago, IL 60621
Description
ENTIRE BLOCK opportunity in Chicago's Vincennes Village. 24-unit multifamily complex with a stamped architectural pricing set already in hand. Four contiguous four-story masonry buildings address 7200-7206 S Vincennes Ave and 7203-7205 S Wentworth Ave, with onsite manager's office and an interior community courtyard. Current configuration is 24 units (12 two-bedroom/one-bath and 12 one-bedroom/one-bath), six units per building. Zoned C1-2. The buyer steps into a fully designed, fully scoped rehab - not a guess. The complete architectural pricing set (dated 04/24/2026, Michael Office of Architecture) reconfigures the property to 26 units by adding new basement units and converting select upper-floor one-bedrooms into two-bedrooms. The sale includes the entire block - buildings plus the contiguous vacant parcel to the south. Drawings convert that south parcel into a 24-stall striped parking lot with new storm water system, masonry trash enclosure, landscaping, wrought iron fencing, and a 12' remote sliding gate. Extensive rehab needed across all four buildings - masonry restoration, structural repairs, full window/door replacement, complete MEP (all-electric base bid with gas alternates priced), and full interior finishes spec'd as contractor-grade for-rent. Protective canopies and secure entries are already in place. The property sits in a designated Qualified Opportunity Zone (60621). Investors rolling capital gains into a Qualified Opportunity Fund that acquires and substantially improves this asset can defer the original gain and eliminate federal tax on all appreciation if the QOF interest is held 10+ years. A heavy rehab basis clears the substantial-improvement test cleanly, and a stabilized multifamily reposition lines up with the 10-year hold horizon - materially better after-tax IRR than a non-OZ comparable for HNW investors carrying a large unrealized gain. Sold as-is. Full architectural pricing set, design narrative, survey, and photos available to qualified buyers on request.
Details
| MLS # | 12649787 |
|---|---|
| Listing Type | For Sale |
| Style | Multi Family 5+ |
| Sub-Type | Resale |
| Status | Active |
| Year | 1914 |
| Days On Site | 142 |
| Listing Provided By | United Realty and Development | Anthony Khoshabe |
Features
| Story(s) | 3 |
|---|---|
| Units | 24 |
| Zoning | MULTI |
| Acreage | 0.38 |
Exterior
| Roof | Rubber |
|---|---|
| Construction Materials | Brick |
Taxes
| Tax Year | 2024 |
|---|---|
| Tax Annual Amount | 15555.34 |
Area Information
| State | IL |
|---|---|
| County | Cook |
| City | Chicago |
| Zip Code | 60621 |
| Area | CHI Greater Grand Crossing |
| Listing VS Median (in 60621) | |
Price: $349,999 low | high Med: $139,000 On site: 142 low | high Med: 114 | |
Market Activity 60621
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Learn More About This Property
| State | IL |
|---|---|
| County | Cook |
| City | Chicago |
| Zip Code | 60621 |
| Area | CHI Greater Grand Crossing |
| Listing VS Median (in 60621) | |
Price: $349,999 low | high Med: $139,000 On site: 142 low | high Med: 114 | |
