7414 S Chappel Avenue,Chicago, IL 60649
Chicago, IL 60649
Description
**Exceptional South Shore 3-flat offering immediate rental income, long-term equity potential, and an outstanding opportunity for an investor OR an owner-occupant looking to HOUSE HACK!** Offered at **$550,000**, this well-maintained brick building features **three jumbo approximately 1,700 SF apartments, each with 3 bedrooms and 2 full bathrooms-9 bedrooms and 6 full baths total.** Each unit offers large living rooms and bedrooms, formal dining rooms, beautiful hardwood floors and generous layouts that are increasingly difficult to find. The building is fully occupied by established, long-term residents who have demonstrated consistent payment history, currently carry **$0 tenant balances**, and take pride in caring for their homes. Current scheduled rent is **$3,912 per month/$46,944 per year**, giving a buyer income from day one, while **all three tenancies are currently month-to-month**, providing valuable future flexibility subject to applicable tenant rights and notice requirements. For a **first-time buyer or owner-occupant**, this is a compelling house-hacking opportunity: live in one of the three large 3-bedroom/2-bath units when legally available while collecting rent from the other two to help offset the cost of ownership. For an investor, the rental-growth potential is substantial. Current rents remain well below the approximately **$2,037/month average identified by the property's rental comparable analysis for similar 3-bedroom apartments within one mile**; at that benchmark, three units would generate approximately **$6,111/month or $73,332/year**, representing approximately **$2,199/month/$26,388 per year of potential additional gross rental income-about 56% above today's scheduled rent roll-if all three units ultimately achieved that benchmark.** Unit 2 currently rents for **$1,287/month**, and a **CHA rent increase to $2,000/month has already been submitted and is pending approval**, which alone would add **$713/month or $8,556/year** if approved. The building was designed with income-property ownership in mind: **tenants pay their own gas, heat and electricity**, each unit has **separate forced-air heating and individual controls**, and the property includes a **full basement with tenant storage, landlord storage, natural-gas basement heat and coin-laundry facilities as reported in the prior listing.** The full basement's size, ceiling height, layout and access may also offer an exciting opportunity to investigate future additional living/income-producing space or a garden/ADU configuration, **subject to City of Chicago approval, zoning, permits and buyer due diligence.** Outside, the property includes a valuable **owned detached 3-car garage**; the prior listing also reported a newer tear-off roof on the main building with a transferable warranty and a **2020 tear-off garage roof**, which buyers should independently verify. The equity story is equally exciting: comparable-market analysis reviewed during the listing process included renovated multifamily product with finished garden space selling in the **$700,000+ range**. Against the **$550,000 asking price**, that illustrates a **$150,000+ gross valuation spread** and the potential opportunity to build substantial equity through thoughtful improvements, increasing below-market rents and maximizing the property's existing space; comparable properties differ and future value is not guaranteed. Located in **South Shore**, one of Chicago's established lakefront communities, the property offers convenient access to the lakefront, beaches, schools, shopping and the recreational and cultural amenities surrounding the neighborhood. Whether you're a seasoned investor seeking a stabilized building with significant room to increase income, or a **first-time owner-occupant who wants to live in a spacious unit while tenants help pay the mortgage**, this property offers something increasingly difficult to find: **a clean and proven rent roll, $46,944 in current annual
Details
| MLS # | 12740010 |
|---|---|
| Listing Type | For Sale |
| Sub-Type | Resale |
| Status | Active Under Contract |
| Year | 1929 |
| Days On Site | 36 |
| Listing Provided By | Straight-A Realty, LLC | Michael Applegate |
Features
| Bed(s) | 9 |
|---|---|
| Bath(s) | 6 |
| Garage | 3 |
| Basement | Y |
Interior
| Rooms Total | 18 |
|---|---|
| Heating | Natural Gas, Forced Air, Sep Heating Systems - 2+, Indv Controls |
Exterior
| Roof | Rubber |
|---|---|
| Construction Materials | Brick |
| Patio And Porch Features | Porch |
Parking
| Parking Features | Garage, Yes, Garage Owned, Detached |
|---|---|
| Garage Spaces | 3 |
Utilities
| Sewer | Public Sewer |
|---|
Taxes
| Tax Year | 2024 |
|---|---|
| Tax Annual Amount | 6811.84 |
Area Information
| State | IL |
|---|---|
| County | Cook |
| City | Chicago |
| Zip Code | 60649 |
| Area | CHI South Shore |
| Listing VS Median (in 60649) | |
Price: $550,000 low | high Med: $85,000 On site: 36 low | high Med: 2 | |
Market Activity 60649
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Learn More About This Property
| State | IL |
|---|---|
| County | Cook |
| City | Chicago |
| Zip Code | 60649 |
| Area | CHI South Shore |
| Listing VS Median (in 60649) | |
Price: $550,000 low | high Med: $85,000 On site: 36 low | high Med: 2 | |
