4431 N Racine Avenue Chicago, IL 60640 • Multi Unit - Multiple • Active $2,232,000

Description

Rare opportunity to acquire a fully renovated, income-producing multifamily property in Chicago's highly desirable Uptown neighborhood. This well-maintained asset consists of 6 spacious apartments and 5 on-site parking spaces, with a significant value-add component through city-approved plans for 2 additional ADU units in the basement. The property has undergone extensive capital improvements, including a complete upgrade of the heating and cooling systems to modern HVAC throughout all units in late 2025. Interiors feature ultra-modern kitchens with stainless steel appliances, beautifully renovated bathrooms, abundant natural light, and contemporary finishes designed to attract and retain quality tenants. Current rents exceed $2,600 per unit, providing strong in-place income with additional upside through continued rent optimization and the future ADU expansion. Ownership has already secured city approvals, permits, and architectural/MEP plans for the basement conversion, allowing a new owner to immediately pursue development of the additional units. Ideally located just minutes from the Wilson Red Line station, the property offers convenient access to downtown Chicago while benefiting from Uptown's vibrant dining, entertainment, and retail scene. Nearby attractions include Truman College, local cafes, restaurants, and neighborhood amenities that continue to drive strong rental demand. This offering presents a compelling combination of stabilized income, recent capital improvements, and immediate expansion potential in one of Chicago's most dynamic rental submarkets.

Property Highlights