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$ 500,000
Est. payment | /mo
2,425 SqFt
$ 500,000
Est. payment | /mo
2,425 SqFt
Key Details
Property Type Commercial
Sub Type Mixed Use
Listing Status Active
Purchase Type For Sale
Square Footage 2,425 sqft
Price per Sqft $206
MLS Listing ID 12587967
Year Built 1899
Annual Tax Amount $7,663
Tax Year 2024
Lot Dimensions 25X140
Property Sub-Type Mixed Use
Property Description
8714 S. Commercial Ave is a mixed-use retail and residential value-add opportunity located in Chicago's 60617 trade area, with a potential to offer immediate in-place income with a clear path to stabilization through targeted unit completion. The property consists of a street-level 1,100 SF retail storefront and (5) residential apartments, providing a balanced income profile with both neighborhood-serving retail and workforce housing demand. The asset's core investment thesis is straightforward: begin generating revenue immediately by leasing the move-in-ready units and storefront, then complete the remaining residential renovations to unlock full stabilized value. The residential component includes (2) move-in-ready 2BR/1BA units, (1) 2BR/1BA unit that is 90% rehabilitated, and (2) 3BR/1BA units requiring completion. The near-finished 2BR/1BA unit is expected to require only paint and kitchen appliances, with an estimated $8,000 to complete, allowing for a quick turn to market. The (2) 3BR/1BA units require drywall, kitchen cabinetry, and appliances, with estimated completion costs of approximately $35,000 per unit. The retail storefront is move-in ready, which supports immediate marketing and lease-up to establish stabilized street presence and incremental cash flow. The recommended execution strategy is to lease the two ready residential units and the retail storefront as soon as possible, creating immediate operating momentum and reducing carry risk. This income stream can support the completion of the nearly finished 2BR unit while planning and sequencing the remaining 3BR unit finishes. This phased approach enables a buyer to stabilize the asset without requiring all capital to be deployed upfront prior to generating revenue, which is particularly attractive for investors seeking controlled value-add with measurable milestones. Unit status and estimated completion costs: (2) 2BR/1BA units: move-in ready (lease immediately) (1) 2BR/1BA unit: ~90% rehabbed; needs paint + kitchen appliances (~$8,000) (2) 3BR/1BA units: need drywall + kitchen cabinets + appliances (~$35,000 per unit) Retail storefront (1,100 SF): move-in ready (lease immediately) On an as-is basis, reflecting the unfinished 3BR units and remaining interior scope, the list price is approximately $500,000. Value-add drivers and buyer appeal: Immediate income potential through leasing (2) move-in-ready apartments + retail storefront Defined, finite renovation scope with clear line-of-sight to stabilization Upside through completion of (1) near-finished 2BR and (2) 3BR units Mixed-income profile (residential + retail) that can diversify cash flow once stabilized The property is well-suited for local and regional investors seeking to establish near-term income, control renovation exposure through phased deployment, and capture a meaningful spread between as-is basis and stabilized value through competent execution and management.
Location
State IL
County Cook
Area Chi - South Chicago
Interior
Cooling None
Fireplace N
Exterior
Roof Type Rubber,Tar/Gravel
Building
Dwelling Type Mixed Use
Structure Type Brick,Stone
© 2026 Listings courtesy of MRED as distributed by MLS GRID. All Rights Reserved.
Listed by Anthony Hardy of Keller Williams ONEChicago
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