3501 W Palmer ST Chicago, IL 60647 Open Thu 1PM-3PM

UPDATED: 10/27/2025 04:36 PM ON MARKET: 1 days on market

$779,000

9 Beds4 Baths

Key Details

Property Type Multi-Family

Sub Type Two to Four Units

Listing Status Active

Purchase Type For Sale

MLS Listing ID 12502469

Bedrooms 9

Maintenance Fees $4,000

Year Built 1897

Annual Tax Amount $5,625

Tax Year 2023

Lot Dimensions 3052 SF

Property Sub-Type Two to Four Units

Property Description

Legal-4 unit building in an appreciating corridor of Logan Square with significant cash flow in-place. The building sits immediately west of Palmer Square and Kedzie Boulevard with recent, nearby new build single-family home sales under contract near $1.5 million. The existing rent roll comprises $84,120 of revenue or a 9.2x gross revenue multiple on in-place income. Additional revenue can be creted by (i) marking the existing rent roll to market, (ii) adding a parking slab with three exterior stalls at the rear of the building, and (iii) creating a small outdoor garden/amenity area in the existing gravel yard at rear. This value-add is projected to result in $96,200 of revenue or a stabilized 7.8x GRM, roughly a 10.0% return-on-cost. All units have furnaces and the large 4 bed / 1 bath duplex has central air conditioning.


Listed by Philip Leigh of  Essex 312, LLC  • garrett@essex312.com 773-305-4858 773-606-8472