1509 S Ridgeway Ave Chicago, IL 60623
North Lawndale NeighborhoodEstimated payment $3,302/month
About This Home
Excellent investment opportunity in Chicago's revitalizing North Lawndale neighborhood! 1509 S Ridgeway is a solid brick 6-unit multifamily building offering a strong mix of unit layouts and incredible income potential. This stately 1916 structure features three spacious 3-bedroom, 1-bath units and three well-sized 2-bedroom, 1-bath units-totaling 15 bedrooms and 6 full bathrooms across the property. Several units have been recently updated with modern finishes including dark wood cabinetry, granite countertops, stylish tile backsplashes, vinyl plank flooring, and refreshed bathrooms, while others offer room for value-add upgrades. Ideal for both seasoned investors and those new to multifamily ownership, this property is located in a designated Opportunity Zone and Enterprise Zone 1, offering generous tax incentives and future appreciation potential. The full basement presents additional storage or possible expansion opportunities. The building sits on a wide lot with a gated yard and has a front-facing entry on a quiet residential block. Located just steps from Herzl Elementary School and within easy reach of public transportation, parks, and local amenities, this property benefits from strong rental demand and long-term tenant appeal. North Lawndale is a community on the rise, with recent investments in housing, infrastructure, and community development driving increased interest and growth. Central air in rear units only. refrigerators in 2F and 3F only. This property is being conveyed AS IS and is priced accordingly.
Property Details
Home Type
- Multi-Family
Est. Annual Taxes
- $4,477
Year Built
- Built in 1916
Lot Details
- 4,687 Sq Ft Lot
- Lot Dimensions are 25x125
Home Design
- Flat Roof Shape
- Brick Exterior Construction
Interior Spaces
- 6,411 Sq Ft Home
- 3-Story Property
Utilities
- Forced Air Heating and Cooling System
- Heating System Uses Gas
Community Details
- 6 Units
Map
Home Values in the Area
Average Home Value in this Area
Property History
| Date | Event | Price | Change | Sq Ft Price |
|---|---|---|---|---|
| 09/10/2025 09/10/25 | For Sale | $549,900 | 0.0% | $86 / Sq Ft |
| 09/08/2025 09/08/25 | Off Market | $549,900 | -- | -- |
| 09/08/2025 09/08/25 | Price Changed | $549,900 | 0.0% | $86 / Sq Ft |
| 09/08/2025 09/08/25 | For Sale | $549,900 | -- | $86 / Sq Ft |
Source: Midwest Real Estate Data (MRED)
MLS Number: 12310046
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