Seller's Agent in 2025
Michael Reyes
Showcase Chicago Realty
(312) 880-9409
1 in this area
44 Total Sales
2857 W 71st St Chicago, IL 60629
Marquette Park Neighborhood
--
Bed
--
Bath
--
Sq Ft
1958
Built
About This Home
As of August 2025Attention Investors, Rehabbers, Developers! Exceptional value-add opportunity in the heart of Chicago's Marquette Park neighborhood. This solid 12-unit multifamily building features a desirable unit mix: 8 two-bedroom units, 2 one-bedroom units, and 2 studios, all served by a hydronic radiant floor heating system. With existing rents well below market, the property offers substantial upside through lease-up, rental repositioning, and renovation. Located directly across from the expansive Marquette Park-featuring walking trails, a lagoon, golf course, sports fields, and year-round recreational amenities-this location is well-suited to attract and retain long-term tenants. On-site parking for 7-8 vehicles (currently unassigned) adds further convenience and value. Estimated at a 9 cap rate with room for growth, this is a compelling opportunity for investors seeking to unlock value in a well-located multifamily asset.
Last Agent to Sell the Property
Showcase Chicago Realty License #471022452 Listed on: 07/24/2025
Property Details
Home Type
- Multi-Family
Est. Annual Taxes
- $14,150
Year Built
- Built in 1958
Parking
- 6 to 12 Parking Spaces
Utilities
- No Cooling
- Radiant Heating System
Additional Features
- 2-Story Property
- Additional Parcels
Listing and Financial Details
- Tenant pays for electricity
Community Details
Overview
- 12 Units
Building Details
- Electric Expense $1,553
- Fuel Expense $9,365
- Insurance Expense $3,275
- Trash Expense $11,379
- Water Sewer Expense $5,874
- Operating Expense $48,722
- Gross Income $63,900
- Net Operating Income $15,178
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Home Values in the Area
Average Home Value in this Area
Property History
| Date | Event | Price | List to Sale | Price per Sq Ft |
|---|---|---|---|---|
| 08/21/2025 08/21/25 | Sold | $630,000 | -10.0% | -- |
| 07/29/2025 07/29/25 | Pending | -- | -- | -- |
| 07/24/2025 07/24/25 | For Sale | $699,900 | -- | -- |
Source: Midwest Real Estate Data (MRED)
Tax History Compared to Growth
Tax History
| Year | Tax Paid | Tax Assessment Tax Assessment Total Assessment is a certain percentage of the fair market value that is determined by local assessors to be the total taxable value of land and additions on the property. | Land | Improvement |
|---|---|---|---|---|
| 2025 | $7,825 | $43,914 | $4,221 | $39,693 |
| 2024 | $7,825 | $43,914 | $4,221 | $39,693 |
| 2023 | $7,628 | $37,088 | $3,799 | $33,289 |
| 2022 | $7,628 | $37,088 | $3,799 | $33,289 |
| 2021 | $7,458 | $37,086 | $3,798 | $33,288 |
| 2020 | $7,420 | $33,309 | $3,798 | $29,511 |
| 2019 | $6,692 | $33,309 | $3,798 | $29,511 |
| 2018 | $6,580 | $33,309 | $3,798 | $29,511 |
| 2017 | $6,868 | $30,204 | $3,482 | $26,722 |
| 2016 | $6,379 | $30,204 | $3,482 | $26,722 |
| 2015 | $5,848 | $30,204 | $3,482 | $26,722 |
| 2014 | $5,654 | $28,784 | $3,482 | $25,302 |
| 2013 | $5,549 | $28,784 | $3,482 | $25,302 |
Source: Public Records
Agents Affiliated with this Home
-
Michael Reyes
-
Vanessa Villalva
Buyer's Agent in 2025
Vanessa Villalva
MIDWEST HOMES OF IL LLC
(773) 954-0417
4 in this area
87 Total Sales
Map
Source: Midwest Real Estate Data (MRED)
MLS Number: 12425932
APN: 19251060010000
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