3501 W Palmer St Chicago, IL 60647
Logan Square NeighborhoodEstimated payment $4,555/month
About This Home
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.
Property Details
Home Type
- Multi-Family
Est. Annual Taxes
- $5,625
Year Built
- Built in 1897
Home Design
- Asphalt Roof
- Concrete Perimeter Foundation
Bedrooms and Bathrooms
- 9 Bedrooms
- 9 Potential Bedrooms
- 4 Bathrooms
Parking
- 4 Parking Spaces
- Off-Street Parking
- Parking Included in Price
- Unassigned Parking
Utilities
- Heating System Uses Natural Gas
- Lake Michigan Water
Additional Features
- Partial Basement
- Corner Lot
Community Details
Overview
- 4 Units
Building Details
- Electric Expense $480
- Insurance Expense $2,340
- Maintenance Expense $4,000
- Water Sewer Expense $1,920
- Gross Income $84,120
- Net Operating Income $62,837
Map
Home Values in the Area
Average Home Value in this Area
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 |
|---|---|---|---|---|
| 2024 | $5,625 | $43,522 | $11,292 | $32,230 |
| 2023 | $5,483 | $26,566 | $9,156 | $17,410 |
| 2022 | $5,483 | $26,566 | $9,156 | $17,410 |
| 2021 | $5,360 | $26,566 | $9,156 | $17,410 |
| 2020 | $5,576 | $24,940 | $4,425 | $20,515 |
| 2019 | $5,780 | $28,667 | $4,425 | $24,242 |
| 2018 | $5,663 | $28,667 | $4,425 | $24,242 |
| 2017 | $7,506 | $34,869 | $3,967 | $30,902 |
| 2016 | $6,984 | $34,869 | $3,967 | $30,902 |
| 2015 | $6,390 | $34,869 | $3,967 | $30,902 |
| 2014 | $5,210 | $28,082 | $3,662 | $24,420 |
| 2013 | $5,107 | $28,082 | $3,662 | $24,420 |
Property History
| Date | Event | Price | List to Sale | Price per Sq Ft | Prior Sale |
|---|---|---|---|---|---|
| 11/05/2025 11/05/25 | Pending | -- | -- | -- | |
| 10/27/2025 10/27/25 | For Sale | $779,000 | +80.7% | -- | |
| 06/05/2015 06/05/15 | Sold | $431,100 | +18.1% | -- | View Prior Sale |
| 05/15/2015 05/15/15 | Pending | -- | -- | -- | |
| 05/12/2015 05/12/15 | For Sale | $365,000 | -- | -- |
Purchase History
| Date | Type | Sale Price | Title Company |
|---|---|---|---|
| Quit Claim Deed | -- | Attorney | |
| Quit Claim Deed | -- | Attorney | |
| Warranty Deed | $431,500 | Chicago Title Insurance Co | |
| Corporate Deed | $160,000 | First American Title | |
| Legal Action Court Order | -- | None Available | |
| Interfamily Deed Transfer | -- | Northwest Title & Escrow Cor | |
| Interfamily Deed Transfer | -- | Northwest Title & Escrow Cor | |
| Quit Claim Deed | -- | Cst |
Mortgage History
| Date | Status | Loan Amount | Loan Type |
|---|---|---|---|
| Previous Owner | $230,600 | Commercial |
Source: Midwest Real Estate Data (MRED)
MLS Number: 12502469
APN: 13-35-219-015-0000
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