500 W 78th St Chicago, IL 60620
Auburn Gresham NeighborhoodEstimated payment $6,540/month
Highlights
- 0.25 Acre Lot
- Central Heating
- 4-minute walk to Auburn Park
About This Home
Rare opportunity to acquire a large multifamily apartment building in Chicago's Auburn Park neighborhood. This three-story, 12-bedroom property offers approximately 16,152 square feet of living area on an oversized 11,200 SF lot, zoned RT-4, providing strong density and long-term redevelopment or value-add potential 500 W 78TH ST CHICAGO IL 60620. The building has been owned by the same owner for over 30 years and is currently vacant, allowing a new owner full flexibility to reposition, renovate, or re-tenant based on their strategy. With its scale and layout, the property is well-suited for investors seeking a full renovation project, long-term hold, or portfolio expansion in a neighborhood with continued demand for rental housing. Public records reflect solid underlying land and improvement value, significant equity, and a location outside of high-risk flood zones. The property sits on a quiet residential block while remaining accessible to major streets, public transportation, and nearby amenities.
Listing Agent
Sims Commercial Real Estate Inc Brokerage Phone: (847) 708-5663 License #471008215 Listed on: 04/08/2026
Co-Listing Agent
Keller Williams Experience Brokerage Phone: (847) 708-5663 License #475193682
Property Details
Home Type
- Multi-Family
Est. Annual Taxes
- $17,619
Year Built
- Built in 1927
Lot Details
- 11,200 Sq Ft Lot
- Lot Dimensions are 140x80
Home Design
- Cluster Home
- Brick Exterior Construction
Interior Spaces
- 3-Story Property
- Unfinished Basement
Utilities
- No Cooling
- Central Heating
Community Details
Overview
- 18 Units
Building Details
- Electric Expense $2,700
- Fuel Expense $4,500
- Insurance Expense $3,600
- Maintenance Expense $1,321
- Trash Expense $3,600
- Water Sewer Expense $8,000
- Operating Expense $34,506
- Gross Income $162,000
- Net Operating Income $127,494
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 |
|---|---|---|---|---|
| 2025 | $15,891 | $87,700 | $10,640 | $77,060 |
| 2024 | $15,891 | $87,700 | $10,640 | $77,060 |
| 2023 | $15,491 | $75,318 | $7,000 | $68,318 |
| 2022 | $15,491 | $75,318 | $7,000 | $68,318 |
| 2021 | $15,146 | $75,317 | $7,000 | $68,317 |
| 2020 | $14,185 | $63,677 | $7,000 | $56,677 |
| 2019 | $12,793 | $63,677 | $7,000 | $56,677 |
| 2018 | $12,578 | $63,677 | $7,000 | $56,677 |
| 2017 | $12,289 | $57,088 | $6,440 | $50,648 |
| 2016 | $11,434 | $57,088 | $6,440 | $50,648 |
| 2015 | $10,461 | $57,088 | $6,440 | $50,648 |
| 2014 | $10,262 | $55,309 | $6,440 | $48,869 |
| 2013 | $10,059 | $55,309 | $6,440 | $48,869 |
Property History
| Date | Event | Price | List to Sale | Price per Sq Ft |
|---|---|---|---|---|
| 04/09/2026 04/09/26 | Pending | -- | -- | -- |
| 04/08/2026 04/08/26 | For Sale | $950,000 | -- | -- |
Source: Midwest Real Estate Data (MRED)
MLS Number: 12555384
APN: 20283180410000
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Listings courtesy of Midwest Real Estate Data (MRED) as distributed by MLS GRID.
Based on information submitted to the MLS GRID
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Ask me questions while you tour the home.