7831 S Colfax Ave Chicago, IL 60649
South Shore NeighborhoodEstimated payment $3,997/month
About This Home
Stunning 8-Unit Gem in South Shore! Just a few blocks from beautiful Lake Michigan, this fully occupied 8-unit building offers an incredible opportunity in one of Chicago's most vibrant neighborhoods. Featuring all-new electric, plumbing, and HVAC, plus a newer roof with skylight and two brand-new rear porches. All city violations have been cleared and title is clean.Each unit showcases spacious layouts with hardwood floors, ceramic tile kitchens and baths, and fire-rated unit doors for added safety. The building includes six oversized 3-bed/1-bath units with formal dining and living rooms, one large 2-bed/1-bath garden unit, and one 1-bed/1-bath garden unit-all generously sized. The property is fully occupied with clean, responsible tenants, and all tenants pay their own utilities. Current rents are well below market value, creating a prime value-add opportunity for investors. Whether you're seeking strong cash flow now or long-term upside through rent growth, this South Shore gem delivers both. Easy to Show - Show with Confidence!
Property Details
Home Type
- Multi-Family
Est. Annual Taxes
- $8,000
Year Built
- Built in 1915
Home Design
- Cluster Home
Interior Spaces
- 4-Story Property
Utilities
- Forced Air Heating System
- Heating System Uses Gas
Community Details
Overview
- 8 Units
Building Details
- Electric Expense $1,200
- Insurance Expense $6,000
- Maintenance Expense $2,000
- Other Expense $1,000
- Trash Expense $6,188
- Water Sewer Expense $4,800
- Operating Expense $24,188
- Gross Income $88,200
Map
Home Values in the Area
Average Home Value in this Area
Property History
Date | Event | Price | Change | Sq Ft Price |
---|---|---|---|---|
09/08/2025 09/08/25 | For Sale | $625,000 | -- | -- |
Source: Midwest Real Estate Data (MRED)
MLS Number: 12466306

- 7819 S Colfax Ave
- 2601 E 78th St
- 7827 S Kingston Ave
- 7748 S Saginaw Ave
- 7759 S Kingston Ave Unit 1S
- 7917 S Colfax Ave
- 7826 S Marquette Ave
- 7816 S Marquette Ave
- 2658 E 78th St
- 7727 S Colfax Ave
- 7725 S Kingston Ave
- 7843 S Marquette Ave
- 2706 E 78th St
- 7804 S Burnham Ave
- 7825 S Phillips Ave
- 7959 S Saginaw Ave
- 7711 S Essex Ave
- 7730 S Essex Ave
- 2650 E 77th St
- 2654 E 77th St
- 7751 S Saginaw Ave Unit 1
- 7837 S Essex Ave Unit 3N
- 7841 S Essex Ave Unit 1N
- 7841 S Essex Ave Unit 2N
- 7841 S Essex Ave Unit 1S
- 7841 S Essex Ave Unit 3N
- 7829 S Essex Ave Unit 3
- 7721 S Kingston Ave Unit 2
- 7757 S Essex Ave Unit 3
- 2707 E 78th St Unit 2E
- 7932 S Kingston Ave Unit 3S
- 7932 S Kingston Ave Unit GRDN
- 7752 S Essex Ave Unit 1
- 7848 S Burnham Ave Unit 3N
- 7953 S Essex Ave Unit 2
- 7917 S Phillips Ave Unit 3
- 7919 S Phillips Ave Unit 3
- 7931 S Manistee Ave Unit 3S
- 7843 S Burnham Ave Unit 2
- 8010 S Manistee Ave Unit A