Home Details for 1501 W 47th Street

Exceptional mixed-use investment opportunity in the rapidly developing New City neighborhood, just steps from 47th Street and Laflin Avenue. Positioned on a prime corner lot, this property is best positioned as a three-unit building with significant value-add potential, making it ideal for investors or owner-occupants seeking long-term growth. Currently configured as three income-producing units, the building offers a flexible layout that blends commercial and residential uses. The highly visible corner storefront provides strong commercial appeal and consistent foot and vehicle traffic, while the residential units deliver stable rental potential. At the rear of the building, a massive residential unit spanning over 1,600 square feet offers a layout comparable to a single-family home, featuring three spacious bedrooms and two full bathrooms. The unit includes a separate kitchen, formal living room, family room, and oversized dining area, creating an attractive and functional living space for tenants or an owner-occupant. The full basement presents a compelling opportunity for expansion. With substantial square footage and solid condition, the space is well-suited for conversion into an additional garden-level studio unit, allowing investors to easily add a fourth unit and increase rental income and property value (subject to zoning and permits). Owned and operated by the same family for over 20 years, the property has been carefully maintained and offers a rare combination of stability and upside. Located within a TIF district. This is a unique chance to acquire a versatile multi-unit asset with both immediate income and future development potential in one of Chicago's emerging neighborhoods.

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