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7414 S Chappel Avenue

Chicago, IL 60649
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Bed 9

Bed

Bath 6

Bath

**Exceptional South Shore 3-flat offering immediate rental income, long-term equity potential, and an outstanding opportunity for an investor OR an owner-occupant looking to HOUSE HACK!** Offered at **$550,000**, this well-maintained brick building features **three jumbo approximately 1,700 SF apartments, each with 3 bedrooms and 2 full bathrooms-9 bedrooms and 6 full baths total.** Each unit offers large living rooms and bedrooms, formal dining rooms, beautiful hardwood floors and generous layouts that are increasingly difficult to find. The building is fully occupied by established, long-term residents who have demonstrated consistent payment history, currently carry **$0 tenant balances**, and take pride in caring for their homes. Current scheduled rent is **$3,912 per month/$46,944 per year**, giving a buyer income from day one, while **all three tenancies are currently month-to-month**, providing valuable future flexibility subject to applicable tenant rights and notice requirements. For a **first-time buyer or owner-occupant**, this is a compelling house-hacking opportunity: live in one of the three large 3-bedroom/2-bath units when legally available while collecting rent from the other two to help offset the cost of ownership. For an investor, the rental-growth potential is substantial. Current rents remain well below the approximately **$2,037/month average identified by the property's rental comparable analysis for similar 3-bedroom apartments within one mile**; at that benchmark, three units would generate approximately **$6,111/month or $73,332/year**, representing approximately **$2,199/month/$26,388 per year of potential additional gross rental income-about 56% above today's scheduled rent roll-if all three units ultimately achieved that benchmark.** Unit 2 currently rents for **$1,287/month**, and a **CHA rent increase to $2,000/month has already been submitted and is pending approval**, which alone would add **$713/month or $8,556/year** if approved. The building was designed with income-property ownership in mind: **tenants pay their own gas, heat and electricity**, each unit has **separate forced-air heating and individual controls**, and the property includes a **full basement with tenant storage, landlord storage, natural-gas basement heat and coin-laundry facilities as reported in the prior listing.** The full basement's size, ceiling height, layout and access may also offer an exciting opportunity to investigate future additional living/income-producing space or a garden/ADU configuration, **subject to City of Chicago approval, zoning, permits and buyer due diligence.** Outside, the property includes a valuable **owned detached 3-car garage**; the prior listing also reported a newer tear-off roof on the main building with a transferable warranty and a **2020 tear-off garage roof**, which buyers should independently verify. The equity story is equally exciting: comparable-market analysis reviewed during the listing process included renovated multifamily product with finished garden space selling in the **$700,000+ range**. Against the **$550,000 asking price**, that illustrates a **$150,000+ gross valuation spread** and the potential opportunity to build substantial equity through thoughtful improvements, increasing below-market rents and maximizing the property's existing space; comparable properties differ and future value is not guaranteed. Located in **South Shore**, one of Chicago's established lakefront communities, the property offers convenient access to the lakefront, beaches, schools, shopping and the recreational and cultural amenities surrounding the neighborhood. Whether you're a seasoned investor seeking a stabilized building with significant room to increase income, or a **first-time owner-occupant who wants to live in a spacious unit while tenants help pay the mortgage**, this property offers something increasingly difficult to find: **a clean and proven rent roll, $46,944 in current annual

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Detail Ic Property Details

Property Type : Residential Income

Price : $550,000

AD Id : 89840094

MLS Id : MRD12740010

Beds : 9

Year Built : 1929

Garage : 3

County : Cook

  • Map Map

Map

Feature Features

  • Bedroom Information

    Total Bedroom: 9 Room Types: Enclosed Porch

    Bathroom Information

    Total Baths: 6

    Room Information

    Rooms Total: 18

    Interior Features

    Roof: Rubber

    Roofing Information

    Rubber
  • Flooring Information

    Construction Materials: Brick
  • Heating & Cooling

    Heating: Natural Gas, Forced Air, Sep Heating Systems - 2+, Indv Controls WaterSource: Public

  • Building Information

    Year Built: 1929

  • Lot Information

    Lot Dimensions: 4828 SF Lot Size: Less Than .25 Acre

    Property Information

    Property Type: Residential Income Sub Type: Two to Four Units

  • Listing Price Information

    Original List Price:$550000

  • Tax Information

    Annual Tax: $6811.84 Tax Year: 2024 Parcel Number: 20252210130000

  • Parking Information

    Total Parking: 3 Garage, Yes, Garage Owned, Detached Is Parking Included in Price: Yes

    Garage Information

    Garage Space: 3

  • Utility Information

    Sewer: Public Sewer Water Source: Public
  • Location Information

    City: Chicago Direction: Take 75th Street east to Chappel Avenue, then north to 7414 S Chappel Avenue.
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Nearby Home Value

Address Estimate Bed Bath Sq. Ft Lot Size
7527 S Chappel Avenue, Chicago, IL, 60649 $299,000 5 3 2,600 2,600 SqFt
6700 S South Shore Driv.., Chicago, IL, 60649 $105,000 -- 1 --
2511 E 76th Street #3, Chicago, IL, 60649 $60,000 2 1 1,500 1,500 SqFt
6723 S Euclid Avenue, Chicago, IL, 60649 $614,900 4 3 3,240 3,240 SqFt
7020 S Paxton Avenue #GS, Chicago, IL, 60649 $115,000 2 2 1,400 1,400 SqFt
7537 S Phillips Avenue, Chicago, IL, 60649 $399,900 9 6 --
7854 S South Shore Driv.., Chicago, IL, 60649 $29,250 -- 1 800 800 SqFt
7854 S South Shore Driv.., Chicago, IL, 60649 $82,000 2 2 1,200 1,200 SqFt
7768 S Luella Avenue, Chicago, IL, 60649 $208,900 4 2 1,510 1,510 SqFt
2200 E 70th Place #203, Chicago, IL, 60649 $110,000 3 3 2,200 2,200 SqFt
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ByOwner last updated this listing 08/24/2026 @ 06:20

MLS: MRED #12740010 LISTED BY: Michael Applegate, Straight-A Realty, LLC 630-288-2446 SOURCE: Midwest Real Estate Data LLC (MRED) (Listings courtesy of Midwest Real Estate Data LLC (MRED) as distributed by MLS GRID)

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