6504 S Maryland Ave

Chicago IL 60637

Multi-Family

Currently for sale - view listing

Overview

Exceptional investment opportunity in the heart of Woodlawn! This fully occupied, income-producing 3-unit building offers a rare combination of strong cash flow, modern amenities, and significant future upside. Currently generating $5,931 per month in rental income with below-market rents (3rd floor tenant vacating in July), the property presents an excellent opportunity for increased revenue through future rent adjustments. Renovated in 2018, the building features an attractive unit mix of two spacious 2-bedroom, 2-bathroom units (2nd floor includes bonus room) and one oversized 3-bedroom, 2-bathroom unit. Each apartment is equipped with central air conditioning, in-unit washer and dryer, and separately metered utilities; tenants pay all utilities except water which minimizes operating expenses for ownership. Additional features include a detached 2-car garage, security camera system, and a private backyard entertainment area ideal for gatherings and outdoor enjoyment. The full unfinished basement offers exceptional value-add potential and may be suitable for a duplex-down conversion or additional dwelling unit (ADU), subject to zoning and city approval. Ideally situated within walking distance of the transformative Obama Presidential Center development, the property is positioned to benefit from continued neighborhood investment, rising property values, and growing rental demand. Convenient access to public transportation, parks, shopping, restaurants, and the University of Chicago further enhances its appeal. Whether you're seeking a turnkey investment with immediate income or a value-add asset with future expansion potential, this property delivers both stability and opportunity in one of Chicago's most rapidly evolving neighborhoods. ***Property is Agent Owned

Features

8 bedrooms

6 bathrooms

2 carspaces

2 garage spaces

Multi-Family

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