1535 W Grace St

The property sits on a quiet residential block of Grace Street between Ashland Avenue and Southport Avenue, steps from the restaurants, boutiques, and Music Box Theatre along the Southport Corridor and roughly half a mile from both the Southport and Addison Brown Line stations and Wrigley Field. The Ashland bus runs one block west, and the Kennedy Expressway is accessible at Addison. The surrounding blocks are attracting new investment, including the 188-unit development approved at 3611 N Halsted, the 10-unit mixed-use building under construction at 3600 N Southport, and Dinkel's Lofts on Lincoln Avenue, all of which point to durable renter demand for well-located walk-up apartments. Large three-bedroom floor plans with a coach house are rarely available in this pocket of Lakeview, and 1535 W Grace offers a buyer immediate rent upside and a location that continues to appreciate.1535 W Grace St presents the opportunity to acquire a well-maintained four-unit property in Chicago's Lakeview neighborhood, one block west of the Southport Corridor. Built in 1898, the property consists of a three-story main building with three three-bedroom, one-bathroom apartments and a rear coach house containing one one-bedroom, one-bathroom apartment. A corner lot at Grace St. and Bosworth Ave gives every apartment an abundance of natural light. The first-floor apartment is a duplex-down with finished lower-level living space and an updated kitchen featuring granite countertops and stainless steel appliances. The upper-floor apartments retain original hardwood floors, ornate fireplace mantels, and bay windows. Every unit is separately metered with its own furnace, hot water heater, and tenants pay all heat, gas, and electric. Ownership has kept the property in sound operating condition: the roof received a new layer approximately two years ago, the windows are vinyl, and the plumbing is copper. The property also includes owner-operated coin laundry and four storage lockers that generate additional income.