1617 W Granville Ave

Edgewater is a highly walkable neighborhood known for its tree-line streets, walkable beaches, and diverse dining options. The area has ready access to the city by way of the Metra, CTA Red Line, and Lake Shore Drive. The Metra recently installed the first new station in 50 years at the intersection of Petersen and Ridge, two blocks from this property. The Petersen Metra is three stops and fifteen minutes from downtown Chicago. Just east of Ashland is the very desirable Edgewater Glen neighborhood. A pocket community within Edgewater that feels like suburbs in the city, characterized by rows of Victorian frame single-family homes. Other area attractions include the Andersonville commercial district and the Raven Theater.Center-entrance 6-flat in Edgewater on an oversized 7,500 SF lot. The property includes four 1-car garages as well as space to park two additional cars on the rear patio. All units are large 1,400 SF three-bedroom one-bath units. The building has been in the same family ownership for 70 years, is currently 50% occupied, and ready for renovation and redevelopment. List price of $1,595,000 reflects a $175 per building SF acquisition basis. Building is currently served by an old steam boiler, has plaster walls, cloth wiring, and fuses at the breaker panels. Ownership replaced all rear wooden porches with Framar in 2026. Proforma contemplates spending $750,000 to renovate the existing units; update the electric service and circuits, add central air conditioning, in-unit laundry, and a second bathroom. Assuming renovated rents of $3,200 for each three-bedroom two-bath unit and $2,000 per month for a garden accessory dwelling results in an all-in basis of $2,345,000 and an 8.15% return-on-cost. Additional upside potential may exist from either duplexing the lower floor units, or adding an second accessory dwellling unit in the basement.