1507 W George Street, Chicago, IL 60657

• 7 beds |
• 5 baths

Property Description

Incredible Lakeview investment opportunity with RT-3.5 zoning, allowing for two-flats, townhouses, low-density apartment buildings, and single-family homes. Currently generating below market value $7,000/month in rental income with substantial upside through aesthetic renovations and rental increases, this property is being offered as a portfolio of three individual condo PINs, with the potential to convert to a single tax PIN. Constructed in 1994, the 4-story BRICK & BLOCK building features three units totaling 7 bedrooms and 4 bathrooms. Unit #3 is a spacious 3 bed/2 bath duplex-up with vaulted ceilings and streaming natural light - 1,862sqft, Unit #2 is a 2 bed/1 bath - 919sqft, and Unit #1 is a 2 bed/1 bath garden-level unit - 907sqft. ALL units feature private rear balconies and are individually metered and include in-unit washer and dryer, central HVAC, and individual water heaters. The property also offers a private fenced backyard and three rear parking spaces on a parking pad. Good long-term tenants who pay on time: Unit #3 rents for $3,300/month through 5/31/27, Unit #2 rents for $1,900/month through 4/30/27, and Unit #1 rents for $1,800/month through 8/31/26. Walk to Jewel Osco, Diversey Train and Buses. Rarely does a cash-flowing, value-add asset with flexible zoning, multiple exit strategies, and long-term redevelopment potential become available in one of Chicago's most sought-after neighborhoods!

Listing Status:

Active

Data Last Updated:

July 24, 2026 at 7:18AM

Listing Office:

Option Premier LLC : 312-500-5808

Listing Agent:

Cory Tanzer : 312-500-5808

MLS ID:

12705120

Interior

• Basement: None
• Heating: Natural Gas

Exterior

• Parking: YesOwnedParking spaces: 3

Location

• Originating MLS: mred
• School District: 299
• County: Cook

Lot

• Zoning: MULTI14291240471003

Utilities

• Water: Lake Michigan
• Sewer: Public Sewer

Financial

• Source: mred
• Ownership: Condo