5527 W Potomac Avenue
Chicago, IL 60651
- 5 beds
- 3 baths
- – sqft
- 3,125 sqft lot
- 1918 build
- – on site
Spring into your next investment opportunity with this professionally managed, LEGAL 2-FLAT with a BONUS garden-level in-law apartment, located in Chicago's thriving Austin neighborhood! This solid 1915 brick building is full of character and offers an excellent opportunity to grow your portfolio or offset your mortgage while building equity. The property features a well-maintained 2-bedroom, 1-bath main-level unit, and a 3-bedroom, 1-bath upper unit complete with an enclosed porch-ideal as a den or third bedroom. Both units offer a spacious floor-plan with hardwood floors *carpet only in unit 1 living room * and separate living room, dining room and an eat-in kitchens. The finished lower-level garden unit is currently rented for $1,050/month to a reliable tenant who has paid on time consistently since the property was purchased. Current rental income totals $4,583/month, including: Garden Unit: $1,050 | Units 1 & 2: Combined $3,403 | Parking: $130 | That's a gross annual income of $54,996, offering solid cash flow from day one. Whether you're looking to house hack or simply add a reliable asset to your rental portfolio, this multi-unit delivers flexibility and income potential in equal measure. A fenced backyard and 2-car garage offer convenience and added appeal for both owners and tenants. With a Walk Score of 78, and easy access to major bus routes and expressways, this property is well-positioned for commuters and city lovers alike. Photos were taken after recent unit refurbishments in early 2024, showcasing updated interiors that blend comfort with historic charm. The low property taxes make this investment even more attractive for cash flow-minded buyers. FHA buyers welcome! Whether you're an investor looking for steady returns or an owner-occupant ready to make a smart move, this is the kind of opportunity that doesn't come around often-schedule your showing today! Please note: property taxes do not reflect a homeowners exemption, occupy and claims yours for additional savings.
Last checked:
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Last updated May 3, 2025
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MLS# 12328890 —
The Building
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Year Built:1918
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Rebuilt:No
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New Construction:false
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Construction Materials:Brick
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Roof:Flat
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Basement:Finished, Exterior Entry, Full, Walk-Out Access
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Foundation Details:Concrete Perimeter
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Patio And Porch Features:Porch
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Other Equipment:CO Detectors, Water Heater-Gas
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Window Features:Screens
Interior
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Room Type:Enclosed Porch
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Rooms Total:14
Location
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Directions:LARAMIE TO POTOMAC WEST TO PROPERTY.
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Location:87688
The Property
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Parcel Number:16041250080000
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Property Type:Residential Income
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Location:N
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Lot Size Dimensions:25X125
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Zoning:MULTI
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Waterfront:false
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Additional Parcels:false
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Fencing:Fenced
Listing Agent
- Contact info:
- Agent phone:
- (312) 498-8473
- Office phone:
- (312) 498-8473
Taxes
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Tax Year:2023
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Tax Annual Amount:4862.78
Beds
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Bedrooms Total:5
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Bedrooms Possible:5
Baths
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Baths:3
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Full Baths:3
The Listing
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Special Listing Conditions:None
Heating & Cooling
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Heating:Natural Gas
Utilities
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Sewer:Public Sewer, Other
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Water Source:Lake Michigan
Schools
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Elementary School:Disney Elementary School Magnet
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Elementary School District:299
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Middle Or Junior School:Young Elementary School
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Middle Or Junior School District:299
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High School:Prosser Career Academy Senior Hi
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High School District:299
The Community
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Community Features:Curbs, Gated, Sidewalks, Street Lights, Street Paved
Parking
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Parking Total:2
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Parking Features:No Garage, On Site, Garage Owned, Detached, Garage
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Garage Spaces:2
Walk Score®
Provided by WalkScore® Inc.
Walk Score is the most well-known measure of walkability for any address. It is based on the distance to a variety of nearby services and pedestrian friendliness. Walk Scores range from 0 (Car-Dependent) to 100 (Walker’s Paradise).
Bike Score®
Provided by WalkScore® Inc.
Bike Score evaluates a location's bikeability. It is calculated by measuring bike infrastructure, hills, destinations and road connectivity, and the number of bike commuters. Bike Scores range from 0 (Somewhat Bikeable) to 100 (Biker’s Paradise).
Transit Score®
Provided by WalkScore® Inc.
Transit Score measures a location's access to public transit. It is based on nearby transit routes frequency, type of route (bus, rail, etc.), and distance to the nearest stop on the route. Transit Scores range from 0 (Minimal Transit) to 100 (Rider’s Paradise).
Soundscore™
Provided by HowLoud
Soundscore is an overall score that accounts for traffic, airport activity, and local sources. A Soundscore rating is a number between 50 (very loud) and 100 (very quiet).
Sale history
| Date | Event | Source | Price | % Change |
|---|---|---|---|---|
|
5/2/25
May 2, 2025
|
Listed / Active | MRED | $485,000 | 133.9% (45.3% / YR) |
|
5/20/22
May 20, 2022
|
MRED | $207,375 | 3.7% | |
|
3/15/22
Mar 15, 2022
|
MRED | $200,000 |
