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Mario Bilotas

mario@fourdaughtersrealestate.com +1(847) 910-5022

$ 450,000

Est. payment -/mo

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Price Dropped by $50K

8714 S COMMERCIAL AVE Chicago, IL 60617

2,425 SqFt

UPDATED:

Key Details

Property Type Commercial

Sub Type Mixed Use

Listing Status Active

Purchase Type For Sale

Square Footage 2,425 sqft

Price per Sqft $185

MLS Listing ID 12587967

Year Built 1899

Annual Tax Amount $7,663

Tax Year 2024

Lot Dimensions 25X140

Property Sub-Type Mixed Use

Property Description

8714 S. Commercial Ave. is a mixed-use retail and residential value-add opportunity located in Chicago's 60617 area. The property is being offered at $450,000 with a $25,000 buyer credit that may be applied toward the remaining renovation scope, subject to the terms of the purchase agreement. The asset consists of a 1,100-square-foot street-level retail storefront and five residential apartments, providing investors with a diversified income profile supported by neighborhood-serving retail and workforce housing demand. With three residential units and the retail storefront currently positioned for lease-up, the property offers a clear path to near-term income while the remaining apartments are completed and brought online. Lease the completed residential units and storefront, use the resulting operating momentum to reduce carrying costs, and complete the remaining residential renovations to achieve stabilized occupancy and cash flow. Residential and Retail Components The residential component includes: Three 2BR/1BA apartments that are move-in ready Two 3BR/1BA apartments requiring completion One 1,100-square-foot retail storefront that is move-in ready The two unfinished 3BR/1BA apartments require additional interior improvements, including drywall, kitchen cabinetry, appliances, finishes, and related completion work. The remaining renovation budget is estimated at $50,000. With the seller offering a $25,000 credit, the buyer's remaining estimated renovation exposure is reduced to $25,000, providing a more attractive basis and a defined path toward stabilization. Rather than deploying the full renovation budget before generating income, the buyer can sequence the remaining work while leasing the completed portions of the property. At stabilization, the property is projected to generate: Pro Forma Gross Revenue: $92,400 Effective Gross Revenue: $89,112 Pro Forma Net Operating Income: $53,482 Pro Forma Cap Rate on Estimated All-In Basis: 11.26% Based on an illustrative financing structure of 70% loan-to-value, the property may also produce $30,208 in annual cash flow after debt service, representing a projected 18.88% cash-on-cash return. Financing terms and actual returns will depend on the buyer's loan structure, renovation costs, lease-up timing, and operating performance. 8714 S. Commercial Ave. is well-suited for local and regional investors seeking a manageable mixed-use value-add opportunity with near-term income potential, limited remaining renovation exposure, and a measurable path to stabilized cash flow. The revised $450,000 asking price and $25,000 seller credit provide a more compelling entry point while preserving meaningful upside through renovation completion, leasing, and professional management.

Location

State IL

County Cook

Area Chi - South Chicago

Interior

Cooling None

Fireplace N

Exterior

Roof Type Rubber,Tar/Gravel

Building

Dwelling Type Mixed Use

Structure Type Brick,Stone

Listed by Anthony Hardy of Keller Williams ONEChicago

Nearby School & Business

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MY BLOGS

Vacant Land Scams are REAL

About 6 months ago, I received an email from (let’s call him) Charlie. A “nothing out of the ordinary” email from a common (and mildly validating) charlie…..@hotmail stating: “I have owned the lot for many years, but a couple of years ago I moved from Illinois to California, and I would like to sell

THE FRONT PORCH SWING

Oh, the memories. I remember my girls spending countless hours swinging front to back and side to side, hanging out with the neighborhood kids, splashing with the water hose, or crafting top-secret plans with their imaginations. It was awesome. How times have changed. With my two youngest girls slow

less is more, unless, it’s for less.

I hated looking for matching socks. Every day, my job required me to remove shoes at nearly every doorstep, and matching my socks was a daily frustration. Each day, I’d get my MLS home showing sheets ready, the electronic key card that opens lock-boxes, get dressed with minutes turning into seconds

Contact Us

Phone

+1(847) 910-5022

mario@fourdaughtersrealestate.com

Address

205 W. Miner Street, Arlington Heights, IL 60005, USA