REQUEST A TOUR If you would like to see this home without being there in person, select the "Virtual Tour" option and your agent will contact you to discuss available opportunities.
In-PersonVirtual Tour
$ 450,000
Est. payment | /mo
2,425 SqFt
$ 450,000
Est. payment | /mo
2,425 SqFt
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
© 2026 Listings courtesy of MRED as distributed by MLS GRID. All Rights Reserved.
Listed by Anthony Hardy of Keller Williams ONEChicago
Nearby Locations
Helping buyers and sellers move with convidence