7200 S Vincennes Avenue
Chicago, IL, 60621
$349,999
3 Beds
2 Baths
0 SqFt
0.38 Acres
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MLS #MRD12649787 image #0
ENTIRE BLOCK opportunity in Chicago’s Vincennes Village. 24-unit multifamily complex with a stamped architectural pricing set already in hand. Four contiguous four-story masonry buildings address 7200-7206 S Vincennes Ave and 7203-7205 S Wentworth Ave, with onsite manager’s office and an interior community courtyard. Current configuration is 24 units (12 two-bedroom/one-bath and 12 one-bedroom/one-bath), six units per building. Zoned C1-2. The buyer steps into a fully designed, fully scoped rehab – not a guess. The complete architectural pricing set (dated 04/24/2026, Michael Office of Architecture) reconfigures the property to 26 units by adding new basement units and converting select upper-floor one-bedrooms into two-bedrooms. The sale includes the entire block – buildings plus the contiguous vacant parcel to the south. Drawings convert that south parcel into a 24-stall striped parking lot with new storm water system, masonry trash enclosure, landscaping, wrought iron fencing, and a 12′ remote sliding gate. Extensive rehab needed across all four buildings – masonry restoration, structural repairs, full window/door replacement, complete MEP (all-electric base bid with gas alternates priced), and full interior finishes spec’d as contractor-grade for-rent. Protective canopies and secure entries are already in place. The property sits in a designated Qualified Opportunity Zone (60621). Investors rolling capital gains into a Qualified Opportunity Fund that acquires and substantially improves this asset can defer the original gain and eliminate federal tax on all appreciation if the QOF interest is held 10+ years. A heavy rehab basis clears the substantial-improvement test cleanly, and a stabilized multifamily reposition lines up with the 10-year hold horizon – materially better after-tax IRR than a non-OZ comparable for HNW investors carrying a large unrealized gain. Sold as-is. Full architectural pricing set, design narrative, survey, and photos available to qualified buyers on request.

Property Details

Price:
$349,999
MLS #:
MRD12649787
Status:
Active
Beds:
3
Baths:
2
Type:
Commercial
Neighborhood:
chigreatergrandcrossing
Listed Date:
May 15, 2026
Year Built:
1914
Chi – Greater Grand CrossingChigreatergrandcrossing

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Schools

Interior

Exterior

Construction Materials
Brick
Roof
Rubber
Stories
3

Financial

Tax Year
2024
Taxes
$15,555

Map

Community

Market Summary

Current real estate data for Commercial in Chicago as of Jun 18, 2026
912
Commercial Listed
185
Avg DOM
$992,845
Avg List Price

Property Summary

    7200 S Vincennes Avenue Chicago IL is a Commercial for sale in Chicago, IL, 60621. It is listed for $349,999

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