8138 S Calumet Ave 6 Unit Apartment Building $575,000 ($95,833/Unit) Chicago, IL 60619

8138 South Calumet Avenue offers a rare opportunity to acquire a well-maintained six-unit multifamily building in Chicago's established Chatham neighborhood. This long-term family-owned property features six spacious two-bedroom apartments, each providing immediate upside through strategic improvements and rent repositioning. Current rents are below market, creating significant value-add potential for investors seeking enhanced returns. Recent capital improvements include a new boiler (2022), updated electrical service (400 AMP in 2022), a new hot water system (2021), and regular roof maintenance, minimizing near-term repair obligations. Additional opportunities exist to convert select units into three-bedroom layouts, add a garden apartment (subject to zoning and approval), and integrate on-site laundry for incremental income streams. The property benefits from its prime location in a quiet residential block, just steps from local amenities and strong transit connections. Easy access to the Dan Ryan Expressway (I-94), nearby CTA Red Line and Metra Electric stations, and proximity to the growing South Side cultural corridor—including the recently opened Barack Obama Presidential Center—position this asset within a dynamic market for long-term appreciation and stable cash flow.