$249,900
**VACANT CHICAGO GREYSTONE | POTENTIAL THREE-UNIT CONVERSION | VALUE-ADD OPPORTUNITY NEAR MAJOR WEST SIDE REDEVELOPMENT | ESTIMATED RENOVATED 3-UNIT ARV $590K-$699K.** Delivered completely vacant, this 1903 limestone-front Classical Revival greystone in East Garfield Park, on a 25x125 RM-5 lot, is a true value-add canvas: two existing units (each 2 bed/1 bath; 9 rooms, 4 beds total), a full unfinished basement, original stone facade, and 2 exterior parking spaces. **The property requires a complete gut renovation, including extensive interior demolition and rehabilitation, and is best suited for experienced investors and contractors prepared to undertake a major restoration project.** The building is being sold as-is, and the property cleanout has been completed. Interior photos are available for buyers to review the property's current condition. **THE THIRD-UNIT PLAY:** Chicago's Additional Dwelling Unit ordinance, citywide since April 1, 2026, allows one conversion unit in eligible 1-4 unit buildings at least 20 years old in RM districts, with no added parking required and an exemption from minimum lot area per unit. Owner-occupancy and block-face limits may apply in the City's West ADU zone, and Department of Housing pre-certification, permits, and building-code compliance (including basement ceiling height and egress) are required. A third unit is not currently permitted or guaranteed; buyers should verify eligibility with the City and their architect. **WHY THE UPSIDE MATTERS:** Within one mile in the last six months, fully renovated vintage 3-flats closed at $589,000-$635,000 (3169 W Monroe, $635K), a fully remodeled 3-flat closed at $699,000, and renovated 2-flats with finished lower-level duplexes closed at $590,000-$610,000. Based on those closed sales, we estimate a fully renovated legal 3-unit after-repair value of approximately $590,000-$699,000, or roughly $500,000-$610,000 as a renovated 2-flat with a finished lower level. These are estimates only, not an appraisal or guarantee, and depend on renovation scope, condition, permits, and City approvals. **LOCATION:** East Garfield Park, steps from the Kedzie-Homan Blue Line and the I-290 Eisenhower, about 1.3 miles to the Illinois Medical District, and roughly 1.9 miles from the United Center on the Near West Side, where the $7 billion, 55-acre 1901 Project broke ground in June 2026 and received a full building permit for its 6,000-capacity Music Hall in November 2026 (Phase 1 targeted for 2028). Close to Garfield Park and the Conservatory, with fast access to downtown. **STRATEGIES:** Full renovation and resale, a long-term hold with potential three-unit income, or owner-occupancy with rental income, subject to financing and legal-use requirements. Cash or renovation financing recommended. Vacant and easy to show: schedule a private showing through ShowingTime. The property has been fully cleaned out, and interior photos are now available to showcase its existing condition and renovation potential.
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2
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12801938
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NEW
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3332 W Congress Parkway, Chicago
