511 N Taylor Avenue, Oak Park IL 60302
Property Description
ATTENTION CASH INVESTORS, CONTRACTORS & REHAB SPECIALISTS! MAJOR PRICE REDUCTION - EXCEPTIONAL OAK PARK 3-FLAT INVESTMENT OPPORTUNITY! Recent Deal fell through right before closing due to financing. Bring your vision, experience, and renovation expertise to this fully occupied, income-producing 3-Flat in desirable Oak Park location! This property presents exciting value-add opportunity for experienced investor, contractor, or rehabilitation specialist looking to acquire a multifamily building with established tenants, existing rental income, below-market rents, and significant long-term potential. Seller has made a substantial price reduction to reflect property's current condition and is highly motivated to secure a qualified buyer. Building features (3) residential units, including an exceptionally spacious upper-level 3-bd/1 bath apartment. (2) additional 1-bd/ 1bth units. Upper unit is particularly impressive in size, offering generous living space and a layout w/tons of natural light. All units have their own washer & dryer! All units occupied by established tenants, providing an immediate rental income stream. Current rents are below market value, offering the potential for future rental growth as improvements are completed and leases permit. Additional highlights include a two-car garage plus an additional tandem exterior parking space, providing valuable off-street parking for residents. These amenities, combined with the building's existing legal 3-unit configuration and generous living accommodations, contribute to its appeal as a long-term rental investment. LOCATION IS A MAJOR ADVANTAGE! Situated in the established and highly desirable Oak Park community, property offers convenient access to neighborhood shopping, dining, parks, public transportation, and the many amenities that make Oak Park such an attractive place to live. For an investor with the resources and expertise to complete the necessary improvements, this location offers an appealing foundation for a long-term investment strategy. Cash buyers are the seller's priority, although specialized renovation financing may be explored on a case-by-case basis. HIGHLY MOTIVATED SELLER - SIGNIFICANT PRICE REDUCTION - SOLD STRICTLY AS-IS! Seller will make no repairs and is seeking a serious, financially qualified buyer who can accommodate the property's condition, present a straightforward offer.
Features & Information
Key Details
- List Price $400,000
- Property Taxes $16,235
- Year Built 1924
- Status New
- List Market Time 2
Units
-
Unit 1
- Floor 1
- Rooms 3
- Beds 1
- Baths 1
- Appliances Stove, Refrigerator
- Rent $1,200/mo
- Tenant Pays Electric
- Lease Expires 01/27
-
Unit 2
- Floor 2
- Rooms 4
- Beds 1
- Baths 1
- Appliances Stove, Refrigerator, Dishwasher
- Rent $1,520/mo
- Tenant Pays Electric
- Lease Expires 4/26
-
Unit 3
- Floor 1
- Rooms 7
- Beds 3
- Baths 1
- Appliances Stove, Refrigerator
- Rent $2,150/mo
- Tenant Pays Electric
- Lease Expires 02/27
Exterior Features
-
Parking
- # of Cars: 6
Building Information
- Number of Units 3
- Age of Building 100+ Years
Location
- County Cook
- Township Oak Park
- Corporate Limits Oak Park
- Directions to Property 1st Blk North Of Chicago Ave, Btwn Ridgeland & Austin
-
Schools
- Elementary School District 97
- Junior High District 97
- High School District: 200
- School Name Oak Park & River Forest High Sch
-
Property Taxes
- Tax 16235.07
- Tax Year 2025
- Tax Exemptions None
- Parcel Identification Number 16053240320000
Listed by Julie Bapst for eXp Realty | Source: MRED as distributed by MLS GRID
Based on information submitted to the MLS GRID as of 10/13/2026 6:32 AM. All data is obtained from various sources and may not have been verified by broker or MLS GRID. Supplied Open House Information is subject to change without notice. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.
Mortgage Calculator
- List Price${ formatCurrency(listPrice) }
- Taxes${ formatCurrency(propertyTaxes) }
- Assessments${ formatCurrency(assessments) }
- List Price
- Taxes
- Assessments
Estimated Monthly Payment
${ formatCurrency(monthlyTotal) } / month
- Principal & Interest${ formatCurrency(monthlyPrincipal) }
- Taxes${ formatCurrency(monthlyTaxes) }
- Assessments${ formatCurrency(monthlyAssessments) }
All calculations are estimates for informational purposes only. Actual amounts may vary.