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$1,200,000
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Property Description
Exceptional Mixed-Use Investment Opportunity! This rare package includes two modern buildings being sold together, offering a total of 10 residential units and 4 commercial storefronts in a prime, income-producing location. 342-348 E. 71st, features four retail storefronts and four spacious 2-bedroom apartments, while 7051 S. Calumet Avenue is a three-story, six-unit apartment building, with all six units offering 2-bedroom layouts. Additional improvements include a partial roof replacement in 2024 on 342-348 E 71st, along with updated electrical and copper plumbing in 2020. The residential units are highly desirable 2-bedroom layouts, and the commercial component provides diversified income with additional upside potential. Whether you're expanding your portfolio or completing a 1031 exchange, this turnkey mixed-use investment offers strong cash flow, multiple revenue streams, and long-term appreciation potential.
Full Property Details
Full Property Details for 342 E 71st St
General
- Price: $1,200,000
- Taxes: $31,281 (2024)
- Status: Active
- Type: Commercial
- Source: MRED
- MLS ID: 12696374
Additional Information
- Security/Safety: Fire Extinguisher(s)
Location
- Area: CHI - Greater Grand Crossing
- County: Cook
- Township: Hyde Park
- Driving Directions: East or West on 71st street to 342 E. (North East Corner of 71st Street & Calumet Ave)
- Location Details: Chicago Southwest
Heating & Cooling
- Cooling Type: Central Air Conditioning, Central Individual, Office Only
- Heating Type: Central Heat/Individual Controls, Forced Air, Gas, None
Utilities
- Trash: 2760
Structural Information
- Construction: Brick, Concrete
- Exterior Const.: Brick, Concrete
- Foundation: Concrete Perimeter
- Roof: Membrane
- Stories/Levels: 3
- Current Bldg. Use: Commercial
- # of Stores: 3
- Year Built: 1915
- Built Before 1978: Yes
Unit Information
- # Tenants: 14
Lot Features
- Lot Size (Sq. Ft.): 7,500
- Lot Dimensions: 100 x 75
- Potential Use: Multi-Family, Retail
- Zoning: OTHER
Financial Considerations
- Insurance Fee: $21,000
- Operating Expenses: $69,561
- Other Fee: $3,300
- Security Deposit: Fire Extinguisher/s
- Assessment Year: 1915
- Tax Amount: $31,281.5
- Tax Year: 2024
- Tenant Pays: Air Conditioning, Electricity, Heat, Other
- Pays Electric: 720
- Pays Trash: 2760
Disclosures and Reports
- Property ID: 20223260160000
Listed by POWER Realty Chicagoland,PLLC
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Schools
Schools serving 342 E 71st St
School District:Chicago Public School District 299
| Name | Grades | Distance |
|---|---|---|
Park Manor Elementary School 7037 South Rhodes Avenue, Chicago, IL 60637 | PK-8 | 0.3 mi |
Disclaimer:
School attendance boundaries provided by ATTOM Data Solutions and are for reference only. Contact the school directly to verify enrollment eligibility.
Tax History
Tax History for 342 E 71st St
Year
Property Taxes
Change
Tax Assessment
Change
2023
$24,750
—
$155,701
33%
2023
$24,750
3%
$117,306
—
2022
$24,128
2%
$117,306
—
2021
$23,589
2%
$117,306
13%
2020
$23,220
11%
$104,232
—
2019
$20,942
306%
$104,232
300%
2018
$5,153
-10%
$26,089
-2%
2017
$5,733
7%
$26,630
—
2016
$5,334
9%
$26,630
—
2015
$4,880
-1%
$26,630
—
2014
$4,941
2%
$26,631
—
2013
$4,843
1%
$26,631
—
2012
$4,779
—
$26,631
—
Disclaimer: Historical tax information is derived from public records provided by the county offices. Information is not guaranteed and should be independently verified.
Estimate the Cost
Estimate the Cost for 342 E 71st St
342 E 71st Street, Chicago, IL 60619 (MLS# 12696374) is a Commercial property. 342 E 71st Street is currently listed for $1,200,000 and was received on July 08, 2026. Want to learn more about 342 E 71st Street? Do you have questions about finding other Commercial real estate for sale in Greater Grand Crossing? You can browse all Greater Grand Crossing real estate or contact a Coldwell Banker agent to request more information.

