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$399,000
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Property Description
Prime Investment Opportunity with Expansion Potential. Don't miss this unique commercial property offering exceptional upside. Situated adjacent to a city-owned vacant lot, this building presents a rare opportunity for future growth and potential expansion (buyer to verify possibilities with the city). The property features three storefronts, including two established long-term tenants, providing immediate income stability. The existing tenants hold valid licenses and may continue operating under current approvals, offering added security for investors. Currently zoned RT-4, the property would require rezoning for certain commercial redevelopment opportunities, making it an ideal candidate for investors or developers seeking to reposition and maximize value. Being sold as-is, this property is perfect for those looking to capitalize on its strong location, reliable tenant base, and long-term growth potential.
Full Property Details
Full Property Details for 514 W 71st St
General
- Price: $399,000
- Taxes: $26,921 (2024)
- Status: Active
- Type: Commercial
- Source: MRED
- MLS ID: 12582502
- Updated: 3/13/2026
- Added to Site: 25 day(s) ago
Business
- Business Type: Retail
Additional Information
- Security/Safety: Fire Extinguisher(s)
Location
- Area: CHI - Englewood
- County: Cook
- Driving Directions: i-94 to 71st street, 71st street west to Parnell.
Heating & Cooling
- Cooling Type: Central Air Conditioning
- Heating Type: Ceiling Units
Structural Information
- Construction: Brick
- Exterior Const.: Brick
- Stories/Levels: 1
- Square Feet: 4,600
- Current Bldg. Use: Zoning Change Required
- Year Built: 1914
Unit Information
- # Tenants: 2
Lot Features
- Lot Size (Sq. Ft.): 6,250
- Lot Dimensions: 125 x 50
Financial Considerations
- For Sale/Rent/Lease: For Sale Only
- Security Deposit: Fire Extinguisher/s
- Assessment Year: 1914
- Tax Amount: $26,921.84
- Tax Year: 2024
Disclosures and Reports
- Property ID: 20213260160000
Listed by HomeSmart Realty Group
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Schools
Schools serving 514 W 71st St
School District:Chicago Public School District 299
Disclaimer:
School attendance boundaries provided by ATTOM Data Solutions and are for reference only. Contact the school directly to verify enrollment eligibility.
Price & Sales History for 514 W 71st St
Date
Details
Price
Change
Source
3/07/2026
Listed
$399,000
513.85%
MLS
1/04/2010
Sold
$65,000
—
Public Record
Disclaimer: Historical sales information is derived from public records provided by the county offices. Information is not guaranteed and should be independently verified.
Tax History
Tax History for 514 W 71st St
Year
Property Taxes
Change
Tax Assessment
Change
2023
$15,729
3%
$74,550
—
2022
$15,334
2%
$74,550
—
2021
$14,991
7%
$74,550
18%
2020
$14,034
-12%
$63,000
-21%
2019
$15,940
2%
$79,337
—
2018
$15,672
32%
$79,337
44%
2017
$11,878
7%
$55,177
—
2016
$11,051
9%
$55,177
—
2015
$10,111
-1%
$55,177
—
2014
$10,237
2%
$55,177
—
2013
$10,035
1%
$55,177
—
2012
$9,901
—
$55,177
—
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 514 W 71st St
514 W 71st Street, Chicago, IL 60621 (MLS# 12582502) is a Commercial property. 514 W 71st Street is currently listed for $399,000 and was received on March 07, 2026. Want to learn more about 514 W 71st Street? Do you have questions about finding other Commercial real estate for sale in Englewood? You can browse all Englewood real estate or contact a Coldwell Banker agent to request more information.

