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$1,650,000
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Property Description
11 unit building which offers comfortable living on the West Side-less than half a mile from Oak Park. This unique and rare investment opportunity features 11 spacious, cozy units, each thoughtfully designed with one separate bedroom, a large living room suitable for a living/dining room combination, one bathroom, a kitchen, hall closet, and a private furnace room. New flooring and freshly painted with newer appliances throughout the building. Some units have new furnaces. This property offers far more than expected, including excellent access to public transportation with the Green Line train and bus just steps away. Tenants will also enjoy proximity to Levin Park, convenient street parking, and five exterior parking spaces-providing added convenience and the potential for additional income. The property also includes an area ideal for coin-operated laundry and individual storage units. This can also be an additional residential unit. Property is presently empty and being sold "As-Is". Units are all ready to rent.
Full Property Details
Full Property Details for 5500 W Lake St
General
- Price: $1,650,000
- HOA FEE: $1,000
- Taxes: $14,551 (2023)
- Status: Active
- Type: Commercial
- Source: MRED
- MLS ID: 12680755
- Updated: 6/23/2026
- Added to Site: 17 day(s) ago
Location
- Area: CHI - Austin
- County: Cook
- Driving Directions: Central Ave to Lake Street, east to address
Heating & Cooling
- Cooling Type: Window Unit(s)
- Heating Type: Forced Air
Utilities
- Trash: 1200
Structural Information
- Construction: Brick
- Exterior Const.: Brick
- Foundation: Concrete Perimeter
- Stories/Levels: 3
- Current Bldg. Use: Multi-Family
- Year Built: 1964
- Built Before 1978: Yes
Unit Information
- Units w/Refrigerators: 11
- Units w/Range/Oven: 11
Lot Features
- Lot Dimensions: 50 x 130
- Potential Use: Multi-Family
- Zoning: MULTI
Financial Considerations
- Maint. Fee: $1,000
- Insurance Fee: $3,000
- Operating Expenses: $5,000
- Assessment Year: 1964
- Tax Amount: $14,551
- Tax Year: 2023
- Tenant Pays: Electricity, Heat
- Pays Electric: 910
- Pays Trash: 1200
Disclosures and Reports
- Property ID: 16091210340000
Listed by R4 Commercial Real Estate Solutions
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Schools
Schools serving 5500 W Lake St
School District:Chicago Public School District 299
| Name | Grades | Distance |
|---|---|---|
Ellington Elementary School 243 North Parkside Avenue, Chicago, IL 60644 | PK-8 | 0.2 mi |
Douglass Academy High School 543 North Waller Avenue, Chicago, IL 60644 | 9-12 | 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.
Price & Sales History for 5500 W Lake St
Date
Details
Price
Change
Source
6/17/2026
Listed
$1,650,000
150%
MLS
10/26/2022
Sold
$660,000
—
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 5500 W Lake St
Year
Property Taxes
Change
Tax Assessment
Change
2023
$14,552
—
-100%
2023
$14,552
3%
$68,969
—
2022
$14,186
53%
$68,969
50%
2021
$9,266
-14%
$46,077
-5%
2020
$10,820
11%
$48,570
—
2019
$9,758
271%
$48,570
265%
2018
$2,628
-3%
$13,302
5%
2017
$2,721
-14%
$12,638
-20%
2016
$3,169
-13%
$15,822
-20%
2015
$3,626
-2%
$19,787
-1%
2014
$3,696
-57%
$19,919
-58%
2013
$8,681
1%
$47,730
—
2012
$8,565
—
$47,730
—
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 5500 W Lake St
5500 W Lake Street, Chicago, IL 60644 (MLS# 12680755) is a Commercial property. 5500 W Lake Street is currently listed for $1,650,000 and was received on June 17, 2026. Want to learn more about 5500 W Lake Street? Do you have questions about finding other Commercial real estate for sale in Austin? You can browse all Austin real estate or contact a Coldwell Banker agent to request more information.

