Lakeview Investment Property Just Closed: 3 Units, 7 Bedrooms and Value-Add Potential
A multi-unit investment property at 1507 W George St in Lakeview officially closed for $1,265,000 on September 9, 2026.
The four-story brick and block building contains three residential units totaling seven bedrooms, private outdoor space for each unit, in-unit laundry, separate mechanical systems and three rear parking spaces. The property was represented by Serena Phillips-Dunn of The Cory Tanzer Group at Option Premier.
Three Units Under One Lakeview Investment
Rather than a traditional single-family home, 1507 W George St offered investors three separate residences within one property.
The unit mix included:
Unit 3: 3-bedroom, 2-bath duplex-up with approximately 1,862 square feet, vaulted ceilings and strong natural light
Unit 2: 2-bedroom, 1-bath residence with approximately 919 square feet
Unit 1: 2-bedroom, 1-bath garden residence with approximately 907 square feet
Each unit includes a private rear balcony, in-unit washer and dryer, central HVAC and an individual water heater. The property also includes a fenced backyard and three rear parking spaces.
That combination gives an investor multiple individual rental streams while retaining control of the broader property.
$7,000 in Monthly Rental Income at the Time of Marketing
When the property was marketed, its three units were generating a combined $7,000 per month in rental income.
The rent schedule provided at the time was:
Unit 3: $3,300/month
Unit 2: $1,900/month
Unit 1: $1,800/month
The listing positioned those rents as below market, creating potential upside through future rent adjustments and cosmetic improvements.
Because one of the stated lease dates ended before the September closing, those figures should be viewed as the rental income reported while the property was being marketed, rather than a representation of current post-closing rents.
A Different Ownership Structure for a Chicago Multi-Family Property
One of the more unusual aspects of this transaction was its ownership structure.
The building was offered as a portfolio of three individual condominium PINs, with the possibility of consolidating the ownership structure into a single tax PIN subject to the appropriate legal and municipal process.
That creates another consideration for investors beyond traditional rent and operating expenses.
The property was also marketed with RT-3.5 zoning, giving a future owner additional reasons to investigate long-term use and redevelopment possibilities. Any redevelopment or zoning strategy would, of course, require independent verification with the City of Chicago and the appropriate professionals.
Why Lakeview Continues to Attract Real Estate Investors
Lakeview offers something many Chicago investors look for: a dense residential population, established transit, neighborhood retail and persistent rental demand.
The property is close to the Diversey CTA station, bus service, Jewel-Osco and the broader Lakeview commercial corridors.
Option Premier's Chicago investment property guide explains why multi-unit buildings can be particularly interesting to investors: rather than relying entirely on appreciation, buyers can analyze existing rents, operating costs, renovation opportunities and potential future income.
Lakeview has also remained an active investment market in 2026. A recent $61.5 million apartment portfolio acquisition in East Lakeview involved 182 existing apartments and plans for additional long-term housing investment, another sign of institutional interest in the neighborhood.
What This Lakeview Closing Shows Investors
A multi-family purchase is not simply a larger version of buying a condo.
Investors have to evaluate current rents, lease expiration dates, unit condition, operating expenses, zoning, ownership structure, potential capital improvements and realistic future rent growth.
At 1507 W George St, the buyer acquired three existing residences in an established Lakeview location, together with parking, private outdoor space and an existing rental history.
For investors comparing other Chicago income properties, the key question is not simply whether a building produces rent today. It is how the purchase price, current income and realistic future upside work together.
Work With a Local Lakeview Real Estate Expert
Lakeview includes everything from condos and luxury single-family homes to two-flats, three-flats and larger rental properties. Those different property types require very different pricing and transaction strategies.
Serena Phillips-Dunn of The Cory Tanzer Group at Option Premier helps clients navigate Chicago real estate with a focus on clear communication, negotiation and property-specific strategy.
For investors, that can mean looking beyond the asking price to understand the property's unit mix, rental history, lease structure, condition and potential future use.
Serena is backed by The Cory Tanzer Group, a top real estate team in Chicago with experience across residential and investment transactions throughout the city. Based on 2025 production, RealTrends verified the group at 181 transaction sides and $79.28 million in volume, ranking it No. 3 in Chicago by transaction sides.
If you're considering buying or selling a Lakeview investment property, Serena and The Cory Tanzer Group can help you evaluate the property and build a strategy around your goals.
LAKEVIEW CHICAGO REAL ESTATE
Meet Serena Phillips-Dunn, Your Local Lakeview Real Estate Expert
COO & Team Lead, The Cory Tanzer Group at Option Premier
Serena Phillips-Dunn helps buyers, sellers and property owners navigate Lakeview and the broader Chicago real estate market. With a background in marketing, an M.A. in Journalism and previous experience as a CBS field producer, Serena brings strong communication, strategic thinking and skilled negotiation to each transaction.
Ready to Work With a North/NorthWest Expert?
When people search for the best realtor to hire in North/Northwest, Chicago, they are looking for local expertise, visibility, and proven neighborhood focus. The Cory Tanzer Group at Option Premier continues to be a trusted authority for Chicagoland real estate.
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