What $749K Buys in University Village / Little Italy: A 3-Flat With $6,225/Month Rental Potential
1003 S Racine Ave · Chicago, IL 60607 · University Village / Little Italy
Projected rental income is based on current lease and market-rent figures and is not net income or guaranteed future income. Pricing and availability are subject to change.
At 1003 S Racine Ave, Chicago, IL 60607, buyers get an entire three-flat multifamily property with three residential units, historic brick character, assigned parking for two of the units, and projected monthly rental income totaling $6,225.
The property sits near Taylor Street, UIC, parks, public transportation, and Downtown Chicago, positioning it for buyers looking beyond a traditional condo or single-family home.
Three Units Under One Chicago Address
The property contains three separate residences, giving buyers multiple income streams within one building.
The current MLS describes the rent structure as:
Garden unit: $1,825/month, currently leased through April 30, 2027
Middle-floor unit: projected market rent of $2,150/month, with an assigned parking space
Top-floor unit: projected market rent of $2,250/month, with an assigned parking space
Together, those figures equal $6,225 in projected monthly gross rent, or $74,700 annually before vacancy, taxes, insurance, maintenance, utilities, repairs, financing, and other operating expenses.
Current MRED-fed listing information shows the garden unit leased while the two upper units are presently vacant, so buyers should review current leases and occupancy before underwriting the property.
Why a Chicago 3-Flat Can Appeal to Different Buyers
A three-flat sits in an interesting middle ground between buying one condo and purchasing a larger apartment building.
An investor can evaluate the property primarily around rents, operating costs, condition, and long-term income potential.
An owner-occupant may have a different strategy, potentially living in one residence while renting the others, subject to financing requirements, leases, and the buyer's individual plans.
Our recent guide to a new three-flat near Chicago's Medical District explains why buyers considering two-flats, three-flats, and four-flats need to analyze both the property itself and the rental numbers.
Historic Brick Character Near Taylor Street
The current MLS identifies the building as a brick three-flat originally built in 1848.
Its University Village / Little Italy location places residents near the restaurants, cafés, and neighborhood businesses surrounding Taylor Street, along with nearby green spaces including Arrigo Park and Sheridan Park.
The property also offers access to CTA service, including the Blue Line, bus routes, and major expressways.
For a broader look at the community, explore our University Village Chicago guide.
Location Matters for a Rental Property
For a small multifamily buyer, the building itself is only part of the equation.
1003 S Racine Ave sits within Chicago's Near West Side, close to UIC, Little Italy, University Village, the Illinois Medical District, and Downtown Chicago.
That puts the property near universities, hospitals, employment centers, dining, parks, transit, and major road connections that may matter when evaluating long-term renter demand.
The Cory Tanzer Group has also remained particularly active in this part of Chicago. In 2026, the team ranked No. 1 across University Village and University Commons with more than 40 sales year to date. Read more about the team's University Village market activity.
Want to Evaluate This University Village 3-Flat?
At $749,000, 1003 S Racine Ave gives buyers three residential units under one ownership structure with projected rents totaling $6,225 per month.
For an investment property, however, gross rent is only the starting point. Buyers should review the current leases, actual operating expenses, property taxes, insurance, utilities, building condition, expected repairs, vacancy assumptions, and available financing before determining whether the numbers fit their goals.
Contact Cory Tanzer of The Cory Tanzer Group at Option Premier to schedule a private showing, request additional property information, or compare this three-flat with other Chicago multi-family investment properties.
University Village & Little Italy Real Estate
Meet Cory Tanzer, Your Local University Village Real Estate Expert
CEO & Owner, Option Premier · The Cory Tanzer Group
Cory Tanzer is a lifelong Chicagoan, University Village resident, and leader of The Cory Tanzer Group at Option Premier. His local experience helps buyers and investors evaluate multi-unit properties, rents, location, comparable sales, parking, building condition, and other factors that can influence value throughout University Village, Little Italy, and Chicago's Near West Side.
