A Rare Victorian Opportunity in Auburn Gresham: 7617 S Union Ave, Chicago, IL 60620
Priced at an attractive $74,700, the property at 7617 S Union Avenue presents an exceptional opportunity for investors, rehabbers, and owner-occupants eager to build equity in one of Chicago’s steadily rising neighborhoods.
Located in the heart of Auburn Gresham, this classic Victorian home offers more than 2,400 square feet of living space, combining historic charm with substantial upside potential. With five bedrooms, two full bathrooms, a full basement, and parking for two vehicles, this property stands out as a value-driven investment with multiple exit strategies.
Classic Victorian Charm with Endless Possibilities
Victorian homes are known for their timeless architectural appeal, and this residence is no exception. From its traditional façade to its generous interior layout, the home reflects the craftsmanship and solid construction that make historic Chicago properties so desirable.
The expansive square footage provides a strong foundation for customization, whether the goal is a modern renovation, a rental conversion, or a personalized dream home.
Inside, the layout offers flexibility rarely found at this price point. With five generously sized bedrooms, the home can easily accommodate a large household, multi-generational living, or multiple tenants. Each room offers ample space for creative redesign, allowing buyers to maximize both comfort and value.
Ideal for Investors and Owner-Occupants Alike
This property is particularly appealing due to its versatility. Savvy investors will recognize the potential for a profitable flip or a long-term rental in a neighborhood that continues to see growth and revitalization.
Auburn Gresham has become increasingly attractive due to community investment, improved amenities, and rising demand for affordable housing options within city limits.
For owner-occupants, this home offers a rare chance to purchase a sizable property at a value price and build equity through renovation. Rather than paying a premium for a fully updated home, buyers can tailor every detail to their personal taste while benefiting from future appreciation.
Full Basement with Added Value Potential
One of the standout features of this home is the full basement, which already includes a second full bathroom. This opens the door to a range of possibilities. The basement could be finished to create additional living space, such as a family room, guest suite, home office, or even a potential in-law arrangement (subject to local zoning and permitting).
Alternatively, it can remain as abundant storage space—an asset often overlooked but highly valued in urban homes.
This added square footage significantly enhances the property’s overall value proposition, allowing buyers to expand usable living space without altering the home’s footprint.
Practical Amenities and Parking Convenience
In a city like Chicago, parking is a major advantage. This property includes two total parking spaces, offering convenience and peace of mind for residents or tenants. Whether used for personal vehicles or as a rental perk, dedicated parking adds to the home’s desirability and long-term value.
The home’s existing layout and infrastructure also provide a solid starting point for renovations. With the right vision and improvements, this property can be transformed into a high-performing asset or a stunning personal residence.
A Neighborhood on the Rise: Auburn Gresham
Auburn Gresham is widely recognized as an up-and-coming South Side neighborhood with strong community roots and ongoing development initiatives. The area has benefited from increased attention from both public and private investors, making it a strategic location for real estate investment.
Residents enjoy access to local landmarks such as the Hamilton Park Cultural Center, which offers recreational facilities, green space, and community programming. Nearby schools, shopping, and dining options further enhance daily convenience and livability.
The neighborhood’s accessibility is another key advantage. With close proximity to public transportation and Interstate 94, commuting to downtown Chicago and surrounding areas is straightforward. This accessibility strengthens rental demand and broadens the appeal for future buyers.
Strong Upside at an Entry-Level Price
At $74,700, this property is priced well below the cost of many comparable homes in Chicago, making it an excellent entry point into the market. The low acquisition cost leaves room in the budget for renovations while still maintaining strong potential margins. Whether the plan is resale, rental income, or long-term appreciation, the numbers work in favor of a well-executed strategy.
Properties of this size and character are becoming increasingly rare at this price point, especially in neighborhoods showing consistent signs of growth. This makes 7617 S Union Avenue a compelling option for buyers who understand the value of buying early in a transitioning market.
Customize, Renovate, and Reimagine
What truly sets this home apart is the opportunity to customize it to your vision. From restoring original architectural details to implementing modern finishes and layouts, the possibilities are wide open. Buyers can choose to honor the Victorian heritage of the home or blend historic charm with contemporary design elements.
For rental investors, the five-bedroom configuration offers flexibility for maximizing rental income. For owner-occupants, the space allows for creativity, comfort, and long-term stability.
Conclusion: A Smart Move with Lasting Rewards
7617 S Union Ave is more than just a house—it’s an opportunity. With its spacious layout, classic Victorian style, full basement with a second bathroom, parking, and prime Auburn Gresham location, this property checks the boxes for value, potential, and versatility.
Whether you’re looking to flip, expand your rental portfolio, or create a custom home while building equity, this residence offers the foundation to do it all. In a market where size, location, and affordability rarely align, this property stands out as a smart and strategic investment waiting for the right vision.
FROM ZILLOW