Coming Soon: 4250 N Tripp Ave
Old Irving Park 3-Flat with Income + House-Hacking Potential
Quick Answer
Coming soon at 4250 N Tripp Ave in Old Irving Park, this well-maintained 3-flat offers three leased residences generating $58,200 in annual rental income, or $4,850 per month in gross rent. Set on an oversized, extra-wide lot, the property combines immediate income with the flexibility of a multi-unit property that could also offer future house-hacking potential for an owner-occupant.
A Chicago 3-Flat with Flexibility Built In
Chicago's multi-unit housing stock can offer something a single-family home can't: the ability for one property to serve as both a home and an investment.
At 4250 N Tripp Ave, three distinct residences provide that flexibility:
First Floor: 1 bedroom, 1 bath
Rear ADU: 2 bedrooms, 2 baths with a private entrance and in-unit laundry
Second Floor: 2 bedrooms, 1 bath
All three residences are currently leased, generating $58,200 in annual rental income.
For an investor, that means income is already in place. For a future owner-occupant, the configuration creates another possibility: house hacking.
What Is House Hacking?
House hacking is a real estate strategy in which an owner lives in one portion of a multi-unit property while renting the other residence or residences.
For example, a future owner of 4250 N Tripp could potentially occupy one residence and continue renting the other two, subject to the existing leases and applicable requirements. The rental income could help offset some of the property's mortgage, taxes, insurance and other ownership expenses.
With three separate residences, this property offers multiple ways to think about its long-term use, whether the goal is investment income today or potential owner occupancy in the future.
$58,200 in Current Annual Rental Income
For investment buyers, the numbers are an important part of the story.
The three currently leased residences generate $58,200 per year in gross rental income, equal to approximately $4,850 per month.
Beyond the existing income, the property has features that can help support long-term usability for residents, including separate living spaces, a private ADU entrance, in-unit laundry in the ADU, a driveway, a detached one-car garage and outdoor space.
Updated Interiors + Three Distinct Residences
The property has been well maintained with updates throughout.
Interior features include hardwood floors, granite countertops and stainless steel appliances. A bathroom was remodeled in 2023, while the rear ADU has been refreshed with new flooring, fresh paint, new blinds, and a new washer and dryer.
The separate ADU is particularly useful for a multi-unit property, offering two bedrooms, two bathrooms, its own entrance and in-unit laundry.
An Extra-Wide Lot with Outdoor Space
The oversized, extra-wide lot gives the property something that's harder to find in a typical Chicago multi-unit building: meaningful outdoor space.
A spacious backyard and deck provide room to spend time outside, including sunset views from the deck.
Parking includes a driveway and detached one-car garage currently included with the second-floor residence, with additional street parking available nearby.
Why Old Irving Park?
Old Irving Park offers an appealing combination of city accessibility and residential character.
The neighborhood is known for its tree-lined streets and historic homes while still providing convenient access to restaurants, coffee shops, parks and everyday shopping.
Transportation is another advantage. Residents have access to the CTA Blue Line, Metra and nearby expressways, making it convenient to reach Downtown Chicago, O'Hare and other parts of the city.
That combination can be particularly useful for a multi-unit investment property because location and transportation options matter not only to the owner, but also to current and future tenants.
Investor, Owner-Occupant or Both?
That's what makes a Chicago 3-flat interesting.
For an investor, 4250 N Tripp Ave currently produces $58,200 in annual gross rental income from three leased residences.
For someone interested in house hacking, the three-unit configuration provides the potential to eventually occupy one residence while retaining rental income from the others, subject to existing leases and applicable requirements.
And for a buyer thinking longer term, an extra-wide lot, outdoor space, parking and a location near multiple transportation options add another layer of flexibility.
Frequently Asked Questions
What is house hacking?
House hacking generally means purchasing a property, living in one portion of it and renting the remaining space or units. Rental income can then help offset some of the costs of owning the property.
How many units are at 4250 N Tripp Ave?
The property has three residences: a first-floor 1-bedroom, 1-bath residence; a rear 2-bedroom, 2-bath ADU; and a second-floor 2-bedroom, 1-bath residence.
Is 4250 N Tripp currently rented?
Yes. All three residences are currently leased and generate a combined $58,200 in annual gross rental income.
Does the property have parking?
Yes. The property includes a driveway and detached one-car garage, which is currently included with the second-floor residence.
Is 4250 N Tripp close to public transportation?
Yes. The Old Irving Park location provides access to both the CTA Blue Line and Metra, along with nearby expressways.
Busby Group Perspective
Multi-unit properties can give buyers more options than a traditional single-family home. The same property can provide rental income, potential future owner occupancy and the flexibility to adapt as an owner's real estate goals change.
At 4250 N Tripp Ave, the combination of three leased residences, $58,200 in annual gross rental income, an extra-wide lot, outdoor space and access to both the Blue Line and Metra makes this one worth watching for buyers exploring Old Irving Park investment properties or house-hacking opportunities.
Contact Busby Group for additional details and early information on 4250 N Tripp Ave.
Property details, rental information, availability and features are subject to change. Buyers should independently verify rental income, leases, zoning, ADU status and any intended future use of the property.