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Updated 17 hours ago

516 W Melrose Ave

VERIFIED

Chicago, IL

1 Bed
•
1 Bath

650 Sq. Ft.

Available starting Nov. 6th
Floor plans
1 Bed • 1 Bath
$1,800
650 ft2
1 Available
-
$1,800
Available Nov 6th, 2026
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516 W Melrose Ave
516 W Melrose Ave
516 W Melrose Ave
Amenities
On-site Laundry
Hardwood Floors
Water Included
Elevator
Fees & leasing info
Pets
Cats Ok
Property details
Description

This charming vintage 1-bedroom, 1-bath apartment in Lakeview offers great value and comfort. Gas and heat are included, so you can stay warm all winter without worrying about high utility bills. The apartment has lots of closet space and a nicely updated kitchen and bathroom, giving you the right mix of classic character and modern convenience. Parking is available if you need it, making city living even easier. Cats are welcome here, and there’s no pet rent, which helps keep monthly costs low. You’ll love being close to Lakeview’s restaurants, cafés, shops, and public transportation options—it’s easy to get around and enjoy everything the neighborhood has to offer. This is the perfect spot for anyone looking for a cozy home in one of Chicago’s most walkable and lively areas.

Additional Details
Contact Name: Patrick Rovito
Total Unit Count: 1
Last Updated: Updated 17 hours ago
Contact Number: (773) 420-9636
Property manager information
Fulton Grace Realty
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Neighborhood
Lakeview
Ultimate Energy, Nightlife and Young Crowds in Chicago’s Lakeview

Chicago is home to many iconic professional sports teams. The White Sox, The Bears, The Bulls, The Blackhawks and of course the perennially--until recently--cursed but loved Chicago Cubs. If you’re a Cubs fan — and who isn’t? — the neighborhood called Lakeview is the home of Wrigley Field, the major league baseball stadium that seems to pop up in the center of the neighborhood from nowhere. The venerable Major League Baseball stadium was first constructed in 1914 when the Chicago Whales played in what was called the Federal League.

View All Lakeview Apartments

Affordability
To comfortably afford an apartment, we recommend having at least three times your monthy rent in gross household income.
View suggested annual incomes for 516 W Melrose Ave by bedroom type below.
1 Bedroom
Suggested income:
$64,800
per year
Rent report

516 W Melrose Ave Rent vs. Chicago Average

 516 W Melrose Ave      Chicago Average
1BR
$1,800
$2,088
$0
$700
$1,400
$2,100
$2,800

516 W Melrose Ave is asking 14% less than the average 1 bedroom apartment in Chicago.

If you upsized to an average priced Chicago 2 bedroom apartment, you would pay 19% more per month.

If you downsized to an average priced Chicago studio apartment, you would pay 25% less per month.

516 W Melrose Ave provides 6% less square footage than the average Chicago 1 bedroom apartment.

Monthly Rent Rent per Sq. Ft. Suggested
Monthly Income
516 W Melrose Ave
1BR $1,800 $2.80 $5,400
Chicago Average
Studio $1,675 $3.60 $5,026
1BR $2,088 $3.00 $6,263
2BR $2,562 $2.60 $7,687
3BR $3,091 $2.40 $9,273
4BR $2,506 $1.90 $7,519

Availability in Chicago

In order to find the best deal, you need to know what types of units are available. Property managers may be willing to give concessions if they have many vacant units.

There are currently 4,358 1BR units on the market in Chicago. If you're looking to negotiate, this may be your best option.

Studio
1BR
2BR
3BR
4BR
21% 35% 30% 10% 3%
Available Units in Chicago
Studio 2,613
1BR 4,358
2BR 3,719
3BR 1,175
4BR 431
Location
Nearby Colleges

DePaul University

City Colleges Of Chicago Harry S Truman College

DeVry University-Illinois

Harold Washington College

Argosy University-Chicago

FAQs
Is this property currently leasing units?
Yes, there is 1 unit available at this property.
How many units are move-in ready in the next 2 months?
This property has 1 unit available for move-in on November 06, 2026.
What's the square footage of the available units?
It's 650 square feet.
Does this property allow cats or dogs?
This property allows tenants to keep cats.
How many bedrooms are in the available units?
There are 1 bedroom units available.
How many bathrooms are in the available units?
There are 1 bathroom units available.
What's the monthly rent at this property?
516 W Melrose Ave has a 1 bedroom unit starting at $1,800.
Where is this property located?
This property is at 516 W Melrose Ave in Chicago, IL. It's 0.9 miles southeast from the center of Chicago.
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