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Listed by Aaron Straussof Strauss Realty Ltd
$ 1,549,000
Est. payment | /mo
6,250 SqFt
$ 1,549,000
Est. payment | /mo
6,250 SqFt
Key Details
Property Type Commercial
Sub Type Mixed Use
Listing Status Active
Purchase Type For Sale
Square Footage 6,250 sqft
Price per Sqft $247
MLS Listing ID 12439393
Year Built 1889
Annual Tax Amount $14,888
Tax Year 2023
Lot Dimensions 25 X 124
Property Sub-Type Mixed Use
Property Description
Strauss Realty, Ltd. is pleased to present 1616 W. 18th Place, a fully leased 9-unit mixed-use building (8 residential , 1 commercial unit) located in Pilsen. The property features eight residential apartments (5) 1BD/1BA, (2) 2BD/1BA, and (1) 3BD/1BA, all leased on gross terms for simplified management. A 750 SF ground-floor commercial storefront is currently available for lease, with a letter of intent already received, providing immediate value-add potential. The building spans approximately 6,250 square feet and is offered at a 6.88% capitalization rate based on current net operating income of $106,561. With stable residential income and upside through commercial lease-up, this asset offers strong cash flow and long-term growth in a high-demand market. Conveniently located just half a block from Ashland and 18th Street, 2 blocks from the CTA Pink Line, and minutes from I-90/94 and I-55. The Pilsen neighborhood continues to see steady demand from both residents and small businesses.
Location
State IL
County Cook
Zoning MULTI
Interior
Cooling None
Fireplace Y
Exterior
View Y/N true
Building
Foundation Concrete Perimeter
Structure Type Brick,Concrete
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2600 S. Michigan Ave., STE 102, Chicago, IL, 60616, United States