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Listed by Cecil Sabuof ALLURE Real Estate
$ 1,300,000
Est. payment | /mo
14,100 SqFt
$ 1,300,000
Est. payment | /mo
14,100 SqFt
Key Details
Property Type Commercial
Sub Type Multi Family 5+
Listing Status Active Under Contract
Purchase Type For Sale
Square Footage 14,100 sqft
Price per Sqft $92
MLS Listing ID 12458578
Year Built 1929
Annual Tax Amount $16,002
Tax Year 2023
Lot Size 9,583 Sqft
Lot Dimensions 9583
Property Sub-Type Multi Family 5+
Property Description
4031 W Gladys Ave is a standout 18-unit brick courtyard building in Chicago's West Garfield Park - a neighborhood seeing renewed investor interest and strong rental demand. This classic Chicago masonry solid brick building offers a winning mix of twelve 2BD/1BA and six 3BD/1BA units, all with hardwood floors and efficient layouts. Ownership has already tackled the major improvements: new roof (2023), new Weil-McLain boiler (2024), updated plumbing and electrical, newer porches, and modern hot water systems - giving the next owner a rock-solid foundation to focus on unlocking upside. The property is cash flowing today at a healthy ~10% cap rate with NOI around $117K, but the real story is the HUD restrictions expiring in January 2026. Once lifted, units can be leased at full market rents without income limitations, propelling gross income above $255K and NOI toward $159K - a 15% cap rate opportunity. With light remodels during turnovers and smart leasing, investors can quickly reposition this asset into a market-rate performer. Even better, there's an expansion angle: the adjacent city-owned lot at 4039 W Gladys is available through the City of Chicago's ChiBuilder program. This gives the buyer an option to expand the footprint of the property in the future, or simply use the lot as on-site parking until ready to develop. This unique add-on makes the deal even more flexible and attractive for long-term investors. The location is unbeatable for renters: minutes from the CTA Blue Line Pulaski Station, multiple bus routes, and the I-290 Eisenhower Expressway, with quick access downtown and to the western suburbs. Set on a quiet, tree-lined block, the property blends classic neighborhood charm with prime commuter convenience. 4031 W Gladys delivers strong cash flow today, explosive rent growth in 2026, and a built-in expansion play for the future - a rare combination in Chicago multifamily. Investors looking for both stability and upside won't want to miss this opportunity.
Location
State IL
County Cook
Zoning MULTI
Rooms
Basement Unfinished
Interior
Cooling Window Unit(s)
Fireplace N
Exterior
View Y/N true
Building
Foundation Concrete Perimeter
Structure Type Brick
Others
HOA Fee Include Water
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2600 S. Michigan Avenue, Suite 102, Chicago, IL, 60616, United States