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1616 W 18th Pl 8 Unit Apartment Building $1,549,000 ($193,625/Unit) 6.88% Cap Rate Chicago, IL 60608
Investment Highlights
- Great 9 unit mixed-use building for sale in Chicago's thriving Pilsen neighborhood
- Conveniently located half a block from Ashland Avenue and 18th Street
- Access to I-90/94 and I-55
- Stable income | All 8 residential units are leased, 1 commercial unit currently under LOI
- 2 blocks from CTA Pink Line
Executive Summary
Strauss Realty, Ltd. has been exclusively engaged to market for sale 1616 W. 18th Place, an 9-unit mixed-use building located in the heart of Chicago’s vibrant Pilsen neighborhood. The property includes eight fully leased residential apartments (five 1BD/1BA units, two 2BD/1BA units, and one 3BD/1BA unit), along with one street-level 750-square-foot commercial space currently available for lease (although an LOI has been received). The total building area is approximately 6,250 square feet. Offered at a 6.88% capitalization rate based on in-place NOI of $106,561, this asset provides immediate yield with potential upside through lease-up of the commercial space. All units are leased on gross terms, offering simplicity and predictability in management. The flexible commercial storefront—ideal for retail, office, or service uses—offers additional value-add opportunity in a neighborhood with growing demand for local business space. 1616 W. 18th Street is located half a block from Ashland Avenue and 18th Street, two blocks from the CTA Pink Line, and near I-90/94 and I-55, offering strong transit access and visibility. The Pilsen neighborhood continues to see steady demand from both residents and small businesses. With stable multifamily income and upside through lease-up of the commercial space, the property presents a solid mixed-use investment in a well-connected Chicago submarket.
Property Facts
| Price | $1,549,000 | Apartment Style | Low-Rise |
| Price Per Unit | $193,625 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.07 AC |
| Cap Rate | 6.88% | Building Size | 6,250 SF |
| No. Units | 8 | Average Occupancy | 100% |
| Property Type | Multifamily | No. Stories | 2 |
| Property Subtype | Apartment | Year Built | 1889 |
| Zoning | B3-2 | ||
| Price | $1,549,000 |
| Price Per Unit | $193,625 |
| Sale Type | Investment |
| Cap Rate | 6.88% |
| No. Units | 8 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.07 AC |
| Building Size | 6,250 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built | 1889 |
| Zoning | B3-2 |
Amenities
Site Amenities
- Laundry Facilities
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 5 | - | - |
| 2+1 | 3 | - | - |
Walk Score®
Walker's Paradise (95)
Bike Score®
Biker's Paradise (92)
Property Taxes
| Parcel Number | 17-19-411-036-0000 | Improvements Assessment | $76,138 |
| Land Assessment | $11,563 | Total Assessment | $87,701 |
Property Taxes
Parcel Number
17-19-411-036-0000
Land Assessment
$11,563
Improvements Assessment
$76,138
Total Assessment
$87,701
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