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1707-1709 S Racine Ave 16 Unit Apartment Building $3,125,000 ($195,313/Unit) 7.23% Cap Rate Chicago, IL 60608
Investment Highlights
- 16-Unit Multifamily Offering in Dynamic Pilsen Location at 18th and Racine
- Updated Apartments with Granite Countertops, Dishwashers, and Central Heat
- Basement Coin Laundry
- Great Economies of Scale for Pilsen Sub-Market - Rarely Available
- Four (4) Units Feature Central A/C
- Value-Add Potential Through Light Cosmetic Upgrades
Executive Summary
Located in the heart of Pilsen, 1707-1709 S Racine Ave offers a rare opportunity to acquire a 16-unit multifamily asset across three buildings on one PIN in one of Chicago’s most sought-after rental neighborhoods. Positioned just off 18th Street and near the CTA Pink Line, the property provides tenants excellent access to dining, retail, nightlife, and downtown transportation. Assets with this unit count are increasingly hard to find in the immediate area.
The buildings feature a well-maintained unit mix with updated interiors including granite countertops, modern kitchens, in-unit dishwashers, and central heat throughout all apartments. Four units currently offer central air conditioning, with the remaining units utilizing window AC. Additional amenities include coin laundry in the basement, creating supplemental income potential.
With strong in-place fundamentals, meaningful upside potential, and an unbeatable Pilsen location, 1707-1709 S Racine Ave is well-positioned to attract investors seeking scale and long-term growth.
The buildings feature a well-maintained unit mix with updated interiors including granite countertops, modern kitchens, in-unit dishwashers, and central heat throughout all apartments. Four units currently offer central air conditioning, with the remaining units utilizing window AC. Additional amenities include coin laundry in the basement, creating supplemental income potential.
With strong in-place fundamentals, meaningful upside potential, and an unbeatable Pilsen location, 1707-1709 S Racine Ave is well-positioned to attract investors seeking scale and long-term growth.
Property Facts
| Price | $3,125,000 | Apartment Style | Mid-Rise |
| Price Per Unit | $195,313 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.14 AC |
| Cap Rate | 7.23% | Building Size | 16,400 SF |
| Gross Rent Multiplier | 10.03 | Average Occupancy | 100% |
| No. Units | 16 | No. Stories | 4 |
| Property Type | Multifamily | Year Built | 1891 |
| Property Subtype | Apartment | ||
| Zoning | R | ||
| Price | $3,125,000 |
| Price Per Unit | $195,313 |
| Sale Type | Investment |
| Cap Rate | 7.23% |
| Gross Rent Multiplier | 10.03 |
| No. Units | 16 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Mid-Rise |
| Building Class | C |
| Lot Size | 0.14 AC |
| Building Size | 16,400 SF |
| Average Occupancy | 100% |
| No. Stories | 4 |
| Year Built | 1891 |
| Zoning | R |
Amenities
Unit Amenities
- Granite Countertops
- Hardwood Floors
- Refrigerator
- Oven
- Stainless Steel Appliances
- Range
Site Amenities
- Laundry Facilities
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 6 | - | 1 |
| 2+1 | 3 | - | 1 |
| 3+1 | 7 | - | 1 |
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Exceptionally walkable
100/100
Fairly drivable
50/100
Exceptional public transit
90/100
Exceptionally bikeable
90/100
Property Taxes
| Parcel Number | 17-20-401-003-0000 | Improvements Assessment | $102,980 |
| Land Assessment | $24,000 | Total Assessment | $126,980 |
Property Taxes
Parcel Number
17-20-401-003-0000
Land Assessment
$24,000
Improvements Assessment
$102,980
Total Assessment
$126,980
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1707-1709 S Racine Ave
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