4031-4035 W Gladys Ave 4031 W Gladys Ave 18 Unit Apartment Building $1,300,000 ($72,222/Unit) 13% Cap Rate Chicago, IL 60624

4031 W Gladys Ave is a standout 18-unit brick courtyard building in Chicago’s West Garfield Park – a neighborhood seeing renewed investor attention and strong rental demand. Built in 1929, this 3-story, 14,100 SF property sits on a 4,687 SF lot
4031 W Gladys Ave, Chicago, IL …
and offers a prime mix of twelve 2BD/1BA and six 3BD/1BA units with hardwood floors and efficient layouts. Ownership has already handled the big-ticket improvements: new roof (2023), new Weil-McLain boiler (2024), updated copper plumbing and electrical, newer porches, and modern hot water systems – leaving the next owner positioned to focus purely on value-add strategies.
Today, the building is generating stable income with gross rents of $186,536 and NOI of $117,758, producing a healthy ~10% cap rate
4031 W Gladys Ave, Chicago, IL …
. Operating expenses are lean and transparent, including $25,546 for heat, $15,120 for water/sewer, $10,000 for insurance, $7,200 for trash, and just $2,368 for electricity
4031 W Gladys Ave, Chicago, IL …
. The real story for investors is the expiration of HUD affordability restrictions in January 2026. Once lifted, ownership can lease units at full market rents without income caps – pushing gross income above $255K, NOI toward $159K, and returns into the 15% cap rate range. With light cosmetic updates during natural turnovers and strategic lease-ups, this property is a time-certain repositioning play.
Adding to the upside, the adjacent city-owned lot at 4037 W Gladys is available through the City of Chicago’s ChiBuilder program. This creates an immediate expansion or development option – whether utilized as tenant parking in the near term or held for a future project to further boost density and value.
The location offers unbeatable commuter access. The CTA Blue Line Pulaski Station is just a 4-minute walk, while the Green Line Pulaski stop is a 14-minute walk
4031 W Gladys Ave, Chicago, IL …
. Multiple bus routes run within steps, including Pulaski & Van Buren (1 min walk) and Congress & Karlov (2 min walk). For drivers, the I-290 Eisenhower Expressway lies less than a mile south, connecting directly to downtown Chicago or the western suburbs. Walk Score rates the area “Very Walkable” (70/100), with Excellent Transit (74/100) and Bikeable (63/100) scores
4031 W Gladys Ave, Chicago, IL …
. O’Hare International Airport is just 27 minutes away, and Midway can be reached in 13 minutes.
Set on a quiet, tree-lined block with classic Chicago architecture, 4031 W Gladys combines strong in-place cash flow, a clear and imminent value-add path, and a unique expansion opportunity with the adjacent lot. Investors seeking both stability today and explosive rent growth tomorrow won’t want to miss this rare multifamily play in a growing West Side submarket.