MLS#12730594
STATUSActive
PROPERTY TYPEMulti Unit - Retail
Property Description
Exceptional Turnkey 5-Unit Asset in Prime Pilsen with Strong 7.15% Cap Rate & Significant Immediate Upside. Originally reconfigured as an owner-occupied building. Highly lucrative, fully permitted 5-unit commercial residential building situated on a prominent corner lot in Pilsen. Extensively gut-rehabbed to the studs between 2013-2023 with all-new building systems, modern layouts, and premium finishes. Operating at a strong 7.15% current Cap Rate with a projected 1.42 Debt Coverage Ratio (DCR), this asset offers rare immediate bankability and day-one cash flow. UNMATCHED VALUE-ADD OPPORTUNITY: The 1st-floor 1,500 sq. ft. 1BR/1BA loft tenant is vacating, creating an immediate, frictionless opportunity to capture a massive market rent increase or split the oversized floor plan to maximize total yield. Both 1701 W 21st St and 2102 S Paulina St addresses included in sale on single PIN. PREMIUM MECHANICALS & INFRASTRUCTURE: Fully updated water service replaced with copper directly to the city main. Low expenses: Tenants responsible for utilities with separately metered gas and electric. Individual furnaces, central AC, and separate tank/tankless water heaters for every unit. Attached 2-car garage off the alley providing additional premium rental income. Full unfinished basement housing utilities with storage spaces for tenants. HIGH RENTER RETENTION: Well-appointed apartments feature stone/quartz countertops, stainless steel appliances, premium hardwood or engineered flooring, masterfully tiled baths, and convenient in-unit washers and dryers. Superb location with immediate access to Pilsen public transit. Currently self-managed with zero historic vacancy. Clean rent roll, P&L, and T12 commercial underwriting documents available upon request.
Property Features
Property Type: Multi Unit - Retail
Cooling: Central Air, Central Individual
Lot Size: 0.07 Acres
Roof Type: Reflective Coating, Rubber
Stories: 2.0
Taxes: $22,653
Year Built: 1883
Feature Descriptions
Current Use: Multi-Family
Electric: Circuit Breakers, Separate Meters
Exterior: Brick
Fire Protection: Smoke or Fire Protectors, Carbon Monoxide Detector(s)
Foundation: Stone
Frontage Type: City Street
HVAC: Central Heat/Indiv Controls, Forced Air, Gas, Hot Water, Separate Per Unit, Individual Furnaces
Location: Corner, In City Limits
Lot Dimensions: 125x25
Miscellaneous Indoor: Storage Inside
Parcel#: 17194240220000
Parking: Parking-Street
Potential Use: Commercial, Multi-Family, Retail
Tenant Pays: Air Conditioning, Electricity, Heat, Hot Water, All Utilities
Units: 5
Listed By / Shown By
Listed By
Agency Name: Homecoin.com
Agency Phone: 888-400-2513
Shown By
Agency Title: Berkshire Hathaway HomeServices Crosby Starck Real Estate
Agency Phone: 815-397-4040
Estimate Your Payment
Estimated Payment
$ 5,661.08 per month $3,336.12 Principal & Interest $1,887.75 Property Tax $437.21 Homeowner's InsuranceChange Payment Information
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1701 W 21st Street | MLS# 12730594
This multi-family property located at 1701 W 21st Street, Chicago, IL 60608 is currently listed for sale with an asking price of $1,499,000. Search Chicago real estate on www.bhhscrosby.com today.