1334 W. 18th Pl.
- Fully Renovated with Modern Mechanicals: Renovated in 2016 and delivered turnkey with in-unit washers & dryers, central A/C, and individual furnaces in every unit
- Large & Diverse Unit Mix: Eleven (11) units comprised of (4) one-bed, (5) two-bed, and (2) duplex three-bed layouts, broadening the tenant pool
- Prime Pilsen Location: Situated directly adjacent to one of Chicago's trendiest corridors, the property offers great connectivity via the nearby 18th CTA Pink Line Station and I-90/94 interchange
Property Description
Eleven-unit Pilsen walk-up with the portfolio's most varied unit mix: a 700 SF garden one-bedroom at $1,745, three coach house one-bedrooms at 400 SF renting at $1,545, five two-bedrooms at 587 SF at $1,717, a 900 SF coach house three-bedroom at $2,490 and a 1,500 SF three-bedroom with a loft at $2,300. That variety produces a broad tenant pool but a less uniform rent roll than the portfolio's other assets, with rents ranging from $1.53 to $3.86 per square foot. Current net operating income of $157,956 on effective gross income of $238,091 produces a 33.66% expense ratio and a 6.13% capitalization rate. Price per door of $234,091 is the lowest int he portfolio and price per square foot of $356 sits in the lower third, reflecting Pilsen pricing rather than any deficiency in the asset. Ancillary income of $13,562 comes from a bundled services program and pet rent.
Key Property Information
| Listing Status: | Available |
|---|---|
| Listing Type: | Call for offers |
| Property Types: | Apartment Buildings |
| Price: | $2,450,000 |
| No. of Units: | 11 |
| Year Built: | 1883 |
| Lot Size: | 0.07 Acres |
| Opportunity Zone: | No |
| Price per unit: | $222,727 |
| Property Website | Click Here |
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