Essex Realty Group, Inc. has been exclusively engaged to market for sale 1719 West 18th Street, a five unit mixed-use building located in Chicago’s Pilsen neighborhood. The property is currently comprised of four apartments and one street level commercial space. The commercial space is occupied by Orthodontic Experts, a dentist office with five locations in the Chicago area. Orthodontic Experts, the tenant, occupies the entire first level of the property with a 2,100 SF office. In 2015 the tenant paid for a complete build-out of the space and signed a 4-year lease with one 4-year renewal term.
Situated on the two upper floors of the property are two 2 Bed/1 Bath apartments and two 1 Bed/1 Bath apartments. The four apartment units would benefit from a cosmetic renovation including new kitchens and bathrooms, as well as new paint for the units and common areas. Based on the market rent for renovated units in the area, a simple cosmetic renovation has the potential to increase annual rent by almost $15,000.
The property is conveniently situated in a prime location on 18th Street and just 77 feet from the 18th Street CTA station servicing the Pink Line to Chicago’s Loop.
- Multiple Offers Received
- 5 Unit Mixed-Use Building in Prime Location in Pilsen
- Steps from the 18th Street Pink Line CTA Station
- Strong Retail Tenant with 5 Locations Throughout Chicago
- Pilsen is Currently Experiencing a Boom in Rental Demand by Tenants Moving to the Neighborhood