Essex Realty Group, Inc. has been exclusively retained to market for sale 639 W. 18th Street, a seven-unit mixed-use building located in the heart of the Pilsen neighborhood of Chicago. In recent years, Pilsen has become one of the most sought-after neighborhoods by investors and developers primarily due to being an extremely low-density market with proximity to downtown and the area’s dynamic fundamentals, including a thriving artist community.
This four-story, brick building consists of approximately 7,650SF (not including basement) rentable space on a 25’ x 101.50’ lot. Post renovation, the unit mix should consist of one (1)- ground floor commercial space (APX 2,300SF), three (3)- 2 Bed / 2 Bath and three (3)- 1 Bed / 1 Bath apartments.
The property has been owned by the same family for generations and has been kept vacant for several years; therefore, please note that the property needs physical and structural renovation.
Please review the Operating Statement for pricing and estimated renovation costs. Please note, this property may be packaged as a portfolio sale with the adjacent property that is separately listed for sale located at 643 W. 18th Street. An investor has an extremely rare opportunity to acquire a mixed-use asset in an area that has undergone tremendous growth and development.
Post-renovation, a new investor should be able to yield a Cap Rate greater than 7% in one of the vibrant rental markets south of downtown Chicago.
*Buyer must conduct their own independent due diligence on the property, and Essex Realty Group, Inc does not make any representations regarding the property. The property is being sold “As-Is” with no representations or warranties.
Pilsen is a culturally rich neighborhood situated roughly 3.5 miles southwest of Chicago’s Loop. The neighborhood of Pilsen features a diverse population mix including families, creative professionals, business professionals, medical students, and grad students. 18th Street is a bustling retail corridor that is home to many local cafes, coffee shops, bodegas, and restaurants. While Pilsen has a strong cultural presence filled with many local restaurants, several Chicago restaurant chains as well as critically acclaimed new chefs have opened up restaurants in recent years.
The property is also situated approx. less than a mile from Thalia Hall, a historic landmark and neighborhood cultural arts and events center as well as a concert hall. Thalia Hall is a prime example of the ever-growing art community that Pilsen is.
Not only are residents extremely close to downtown Chicago but they are also just west of McCormick Place, the largest convention center in North America. The property’s convenient location makes commuting around the city quite easy. The Subject Property is four blocks from the Halsted Metra Station, and in proximity to numerous bus stops.
- Attractive Pilsen location
- Value-add opportunity
- One and two bedroom apartments
- Opportunity to be purchased individually or as a portfolio with 643 W. 18th St.