Essex Realty Group, Inc. has been exclusively retained to market for sale 645 West 18th Street, a 3-unit mixed-use property, 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.
The building’s unit mix comprises one multi-level one-bedroom/one-bathroom apartment and two multi-level loft-style units. Upon entry, these units greet you with abundant natural light from the wall of west-facing windows. All three units have unique elements, such as sculpturesque spiral staircases that lead to another level or the sleeping loft platforms. The front three-level unit allows the tenant to use either of the lower two levels as a workspace while maintaining a spacious private living area on the third floor. Heat is provided to the apartments through two separate furnaces while domestic hot water is provided by two Richmond Hot Water Heaters. The two first-level units have their own basement space, each housing a washer and dryer.
The Subject Property presents an investor with the opportunity to acquire a well-located asset featuring spacious, loft-style units that have materially below market rents. The building is currently well-positioned for a new owner to increase rents significantly, by making only light cosmetic updates to the kitchens and bathrooms, and installing laundry in the rear second-floor unit. Additionally, an investor has the option to purchase the adjacent vacant lot, 643 W. 18th St.
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.
- Prime Pilsen Location
- Family Owned for Generations
- Three (3) Unit Mixed-Use Building
- Unique Loft-Style Units
- Multi-Level Layouts
- Current Rents are Below Market
- Value-Add Opportunity