Mixed-Use Building with Flex
For Sale
$650,000
1721 W 18th Street, Chicago, IL 60608
Street-level storefront with two residential apartments and rear flex area.
Property Size4,718 SF
Price / SF$137.77
Days on Market475
Property Features for 1721 W 18th Street
General Information
Standard status
Active
Size
4,718 SF
Property subtype
Commercial
Zoning
COMMR
Taxes and HOA fees
Annual Taxes
$9,442
Building Details
Building Size
4,718 SF
Year Built
1883
Buildings
1
Stories
2
Units
4
Listing Agency:
Realty Executives Premier Illinois
(630) 668-1199
Listed By:
Jamie Garcia Crisman · License #475210814
(630) 668-1199
Source:
Cavanaghrealty
Added: May 15, 2025
Changed: Aug 31
Last Checked: Aug 4 at 4:44AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Realty Executives Premier Illinois
Investment Insights
Based on property information with market context.
This mixed-use property combines a street-facing commercial storefront with two residential apartments above. Each apartment contains 2 bedrooms, while a separate flex area behind the storefront provides additional space for studio, workshop, warehouse, or expanded commercial use, subject to applicable approvals. The building offers 4,718 square feet and dates to 1883, with COMMR zoning.
Located at 1721 W 18th Street in Chicago’s Pilsen neighborhood, the property is within walking distance of the CTA Damen and Polk stations on the Pink Line. Metra and Amtrak stations are also nearby, and downtown Chicago is approximately 12 minutes away.
Located at 1721 W 18th Street in Chicago’s Pilsen neighborhood, the property is within walking distance of the CTA Damen and Polk stations on the Pink Line. Metra and Amtrak stations are also nearby, and downtown Chicago is approximately 12 minutes away.
Key Highlights
- 4,718‑square‑foot mixed‑use building constructed in 1883
- Street‑level commercial storefront with two 2‑bedroom apartments above
- Rear flex area suitable for studio, workshop, warehouse, or added commercial space, subject to approvals
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$54,465
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
8.38%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,089,300
$1.1M
Cap Rate 7%
$778,071
$778.1K
Cap Rate 9%
$605,167
$605.2K
Market Conditions
NOI Build-Up for 4,718 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$90.6K $19.20/SF
− Vacancy
−$6.8K −$1.44/SF
EGI
$83.8K $17.76/SF
− OpEx
−$29.3K −$6.22/SF
NOI
$54.5K $11.54/SF
Area
Chicago, IL
Vacancy
7.50%
Lease Rate
$19.20 /SF/Yr
Expense Ratio
35.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,089,300
Cap Rate 7%
$778,071
Cap Rate 9%
$605,167
Alternative Uses
Best Use
Mixed Use
$1.14M
$995.2K – $1.33M
NOI $79,616 @ 7.0% cap · market cap 12.25%
Second Best
Apartment 5plus
$1.03M
$904.0K – $1.21M
NOI $72,323 @ 7.0% cap · market cap 11.13%
Theoretical Best
Office A
$2.22M
$1.95M – $2.60M
NOI $155,717 @ 7.0% cap · market cap 23.96%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,050
Businesses Nearby
Explore this area
Business Placement
Demographics for 60608, IL
75,770
Population
32,617
Households
2.3
Avg Household Size
34
Median Age
34%
College-Educated
77%
High-School Grad
6.2 sq mi
ZIP Area
12,221
Density / Sq Mi
$70,704
Median Household Income
$42,211
Median Earnings
$1,208
Median Rent
$341,500
Median Home Value
Market
Vacancy Rate% for Industrial in Chicago, IL
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Street-level storefront with two residential apartments and rear flex area.
Where is this mixed-use property located?
The property is located at 1721 W 18th Street Chicago, IL.
What is the asking price?
The asking price for this property is $650,000.
What are key features of this property?
This property features: 4,718‑square‑foot mixed‑use building constructed in 1883; Street‑level commercial storefront with two 2‑bedroom apartments above; Rear flex area suitable for studio, workshop, warehouse, or added commercial space, subject to approvals
