Fully Leased Mixed-Use Apartment
For Sale
$1,549,000
1616 West 18th Place, Chicago, IL 60608
Nine-unit property with eight leased residential apartments and a ground-floor storefront available for immediate occupancy.
Property Size3,100 SF
Price / SF$499.68
Days on Market377
Property Features for 1616 West 18th Place
General Information
Standard status
Active
Size
3,100 SF
Building Details
Year Built
1889
Listing Agency:
Strauss Realty Ltd
(847) 704-0633
Listed By:
Aaron Strauss · License #475214881
(847) 704-0633
Source:
Compass
Added: Jul 19, 2025
Changed: Jul 21
Last Checked: Jul 23 at 11:22AM
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 Strauss Realty Ltd
Investment Insights
Based on property information with market context.
1616 W. 18th Place is a fully leased 9-unit mixed-use building featuring eight residential apartments and one ground-floor commercial storefront. The residential units include five 1BD/1BA layouts, two 2BD/1BA layouts, and one 3BD/1BA unit, all leased on gross terms to simplify operating management.
A 750 SF ground-floor storefront is currently available for lease, and a letter of intent has already been received, creating immediate value-add through commercial lease-up.
The building spans approximately 6,250 square feet. Located in Pilsen, it is positioned about a half block from Ashland and 18th Street, roughly two blocks from the CTA Pink Line, and minutes from I-90/94 and I-55. The offering is presented at a 6.88% capitalization rate based on current net operating income of $106,561.
A 750 SF ground-floor storefront is currently available for lease, and a letter of intent has already been received, creating immediate value-add through commercial lease-up.
The building spans approximately 6,250 square feet. Located in Pilsen, it is positioned about a half block from Ashland and 18th Street, roughly two blocks from the CTA Pink Line, and minutes from I-90/94 and I-55. The offering is presented at a 6.88% capitalization rate based on current net operating income of $106,561.
Key Highlights
- Fully leased 9‑unit mixed‑use building: 8 residential apartments plus 1 ground‑floor commercial unit
- Residential unit mix: five 1BD/1BA, two 2BD/1BA, and one 3BD/1BA, all leased on gross terms
- 6,250 SF building includes a 750 SF ground‑floor commercial storefront available for lease
Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $91.1k | $29.40 |
| − Vacancy | −$4.7k | −$1.53 |
| EGI | $86.4k | $27.87 |
| − OpEx | −$38.9k | −$12.54 |
| NOI | $47.5k | $15.33 |
3,100 SF · lease $29.40/SF/yr · vacancy 5.20% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$678.9K
$594.0K – $792.0K
NOI $47,520 @ 7.0% cap · market cap 3.07%
Second Best
Retail
$612.7K
$536.1K – $714.8K
NOI $42,888 @ 7.0% cap · market cap 2.77%
Theoretical Best
Office A
$1.46M
$1.28M – $1.71M
NOI $102,315 @ 7.0% cap · market cap 6.61%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
2,142
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 Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Nine-unit property with eight leased residential apartments and a ground-floor storefront available for immediate occupancy.
Where is this apartment building located?
The property is located at 1616 West 18th Place Chicago, IL.
What is the asking price?
The asking price for this property is $1,549,000.
What are key features of this property?
This property features: Fully leased 9‑unit mixed‑use building: 8 residential apartments plus 1 ground‑floor commercial unit; Residential unit mix: five 1BD/1BA, two 2BD/1BA, and one 3BD/1BA, all leased on gross terms; 6,250 SF building includes a 750 SF ground‑floor commercial storefront available for lease
