Renovated Multifamily Property with
1813 S Ashland Ave, Chicago, IL 60608
Fully renovated, 100% occupied multifamily property with income potential.
Type:Multifamily
Property size:
5,904 SFPrice / SF:
$186/SF- Added:
- Nov 21, 2025
- Days on Market:
- 183
- Last Refresh:
- Apr 6 at 12:38 am
Property Features for 1813 S Ashland Ave
General Information
- Standard status
- Active
- Size
- 5,904 SF
- Property subtype
- Multifamily
Building Details
- Year Built
- 1893
Listing agent Paul Cawthon License #IL 475130924 (312) 676-1878
Listing office SVN | Chicago - Corporate (312) 676-1878
Listing date Nov 21, 2025
Source Svnchicago
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 SVN | Chicago - Corporate
HighLights
- Turn‑key investment with 100% occupancy and strong in‑place cash flow.
- Vacant coach house above the rear garage offers potential for an additional rental unit and increased income.
- Fully renovated units with modernized layouts, updated kitchens, and contemporary bathrooms.
- Excellent location steps from the 18th Street retail district with walkable access to restaurants, shops, and services.
- Convenient transportation access with a short walk to the CTA Pink Line and easy access to multiple expressways (I‑55, I‑290 & I‑90/94).
- In‑unit laundry for tenant convenience.
Overview
This fully renovated multifamily property offers a turn-key investment opportunity with 100% occupancy and strong in-place cash flow. The attractive brick building features modernized layouts with open floor plans, newly updated kitchens, and contemporary bathrooms. The renovations enhance the property’s long-term durability while reducing near-term capital needs. The property includes a vacant coach house located above the rear garage, primed for renovation and conversion into an additional rental unit. The property is located steps from the 18th Street retail district, which offers a wide range of local restaurants, coffee shops, art galleries, and neighborhood services. The property benefits from strong pedestrian activity and a dynamic neighborhood character. Transportation access is excellent, with the CTA Pink Line 18th Street Station located within walking distance, providing direct service to downtown Chicago and connections across the CTA rail system. Multiple CTA bus routes also serve the area along Ashland Avenue and 18th Street. For drivers, the property offers convenient access to the Eisenhower (I-290), Stevenson (I-55), and Dan Ryan (I-90/94) Expressways. The location is also supported by nearby community amenities, including schools, medical centers, and recreational facilities, along with proximity to the University of Illinois at Chicago (UIC), the Illinois Medical District and Chicago Fire Practice Facility. The property has in-unit laundry and a full basement.
Financial Insights
Value Estimation Calculated for Apartment 5plus
Conservative
$1.01M
NOI $90,503 @ 9.00% cap · cautious / downside scenario
Moderate
$1.29M
NOI $90,503 @ 7.00% cap · market / base-case scenario
Aggressive
$1.81M
NOI $90,503 @ 5.00% cap · optimistic / upside scenario
NOI & Cap Rate Calculator
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.
Calculated for Apartment 5plus
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $173.6k | $29.40 |
| − Vacancy | −$9.0k | −$1.53 |
| EGI | $164.6k | $27.87 |
| − OpEx | −$74.0k | −$12.54 |
| NOI | $90.5k | $15.33 |
5,904 SF · lease $29.40/SF/yr · vacancy 5.20% · expense 45.00%
Alternative Use Scenarios
Best Use
Apartment 5plus
$1.29M
$1.13M – $1.51M
NOI $90,503 @ 7.0% cap · market cap 8.23%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.78M
$2.44M – $3.25M
NOI $194,860 @ 7.0% cap · market cap 17.71%
Zoning and permitted uses should be independently verified with local authorities.
Property Profile
Location Intelligence
Current Use by Public Records
Apartment buildings
Location Insight
- Map
- Local Demand
- City
- Chicago
- County
- Cook
- State
- Illinois
- Longitude
- -87.6657
- Latitude
- 41.8574
Nearby Similar for Sale
FAQs
What type of property is this?
Apartment building - Fully renovated, 100% occupied multifamily property with income potential.
Where is this apartment building located?
The property is located at 1813 S Ashland Ave Chicago, IL.
What is the asking price?
The asking price for this property is $1,100,000.
What are key features of this property?
This property features: Turn‑key investment with 100% occupancy and strong in‑place cash flow.; Vacant coach house above the rear garage offers potential for an additional rental unit and increased income.; **Fully renovated units with modernized layouts, updated kitchens, and contemporary bathrooms.**
