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    The Largest CRE Database in the US with Over 1 Million Listings

    715 18Th St Chicago, IL 60616

    Sponsored
    For Sale
    $675,000

    Prime Chicago location, 3-story building, value-add potential.

    Property size:
    6,667 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    419
    This exceptional 3-story, 6,667 square foot building presents a compelling value-add opportunity in Chicago's vibrant Pilsen neighborhood. Built in 1941, this property sits on a 5,132 square foot lot and is currently configured as a single-family home, but its RT-4 zoning permits conversion into a multi-unit dwelling. The building boasts beautiful original woodwork, charming fireplaces, and abundant natural light from numerous large windows. A spacious front porch and a private backyard add to its appeal. Its prime location offers easy access to public transportation, including nearby CTA and Metra stations, and is conveniently close to major expressways (I-90/94, I-55, and I-290). The property's proximity to the University of Illinois at Chicago (UIC) and the Illinois Medical District, as well as the 88 Marketplace, further enhances its investment potential. This is a rare chance to acquire a property with significant upside in a highly sought-after area. The asking price is $675,000. This former rectory showcases stunning Queen Anne Victorian architecture, making it an ideal candidate for renovation and conversion.

    Property Features for 715 18Th St

    General Information

    Property type
    Multifamily properties
    Square Feet
    6,667 SF

    Building Details

    Year Built
    1941
    Buildings
    1
    Stories
    3
    Units
    1

    We can help!

    Listing Contact
    Angelo Labriola
    Angelo Labriola

    Learn more

    HighLights

    • $675,000 asking price for a value‑add multifamily investment opportunity.
    • 6,667 square foot building on a 5,132 square foot lot in Chicago, IL.
    • Three‑story, 1941‑built apartment building with one unit.
    • Located in Pilsen, near public transportation and expressways.
    • Features a private backyard, beautiful woodwork, and a large front porch.
    • Close proximity to UIC, IL Medical District, and 88 Marketplace.
    Property Profile Location Intelligence

    Current Use by Public Records

    Commercial real estate

    Suggested Use

    Law Firm Realty agency Restaurant Dental Office Spa & Massage Hair Salon Nail Salon Clothing Store Food Market Daycare Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Chicago
    County
    Cook
    State
    Illinois
    Longitude
    -87.645453731022
    Latitude
    41.857587831707

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    FAQs

    What type of property is this?
    Multifamily property - Prime Chicago location, 3-story building, value-add potential.
    Where is this multifamily property located?
    The property is located at 715 18Th St Chicago, IL.
    What is the asking price?
    The asking price for this property is $675,000.
    What are key features of this property?
    This property features: $675,000 asking price for a value-add multifamily investment opportunity.; 6,667 square foot building on a 5,132 square foot lot in Chicago, IL.; Three-story, 1941-built apartment building with one unit.
    (312) 676-1866
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    715 18Th St Chicago, IL 60616
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    715 18Th St Chicago, IL 60616
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    We can help!
    Listing Contact
    Angelo Labriola
    Angelo Labriola
    Real Estate License ID: 475130926
    (312) 676-1866
    Learn more
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