1157 18th St Chicago, IL 60608-2387
- Retail residential properties
- 2,500 SF
- 0.06 lot acres
May 03, 2022
Current Use by Public Records
- Hōl Health Studio / Chiropractor / Doctor
- Algos Pain & Spine Care / Pain Management Physician / Medical Clinic
Property Details for 1157 18th St
- Year built
- 1884
- Lot size
- 0.06 lot acres
- Property size
- 2,500 SF
- Property type
- Retail residential properties
- APN
- 17-20-407-020
- APU
- 1720407020
Description
This exceptional mixed-use property, located at 1157 W 18th St in Chicago's vibrant Pilsen neighborhood, presents a compelling investment opportunity. The property comprises a 13-unit apartment building and a street-level retail storefront, totaling 11,932 square feet across two buildings and four stories. The 12 apartment units, averaging $350,000 per unit, feature recently renovated kitchens and bathrooms with quartz countertops, custom wood framed islands and peninsulas in most units. All units boast central HVAC, dishwashers, and in-unit laundry with a mix of stainless steel appliances. Significant capital improvements completed between 2016 and 2023 include new windows, plumbing, electrical systems, and a complete roof replacement. The property sits on a 5,075 square foot lot and benefits from a walk score of 96, making it a highly desirable location. The retail storefront, currently leased to Hol Health Studio until April 30, 2026, with two five-year extension options, occupies 2,266 square feet. This tenant covers their operating costs and contributes 17% of the building's operating expenses, including utilities, property taxes, and insurance. The property boasts a current NOI of $288,827 and a pro-forma NOI of $323,156, resulting in a current cap rate of 6.35% and a pro-forma cap rate of 7.10%. The property also includes a two-car garage. The asking price is $4,550,000. Attractive assumable debt with interest-only payments remaining until October 25, 2025, and a maturity date of August 28, features a 5.46% interest rate and a 75% loan-to-value ratio. The property is zoned C1-2. The property's current occupancy is 100%.
Value Estimations
-
AI approach
- Method
- Estimation
- Statistic approach
- $4,110,000
- ML approach
- $4,130,000
Get a detailed, property-specific valuation — fast and free
Location Insight
- Map
- Local Demand
- City
- Chicago
- County
- Cook
- State
- Illinois
- Longitude
- -87.6554
- Latitude
- 41.8577
- CBSA code
- 16980
- CBSA name
- CHICAGO-NAPERVILLE-JOLIET, IL-IN-WI METROPOLITAN STATISTICAL AREA
