Renovated Pilsen Mixed-Use
965 W 18th Street, Chicago, IL 60608
Call to check price and availability
Five-unit building with residential and commercial spaces in Chicago.
Type:Multifamily
Property size:
6,025 SFPrice / SF:
$265/SF- Added:
- Jan 29, 2026
- Days on Market:
- 150
- Last Refresh:
- Mar 17 at 1:14 pm
Property Features for 965 W 18th Street
General Information
- Standard status
- Active
- Size
- 6,025 SF
- Property subtype
- Multifamily
Building Details
- Year Built
- 1885
Listing office EXP Realty (773) 630-9205
Listing date Jan 29, 2026
Source Crexi
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 EXP Realty
HighLights
- Fully renovated in 2017 with updated interiors and additional capital improvements.
- Strong in‑place annual income of $149,352, offering a turnkey investment opportunity.
- Prime location on Pilsen's 18th Street retail corridor, near UIC, downtown Chicago, and popular amenities.
- Mixed‑use building with (2) 3 bed, 2 bath residential apartments and (3) built‑out commercial units, providing diversified income streams.
- New long‑term tenant, Vela Spa, secured for one of the commercial spaces, ensuring stable income.
- Easy access to Metra and CTA transit, enhancing convenience for residents and customers.
Overview
This fully renovated five-unit masonry brick mixed-use building is situated on Pilsen's 18th Street retail corridor. The property features two three-bedroom, two-bath residential apartments and three built-out commercial units, providing strong in-place income within a prime Chicago neighborhood. Gut renovated in 2017, the building was stripped to the floor joists and completely rebuilt, showcasing updated interiors throughout. The residential units include modern kitchens with stainless steel appliances, exposed brick accents, hardwood flooring, and excellent natural light. Extensive additional capital improvements have been completed, including a new coach house roof, parapet wall reconstruction, Hardy board siding, masonry updates, replacement of multiple water heaters, added windows and lighting, and a Doorbird entry system. All three commercial spaces were built out under current ownership, which also secured a new long-term tenant, Vela Spa. The property is ideally located near UIC, downtown Chicago, Cinespace Film Studios, and various popular restaurants, retail establishments, and entertainment venues in Pilsen. It also offers easy access to Metra and CTA transit. The property generates $149,352 in annual income, presenting investors with a turnkey opportunity in a sought-after mixed-use corridor. The property size is 6,025 square feet.
Local Financial Insights For Mixed Use
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 | $180.8k | $30.00 |
| − Vacancy | −$18.1k | −$3.00 |
| EGI | $162.7k | $27.00 |
| − OpEx | −$61.0k | −$10.13 |
| NOI | $101.7k | $16.88 |
6,025 SF · lease $30.00/SF/yr · vacancy 10.00% · expense 37.50%
Alternative Uses
Best Use
Mixed Use
$1.45M
$1.27M – $1.69M
NOI $101,672 @ 7.0% cap · market cap 6.35%
Second Best
Apartment 5plus
$1.32M
$1.15M – $1.54M
NOI $92,358 @ 7.0% cap · market cap 5.77%
Theoretical Best
Office A
$2.84M
$2.49M – $3.31M
NOI $198,854 @ 7.0% cap · market cap 12.43%
Zoning and permitted uses should be independently verified with local authorities.
Property Profile
Location Intelligence
Current Use by Public Records
Vive Healthy Sport ...
Gym & Fitness Center
Iron Lung Fitness
Gym & Fitness Center
Location Insight
- Map
- Local Demand
- City
- Chicago
- County
- Cook
- State
- Illinois
- Longitude
- -87.6512126
- Latitude
- 41.8578433
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FAQs
What type of property is this?
Mixed-use property - Five-unit building with residential and commercial spaces in Chicago.
Where is this mixed-use property located?
The property is located at 965 W 18th Street Chicago, IL.
What is the asking price?
The asking price for this property is $1,600,000.
What are key features of this property?
This property features: Fully renovated in 2017 with updated interiors and additional capital improvements.; Strong in‑place annual income of $149,352, offering a turnkey investment opportunity.; Prime location on Pilsen's 18th Street retail corridor, near UIC, downtown Chicago, and popular amenities.
