Renovated 5-Unit Mixed-Use
For Sale
$1,425,000
965 W 18th Street, Chicago, IL 60608
Masonry property combines updated apartments with three finished commercial spaces along a Chicago retail corridor.
Property Size6,025 SF
Price / SF$236.51
Days on Market49
Property Features for 965 W 18th Street
General Information
Standard status
Active
Size
6,025 SF
Property subtype
MULTI_FAMILY
Taxes and HOA fees
Annual Taxes
$18,194
Building Details
Building Size
6,025 SF
Year Built
1885
Listing Agency:
eXp Realty
Listed By:
Michael Scanlon · License #475188240
(773) 630-9205
Source:
Dawnmckennagroup
Added: Aug 29
Changed: Oct 11
Last Checked: Oct 15 at 6:03AM
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
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Investment Insights
Based on property information with market context.
This 6,025-square-foot masonry mixed-use building contains five units, including two three-bedroom, two-bath apartments and three commercial spaces. A comprehensive renovation in 2017 rebuilt the property from the floor joists upward. Residential improvements include stainless steel kitchen appliances, hardwood floors, exposed brick details, and strong natural light. Further capital work addressed the coach house roof, parapet wall, siding, masonry, water heaters, windows, lighting, and entry access. The commercial units were built out under current ownership, with Vela Spa occupying one space on a long-term lease.
The property sits on 18th Street in Pilsen’s retail corridor, with access to Metra and CTA service. The surrounding area includes UIC, downtown Chicago, Cinespace Film Studios, and nearby restaurants, retailers, and entertainment venues. The building was originally constructed in 1885 and reports an 8.14% cap rate.
The property sits on 18th Street in Pilsen’s retail corridor, with access to Metra and CTA service. The surrounding area includes UIC, downtown Chicago, Cinespace Film Studios, and nearby restaurants, retailers, and entertainment venues. The building was originally constructed in 1885 and reports an 8.14% cap rate.
Key Highlights
- 5‑unit configuration with 2 three‑bedroom, two‑bath apartments and 3 commercial units
- 6,025 SF masonry mixed‑use building
- Gut renovation completed in 2017
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$101,672
Cap Rate
7.13%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,033,440
$2.0M
Cap Rate 7%
$1,452,457
$1.5M
Cap Rate 9%
$1,129,689
$1.1M
Market Conditions
NOI Build-Up for 6,025 SF
Gross rent
$180.8K $30.00/SF
− Vacancy
−$18.1K −$3.00/SF
EGI
$162.7K $27.00/SF
− OpEx
−$61.0K −$10.13/SF
NOI
$101.7K $16.88/SF
Area
Chicago, IL
Vacancy
10.00%
Lease Rate
$30.00 /SF/Yr
Expense Ratio
37.50%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,033,440
Cap Rate 7%
$1,452,457
Cap Rate 9%
$1,129,689
Alternative Uses
Best Use
Mixed Use
$1.45M
$1.27M – $1.69M
NOI $101,672 @ 7.0% cap · market cap 7.13%
Second Best
Apartment 5plus
$1.32M
$1.15M – $1.54M
NOI $92,358 @ 7.0% cap · market cap 6.48%
Theoretical Best
Office A
$2.84M
$2.49M – $3.31M
NOI $198,854 @ 7.0% cap · market cap 13.95%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Location Intelligence
Trade Area within ½ mile
2,607
Businesses Nearby
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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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Mixed-use property - Masonry property combines updated apartments with three finished commercial spaces along a Chicago retail corridor.
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 $1,425,000.
What are key features of this property?
This property features: 5‑unit configuration with 2 three‑bedroom, two‑bath apartments and 3 commercial units; 6,025 SF masonry mixed‑use building; Gut renovation completed in 2017
