1831 Racine Ave Chicago, IL 60608
- Retail properties
- 20,620 SF
Current Use by Public Records
- Pilsen Coliving / Property Management Company / Apartment Complex
Property Details for 1831 Racine Ave
- Property size
- 20,620 SF
- Property type
- Retail properties
- Property subtype
- Dormitories
Description
This exceptional 20,620-square-foot multifamily and retail property, located at 1831 S Racine Ave in Chicago's vibrant Pilsen neighborhood (zip code 60608), presents a compelling investment opportunity. The property, built in 2017, features ten units totaling 42 beds, comprising nine four-bedroom, three-bathroom units and one six-bedroom, six-bathroom triplex. The building boasts a 98% occupancy rate, generating a current NOI of $344,241 and a pro-forma NOI of $379,959, resulting in a current cap rate of 8.22% and a pro-forma cap rate of 9.07%. The asking price is $4,190,000, with a price per square foot of $203.20. Amenities include a tenant lounge, fitness center, theater room, and a patio with grilling facilities. Twelve surface parking spaces are available on a separate lot (1108 W 19th St) currently leased to tenants. The property sits on a 9,944-square-foot lot and is zoned B3-2. High-end renovations include hardwood flooring, quartz countertops, stainless steel appliances, and in-unit laundry. The property is professionally cleaned weekly, and shared household items are regularly restocked. A current CMBS loan with a balance of $2,658,449 (as of 5/13/24), a 5.23% interest rate, and a maturity date of 9/6/2028 is assumable. This property offers a unique blend of strong financial performance and desirable location in a thriving Chicago neighborhood.
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Chicago
- County
- Cook
- State
- Illinois
- Longitude
- -87.6561
- Latitude
- 41.857
