Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    715 18Th St Chicago, IL 60616

    • Apartment buildings
    • 6,667 SF
    For Sale
    View listing
    $675,000
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Apartment buildings

    Property Details for 715 18Th St

    Year built
    1941
    Property size
    6,667 SF
    Property type
    Apartment buildings

    Description

    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.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Chicago
    County
    Cook
    State
    Illinois
    Longitude
    -87.6455
    Latitude
    41.8576

    Comparable in this City

    • Value Estimation by Request
      6,060 SF

      712 19Th St

      Multifamily properties • 6,060 SF
      712 19Th St, Chicago, IL 60616
      View Details
    • Value Estimation by Request
      40,000 SF

      2001 State St

      Individual retail properties • 40,000 SF
      2001 State St, Chicago, IL 60616
      View Details
    • Value Estimation by Request
      0.07 Acres

      2736 Princeton Ave

      APARTMENT HOUSE (5+ UNITS) • 0.07 Acres
      2736 Princeton Ave, Chicago, IL 60616-2621
      View Details
    • Value Estimation by Request
      1,584 SF

      3020 Normal Ave

      APARTMENT HOUSE (UNDER 5 UNITS) • 1,584 SF
      3020 Normal Ave, Chicago, IL 60616-3126
      View Details
    • Value Estimation by Request
      1,936 SF

      3001 Normal Ave

      APARTMENT HOUSE (UNDER 5 UNITS) • 1,936 SF
      3001 Normal Ave, Chicago, IL 60616-3125
      View Details
    • Value Estimation by Request
      2,380 SF

      3036 Normal Ave

      APARTMENT HOUSE (UNDER 5 UNITS) • 2,380 SF
      3036 Normal Ave, Chicago, IL 60616-3126
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      40,000 SF

      Chicago South Loop Mixed-Use Investment

      High-NOI, Multifamily & Retail Portfolio
      2001 State St, Chicago, IL 60616
      View Details
    • $319,000
      648 SF

      New Construction Senior Living Condominium

      New 110-unit senior living condominium development in Chicago, Illinois.
      2128 S Tan Ct, Chicago, IL 60616
      View Details
    • $124,900
      500 SF

      Studio with Panoramic Downtown View

      Studio with north-facing views, modern amenities, and convenient location.
      2901 S Michigan Ave, Chicago, IL 60616
      View Details
    • $308,500
      1,700 SF

      Lake Meadows Condo Units Available

      Recently renovated condo with three bedrooms near downtown and lake.
      601 E 32Nd St, Chicago, IL 60616
      View Details
    • $850,000

      Three-Unit Building Near Chinatown

      Three-unit building with central air and heat, near Chinatown.
      2569 S Emerald Ave, Chicago, IL 60616
      View Details
    • $1,200,000
      0.07 Acres

      Chinatown 6-Unit Brick Building

      Well-maintained, fully occupied 6-unit building in Chicago's Chinatown.
      248 W 26Th St, Chicago, IL 60616
      View Details

    Similar Nearby for Lease

    • $2,500 /Mo
      900 SF

      South Loop Loft with Views

      Bright, spacious South Loop loft with west-facing views and balcony.
      1620 S Michigan Ave, Chicago, IL 60616
      View Details
    • $2,500 /Mo

      Condo with Unobstructed East Views

      Two-bedroom condo with modern amenities, available September 2nd.
      1845 S Michigan Ave, Chicago, IL 60616
      View Details
    • $2,400 /Mo
      1,275 SF

      Spacious Unit with City Views

      Bright unit with modern kitchen, balconies, and city views.
      221 E 31St St, Chicago, IL 60616
      View Details
    • $3,350 /Mo

      Updated Condo with Lakefront Views

      Updated 2-bedroom condo with lake views in Chicago's South Loop.
      1841 S Calumet Ave, Chicago, IL 60616
      View Details
    • Contact for pricing
      1 SF

      Chicago Ghost Kitchen - Wabash Ave

      250 sq ft Commercial Kitchen for Lease
      2537 Wabash Ave, Chicago, IL 60616
      View Details
    • Contact for pricing
      27,000 SF

      Industrial Service Facility with Yard

      Industrial service facility with paved and secured yard near McCormick.
      2424 South Wabash Ave, Chicago, IL 60616
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    715 18Th St
    Chicago, IL 60616
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.