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$ 1,500,000
Est. payment /mo
New
1445 W 16th ST Chicago, IL 60608
3,049 Sqft Lot
UPDATED:
Key Details
Property Type Multi-Family
Sub Type Multi Family 5+
Listing Status Active
Purchase Type For Sale
MLS Listing ID 12437527
Year Built 1889
Annual Tax Amount $12,131
Tax Year 2023
Lot Size 3,049 Sqft
Lot Dimensions 2,976 sf
Property Sub-Type Multi Family 5+
Property Description
Incredible Value-Add Opportunity in the Heart of Pilsen, Chicago! This 7-unit building offers solid opportunity for the right value add buyer with significant upside. The four front units have been fully renovated and built out by the owner himself. The owner currently occupies the 2-bedroom unit on the first floor, and the three units above are currently rented out. The top-floor unit is a bright, open-concept 1-bedroom with incredible city skyline views. All finished units feature modern finishes and dishwashers. The three rear units are gutted and framed for 2-bedroom layouts, with rough plumbing and electrical already in place-offering a head start for future build-out. A new rear staircase/exterior exit will be required to complete those units. Pro Forma Potential: Once the three rear units are completed, projected gross income is $166,200 annually based on market rents: 2-Bedroom Units @ $2,000/month; 1-Bedroom Unit @ $1,850/month Building upgrades include a recent silver-coated roof, all copper plumbing, new electrical panels, and individual furnaces and water heaters for each unit. Tenants pay their own gas and electric; owner only pays water. A common washer and dryer is available for tenants on the second floor (currently free), with additional hookups already in place for more machines. The property also includes a full side lot to the east-ideal for outdoor space, parking, or future development. The basement features a finished room with a kitchen and bathroom, currently used as a hangout space-could serve as a non-conforming studio. An excellent opportunity for investors or live-in owners in one of Chicago's most dynamic and fast-growing neighborhoods.
Location
State IL
County Cook
Area Chi - Lower West Side
Zoning MULTI
Interior
Cooling Central Individual
Fireplace N
Building
Dwelling Type Multi Family 5+
Level or Stories 4
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Listed by Tyler Jimenez • Listing Leaders Northwest, Inc
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