1701 W 21st Street, Chicago, IL

$1,560,000

Previous Next

About 1701 W 21st Street

Exceptional Turnkey 5-Unit Asset in Prime Pilsen with Strong 7.15% Cap Rate & Significant Immediate Upside. Originally reconfigured as an owner-occupied building. Highly lucrative, fully permitted 5-unit commercial residential building situated on a prominent corner lot in Pilsen. Extensively gut-rehabbed to the studs between 2013-2023 with all-new building systems, modern layouts, and premium finishes. Operating at a strong 7.15% current Cap Rate with a projected 1.42 Debt Coverage Ratio (DCR), this asset offers rare immediate bankability and day-one cash flow. UNMATCHED VALUE-ADD OPPORTUNITY: The 1st-floor 1,500 sq. ft. 1BR/1BA loft tenant is vacating, creating an immediate, frictionless opportunity to capture a massive market rent increase or split the oversized floor plan to maximize total yield. Both 1701 W 21st St and 2102 S Paulina St addresses included in sale on single PIN. PREMIUM MECHANICALS & INFRASTRUCTURE: Fully updated water service replaced with copper directly to the city main. Low expenses: Tenants responsible for utilities with separately metered gas and electric. Individual furnaces, central AC, and separate tank/tankless water heaters for every unit. Attached 2-car garage off the alley providing additional premium rental income. Full unfinished basement housing utilities with storage spaces for tenants. HIGH RENTER RETENTION: Well-appointed apartments feature stone/quartz countertops, stainless steel appliances, premium hardwood or engineered flooring, masterfully tiled baths, and convenient in-unit washers and dryers. Superb location with immediate access to Pilsen public transit. Currently self-managed with zero historic vacancy. Clean rent roll, P&L, and T12 commercial underwriting documents available upon request.

Features of 1701 W 21st Street

MLS® # 12730594
Price $1,560,000
Bathrooms 0.00
Year Built 1883
Type Commercial Sale
Sub-Type Multi Family 5+
Status Active

Community Information

Address 1701 W 21st Street
Area CHI - Lower West Side
City Chicago
County Cook
State IL
Zip Code 60608

Amenities

Is Waterfront No
Has Pool No

Interior

Cooling Central Air, Central Individual
Fireplace No
Has Basement Yes
Basement Finished, Concrete, Stone/Rock, Storage Space

Exterior

Exterior Brick
Roof Reflective Coating, Rubber
Foundation Stone

Additional Information

Days on Market 18
Zoning MULTI
Foreclosure No
Short Sale No
RE / Bank Owned No

Listing Details

OfficeHomecoin.com

Listing Map

Request a Showing

Provide a valid email address.
When would you like to view this property?