1701 W 21st Street,Chicago, IL 60608
Chicago, IL 60608
Description
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.
Details
| MLS # | 12730594 |
|---|---|
| Listing Type | For Sale |
| Style | Multi Family 5+ |
| Sub-Type | Resale |
| Status | Active |
| Year | 1883 |
| Days On Site | 26 |
| Listing Provided By | Homecoin.com | Jonathan Minerick |
Features
| Basement | Y |
|---|---|
| Story(s) | 2 |
| Units | 5 |
| Zoning | MULTI |
| Acreage | 0.07 |
Interior
| Cooling | Central Air, Central Individual |
|---|---|
| Fireplaces Total | 0 |
Exterior
| Roof | Reflective Coating, Rubber |
|---|---|
| Foundation Details | Stone |
| Construction Materials | Brick |
Utilities
| Electric | Circuit Breakers, Separate Meters |
|---|
Taxes
| Tax Year | 2025 |
|---|---|
| Tax Annual Amount | 22653.4 |
Area Information
| State | IL |
|---|---|
| County | Cook |
| City | Chicago |
| Zip Code | 60608 |
| Area | CHI Lower West Side |
| Listing VS Median (in 60608) | |
Price: $1,560,000 low | high Med: $331,500 On site: 26 low | high Med: 35 | |
Market Activity 60608
Request a showing
Request a showing
Contact
Learn More About This Property
| State | IL |
|---|---|
| County | Cook |
| City | Chicago |
| Zip Code | 60608 |
| Area | CHI Lower West Side |
| Listing VS Median (in 60608) | |
Price: $1,560,000 low | high Med: $331,500 On site: 26 low | high Med: 35 | |
