2216 21St PlChicago, IL 60608

Property Details for 2216 21St Pl

Property type

Apartment buildings

Description

This exceptional investment opportunity presents a fully renovated six-unit apartment building located in Chicago's vibrant Pilsen neighborhood at 2216 W. 21st Pl. The property, built in [Year Built information not provided], underwent a complete renovation in 2023, encompassing new kitchens with updated cabinetry, stone countertops, and stainless steel appliances in each of the six two-bedroom, one-bathroom units. Bathrooms also received significant upgrades, including new vanities, sinks, faucets, toilets, and tile work. All units feature individual HVAC systems and domestic hot water tanks, ensuring tenant comfort and efficiency. Building-wide improvements include upgraded 400 AMP electrical service, comprehensive brick tuckpointing, and new copper plumbing throughout. Two exterior parking spaces provide additional income potential. The property boasts a current NOI of $79,577 and a pro-forma NOI of $87,824, resulting in a current cap rate of 6.12% and a pro-forma cap rate of 6.76%. The asking price is $1,300,000, with a price per unit of $216,666.67. The property is zoned RT-4 and features a Cook County APN of 17-19-319-042-0000. This turnkey asset offers significant rent upside potential, making it an ideal investment for savvy buyers seeking a well-maintained, income-generating property with substantial growth prospects in a desirable location.

Location Insight

City

Chicago

County

Cook

State

Illinois

Latitude

41.853

Longitude

-87.6815

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