1157 18Th StChicago, IL 60608

Property Details for 1157 18Th St

Year built

1884

Lot size

0.06 AC

Property size (Sq ft)

2,500 SF

Property type

Retail residential properties

APN

17-20-407-020

APU

1720407020

Description

This exceptional mixed-use property, located at 1157 W 18th St in Chicago's vibrant Pilsen neighborhood, presents a compelling investment opportunity. The property comprises a 13-unit apartment building and a street-level retail storefront, totaling 11,932 square feet across two buildings and four stories. The 12 apartment units, averaging $350,000 per unit, feature recently renovated kitchens and bathrooms with quartz countertops, custom wood framed islands and peninsulas in most units. All units boast central HVAC, dishwashers, and in-unit laundry with a mix of stainless steel appliances. Significant capital improvements completed between 2016 and 2023 include new windows, plumbing, electrical systems, and a complete roof replacement. The property sits on a 5,075 square foot lot and benefits from a walk score of 96, making it a highly desirable location. The retail storefront, currently leased to Hol Health Studio until April 30, 2026, with two five-year extension options, occupies 2,266 square feet. This tenant covers their operating costs and contributes 17% of the building's operating expenses, including utilities, property taxes, and insurance. The property boasts a current NOI of $288,827 and a pro-forma NOI of $323,156, resulting in a current cap rate of 6.35% and a pro-forma cap rate of 7.10%. The property also includes a two-car garage. The asking price is $4,550,000. Attractive assumable debt with interest-only payments remaining until October 25, 2025, and a maturity date of August 28, features a 5.46% interest rate and a 75% loan-to-value ratio. The property is zoned C1-2. The property's current occupancy is 100%.

• CAP approach

  CAP return

  Valuation

  6%

  $996,252

  6.5%

  $919,617

  7%

  $853,930

• Comparable approach

  Method

  Valuation

  Relative Method

  $504,719

  Geo Method

  $504,719

• Alternative Use

  Use

  Valuation

  Residential

  $919,617

  Hospitality

  $842,364

  Educational

  $700,837

  Medical

  $724,940

  Retail

  $1,090,191

Location Insight

City

Chicago

County

Cook

State

Illinois

Latitude

41.8577

Longitude

-87.6554

CBSA code

16980

CBSA name

CHICAGO-NAPERVILLE-JOLIET, IL-IN-WI METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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