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 |
| Taxes | $22,653 |
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 |
|---|---|
| New Construction | 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
| Office | Homecoin.com |
|---|