50
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$1,499,000
Est. payment /mo
Price Dropped by $61K
1701 W 21st ST Chicago, IL 60608
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Key Details
Property Type Multi-Family
Sub Type Multi Family 5+
Listing Status Active
Purchase Type For Sale
MLS Listing ID 12730594
Year Built 1883
Annual Tax Amount $22,653
Tax Year 2025
Lot Dimensions 125x25
Property Sub-Type Multi Family 5+
Property 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.
Location
State IL
County Cook
Area Chi - Lower West Side
Zoning MULTI
Rooms
Basement Finished, Concrete, Stone/Rock, Storage Space
Interior
Cooling Central Air, Central Individual
Fireplace N
Exterior
Roof Type Reflective Coating,Rubber
Building
Dwelling Type Multi Family 5+
Sewer Public Sewer
Water Municipal Water
Structure Type Brick
© 2026 Listings courtesy of MRED as distributed by MLS GRID. All Rights Reserved.
Listed by Jonathan Minerick of Homecoin.com
NEARBY SCHOOL & BUSINESS
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