MLS Number 10768541
- CommercialSale Commercial Sale
- Area Lower West Side
- Year Built 2020
- Acreage 0.05
Beautifully Finished High Quality 6 unit Building in River's Edge(Southwest Loop) along East Pilsen. This pocket of Chicago is just over the bridge from the "already developed" South Loop. The 6 Top End Units Are rented for a Gross Income over $23,000 a month has this one hovering a 7 cap. Buy and collect the cashflow as you watch the surrounding development bloom in this hot pocket. Appreciation is predictable here with over 350 units within 6 blocks passed through Chicago Plan Commission and/or being built. This pocket has a more pro-development politics than Pilsen west of 90-94. This is superior location. Construction on this 15,000 plus square foot premium building just finished in June 2020. We Rented units quickly for July/Aug (they are that nice)...... Layouts: There are 6 units with 3 layouts(2 duplex up,2 duplex down, and 2 simplexes between). They are ALL desirable three bedrooms units so you will not compete in the saturated 2 bed rental market during this work-at-home era when most tenants want more "work at home" space/home offices...etc... MORE UNIT DETAILS: The duplex Up's are ~2400 sf with 3 beds and 2.1 baths and 3 outdoor spaces Roof walkout, rear large deck and front private balcony-unique & impressive. The duplex down has 3 beds and 2.1 baths and even larger bedrooms w windows that pop light into the space so it does not "feel" like it is on a lower level... The duplexes all beat the competition: The top level of the duplex up is a to-die-for amazing open space and the duplex down is so over-sized your tenants will never leave. The center simplex units(sandwiched nicely between the duplex up and duplex downs) are stylish 3 bed 2 about 1250 sf each with front balcony and large deck. Each unit has amazing window placement to give you light, bright and easy to rent space with all the amenities..... LOCATION DETAILS: This hot location offers more than the tired and older lower callers of the "already-baked and already-boomed" areas north of the loop. Forbes did not call this location (East Pilsen) "One of the Globes Coolest 12 Neighborhoods" for nothing. The movement IS to this magnet now. ON THE MAP: A 4000 seat music venue(Radius) is 2 blocks south(640 w cermak) and a land parcel around corner has 300+ unit planned unit development (19th Jefferson-was submitted to the city in 2019). Many other scattered sites of development within blocks. As This pocket of Pilsen has more land to build on, Jewel is 3 blocks up Canal, Whole Foods/Icon Theatres and Roosevelt District is at 1200 south ( that is 6 blocks north). The south loop is A walk East over 18th st bridge at Canal/18th. Metra stop at Halsted/16th. Red line (cermak / wentworth) and orange line(halsted/archer) are walkable just under a mile for either. Tenants have a plethora of options for transportation. CONSTRUCTION SPECS: Total sf approx 15682 total sf (1st floor 3481, 2nd 3169, 3rd 3481, 4th 2070) + decks and roof areas. Private hi-quality gate/fence and buzzer system to interior stylish private lobby and heated interior stairway. Scavenger area. Landscaped smart and easy for upkeep. Roof areas have terf for lively use for view of city and skyline. Appliances in all units stay - washer/dryers in each unit. Tenants pay heat and light (gas and electric) in each unit. Upgraded S S appliances, Quartz, Spa baths, Huge Decks and Multiple outdoor spaces, Quality Windows, Brick, Moldings, Plumbing Fixtures, Floors, Doors . Offer Memo available. Floorplans online. Call for showing. ONE LAST POINT - SELL AS CONDOS WHEN YOU EXIT: One last point to cap it off: Get more for your cash flow yes, and appreciation but a Key distinction is worthy to note : Because of the condo++ quality finishes here you can easily exit as actual condos after a tax ID split and sellout for a 5-10% premium ! Sell as condos or as income property when you move on and crank up that cap gain.
Listed by Phillip Buoscio of Better Living Realty