$1,500,000
1445 W 16th Street
Chicago, IL, 60608
Incredible Value-Add Opportunity in the Heart of Pilsen, Chicago! This 7-unit building offers solid opportunity for the right value add buyer with significant upside. The four front units have been fully renovated and built out by the owner himself. The owner currently occupies the 2-bedroom unit on the first floor, and the three units above are currently rented out. The top-floor unit is a bright, open-concept 1-bedroom with incredible city skyline views. All finished units feature modern finishes and dishwashers. The three rear units are gutted and framed for 2-bedroom layouts, with rough plumbing and electrical already in place-offering a head start for future build-out. A new rear staircase/exterior exit will be required to complete those units. Pro Forma Potential: Once the three rear units are completed, projected gross income is $166,200 annually based on market rents: 2-Bedroom Units @ $2,000/month; 1-Bedroom Unit @ $1,850/month Building upgrades include a recent silver-coated roof, all copper plumbing, new electrical panels, and individual furnaces and water heaters for each unit. Tenants pay their own gas and electric; owner only pays water. A common washer and dryer is available for tenants on the second floor (currently free), with additional hookups already in place for more machines. The property also includes a full side lot to the east-ideal for outdoor space, parking, or future development. The basement features a finished room with a kitchen and bathroom, currently used as a hangout space-could serve as a non-conforming studio. An excellent opportunity for investors or live-in owners in one of Chicago’s most dynamic and fast-growing neighborhoods.
Property Details
Price:
$1,500,000
MLS #:
MRD12437527
Status:
Active
Beds:
0
Baths:
0
Address:
1445 W 16th Street
Type:
Commercial
Neighborhood:
CHI – Lower West Side
City:
Chicago
Listed Date:
Aug 4, 2025
State:
IL
ZIP:
60608
Year Built:
1889
Schools
Interior
Cooling
Central Individual
Exterior
Financial
Tax Year
2023
Taxes
$12,131
Debra Dobbs is one of Chicago’s top realtors with more than 41 years in the real estate business.
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1445 W 16th Street
Chicago, IL
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