1827 South racine AvenueChicago, IL 60608Price: $1,425,000

  • Price: $1,425,000
  • 18 Days on Market
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Federal 30-year interest rate: 5.81% last updated on Jun 23, 2022
* All Figures are estimates. Check with your bank or proposed mortgage company for actual interest rates.
This product uses the FRED® API but is not endorsed or certified by the Federal Reserve Bank of St. Louis.
  • 1920Year Built

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6 Unit with Top Market earning potential at ground zero Pilsen. Use the 5 Residential and 1 Commercial/Storefront as an investment or Be an Entrepreneur and Grow this as a B and B Cashflowing business to Higher returns. The updates abound in this building with Stylistic choices that make this a rare gem and tailor it to be a special destination for all who will live here. The residential units above flourish with finishes that drive rents to higher ranges. The details abound and were done with care and design to keep historical standards in place. Designer integrated cabinetry,inlaid stone baths,bodysprays,raindomes,gold leaf painted trim,hand crafted light fixtures,restored floors,reclaimed woodwork,doors,railings,sculpted door handles and on and on. You wont have a long vacancy here and will rent quicker thanks to it's special sauce. If you decide not to term lease for the boring 8% Cap but choose to use a few units as Air B&B/Furnished Executive Rentals and push your returns into the teens you have success lineage at this location since this was formerly run as B&B called "Pilsen Roadhouse" with 3 units booking at 98% monthly and grossing over $5500 a month per unit. Much "talent" has enjoyed this location. A little on the layouts... STORE 1F: The first floor storefront has a duplex up to a den/loft and a large kitchen,bath and walk in closet. This is as perfect a Work/Live space as Pilsen can offer-Musician,Caterer,Artist,Professional Offices. Storefront could easily be duplexed again to tall basement(stair cutout still there). STUDIO 1R:Behind the storefront is a studio with bed/loft. 2F: 2 Bed 1 Bath. 2R: 1 bed 1 bath. 3R: 1 bed 1 bath. 3F: The biggest unit. This Duplex Up offers 3 beds and 2 baths (4th and 5th level) A note on value: With term leases alone the market rent of $140,000 a year pushes the GRM to 10. This is remarkable value when you see the market comparables are getting over 11.0 for only builder quality cookie-cutter rentals in lesser locations in Pilsen. Location=Appreciation: Here your location is cemented in time as one of Forbes' "Coolest N'hoods in The World" and delivers you to the steps of La Dolce Vida on 18th. Your value will rise as Thalia hall's magnetism pulls vitality and more monetary flow around you. There is much to gain with 6 spaces like this here at ground zero cool. Final note: The Pilsen Historic District National Register of Historic Places established in 2006 allows buildings with remaining Historical character to Property tax freeze with a detailed procedure that may be possible at this location. Since many historical features remain thanks to owners foresight the owner encourages you to submit an application to keep those taxes low for many years to come.

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Listed by Phillip Buoscio of Better Living Realty

Based on information submitted to MRED  as of June 28, 2022 . All data is obtained from various sources and has not been, and will not be, verified by broker or MRED.   All information should be independently reviewed and verified for accuracy.  Properties may or may not be listed by the office/agent presenting the information. NOTICE: Many homes contain recording devices, and buyers should be aware they may be recorded during a showing.

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