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Courtesy of: Keller Williams ONEChicago
Purchase Type: Sale
MLS ID: MRD11132709
Year Build: 1883
Property Type: Mixed Use
Swimming Pool: No
Address: 1722 S Halsted Street
Neighborhood: Chi - Lower West Side
Property Taxes: $13,000
Tax Year: 2019
A two-unit mixed-use building located in the heart of the Pilsen neighborhood of Chicago. In recent years, Pilsen has become one of the most sought-after neighborhoods by investors and developers primarily due to being an extremely low-density market with proximity to downtown and the area's dynamic fundamentals, including a thriving artist community. This two-story, brick and frame building sits on an approximately 2,500 square foot lot, and the current unit mix consists of one (1)- ground floor commercial space(APX2,500SF), one (1)- 1 Bed / 1 Bath (APX 1,600SF) apartment. The property has been owned by the same family for generations and has been kept vacant for several years; therefore, the property could be improved through renovation. An investor has an extremely rare opportunity to acquire a mixed-use asset in Pilsen's Art District that has undergone tremendous growth and development. Post-renovation, a new investor should be able to yield a 7.5% Cap Rate in one of the most well-known streets in Pilsen.
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