Kiser Group is pleased to present the 13-unit mixed-use property for sale at 1157 W 18th St in Chicago's Pilsen neighborhood. The property was gut renovated in 2016 with additional renovations in 2022 to feature high-end finishes to units and individual mechanicals, including in-unit laundry. The property is two (2) back-to-back structures consisting of a diverse unit mix of one-, two-, and three-bedroom units with a ground floor commercial space. The ground floor commercial space has 3% annual rent escalations, pays 17% of the property's CAM, and has two (2) five (5) year lease renewal options built into their lease. The property is being offered with an assumable Freddie Mac loan. The loan has a $3,558,000 balance, a 5.46% rate with I/O through 10/25 and matures 9/28. The assumable debt creates a current cash-on-cash return of over 11%.
1157 W 18th St presents an opportunity for new ownership to acquire a property of scale in an appreciating neighborhood with the ability to increase rents, evidenced by recent trade outs gains up to 30%.