1445 West 16th, Chicago IL 60608
Property Description
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.
Features & Information
Key Details
- List Price $1,500,000
- Property Taxes $12,131
- Price/ Sq. Ft. Unavailable
- Year Built 1889
- Status Active
Building Information
- Age of Building Older
- Heating & Cooling Individual Furnaces
Location
- County Cook
- Directions to Property I-290 To Damen Ave Exit. South On Damen To 16th St. West On 16th To Property.
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Property Taxes
- Tax 12131
- Parcel Identification Number 17203010040000
Listed by Tyler Jimenez for Listing Leaders Northwest, Inc | Source: MRED as distributed by MLS GRID
Based on information submitted to the MLS GRID as of 8/31/2025 9:32 AM. All data is obtained from various sources and may not have been verified by broker or MLS GRID. Supplied Open House Information is subject to change without notice. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.
Explore Pilsen
A vibrant neighborhood situated on the city’s Lower West Side, Pilsen is one of Chicago’s oldest communities. Weathered stone castles, colorful turrets, and ornamental accents harken back to the area’s Bohemian roots. Building on its working-class roots, Pilsen has become a destination for the arts in Chicago—striking murals and vivid mosaics can be found throughout the neighborhood. Pilsen is home to a variety of galleries and museums, such as the National Museum of Mexican Art, one of the most prominent institutions for Mexican art and culture in the United States. Multi-generational mom and pop shops sit side-by-side some of the city’s finest dining. From off the beaten track locales to hip eateries, Pilsen offers a wide variety ideal for all. Vintage shops, independent cafes, and offbeat markets add to the neighborhood’s charm.
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