Modern 5-Unit Multifamily in Chicago | 2213 W 23rd Pl
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Modern 5-Unit Multifamily in Chicago 2213 W 23rd Pl
5 Apartment Units Online Auction Sale Chicago, IL 60608
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Investment Highlights
- 2213 W 23rd Place presents the market with a rare opportunity to acquire a modern, recently renovated five-unit multifamily building in Chicago.
- Turnkey investment opportunity presenting an investor with recently modernized units and 100% occupancy.
- Current ownership invested heavily with updates to the electric and plumbing in all units and a full gut renovation in 2020.
- Located in the highly desirable Pilsen neighborhood just 2 miles from Downtown Chicago with access to Metra CTA stations and restaurants.
- Offers a rare opportunity to acquire a stake in the thriving Chicago Multifamily Market with dwindling vacancy and rapidly increasing rates.
Executive Summary
Quadrel Commercial, in conjunction with Ten-X, is pleased to bring to market 2213 West 23rd Place, a five-unit multifamily property in the popular. Pilsen neighborhood within Chicago, Illinois. This asset was completely gut renovated in 2020 and features redone apartments with an attractive unit mix of two two-bedroom, one-bath units and three three-bedroom, two-bath units. All units include high-end kitchens and baths with an in-unit washer and dryer and central HVAC. Current ownership invested heavily in updates to the electricity and plumbing in all units.
2213 West 23rd Place is located in the highly desirable Pilsen neighborhood just 2 miles from Downtown Chicago. The property is in the Heart of Italy neighborhood, just around the corner from Pilsen's booming 18th street, which is home to award-winning Honky Tonk BBQ, Dusek's in Thalia Hall, boutique stores, and restaurants. Just around the corner is the Blue Line 18th Street CTA station. With a walk score of 85, this location is considered very walkable. Culture thrives in Pilsen, where bold artistic murals have blossomed in the neighborhood on the fronts of homes, along railway overpasses, and wrapped around train platforms. The artful vice continues within storefront galleries and studios, as well as in the colorful collections of the National Museum of Mexican Art. Whether you are on 18th Street, Blue Island, or Halsted Street, the strong cultural heritage and rich working-class legacy are the backbone of Chicago's Lower West Side neighborhoods.
Chicago offers an ideal multifamily market for investors to tap into. As other parts of the nation begin to slip, Chicago has remained a steadfast market with measured supply, compressed vacancy rates, and positive absorption figures that have kept the market in a steady balance. The region has seen 10,000 more units occupied than vacated over the past 12 months, well outpacing historical averages. The market is facing minimal supply-side pressures, which has put power in the hands of landlords. Only 1.3% of the multifamily inventory is currently under construction. Do not miss the opportunity to acquire this freshly renovated, modernized five-unit apartment building with a rich location and robust market fundamentals.
Property tours are available by appointment only. Please contact Chuck Dickstein @ (847) 651-1470 to schedule.
2213 West 23rd Place is located in the highly desirable Pilsen neighborhood just 2 miles from Downtown Chicago. The property is in the Heart of Italy neighborhood, just around the corner from Pilsen's booming 18th street, which is home to award-winning Honky Tonk BBQ, Dusek's in Thalia Hall, boutique stores, and restaurants. Just around the corner is the Blue Line 18th Street CTA station. With a walk score of 85, this location is considered very walkable. Culture thrives in Pilsen, where bold artistic murals have blossomed in the neighborhood on the fronts of homes, along railway overpasses, and wrapped around train platforms. The artful vice continues within storefront galleries and studios, as well as in the colorful collections of the National Museum of Mexican Art. Whether you are on 18th Street, Blue Island, or Halsted Street, the strong cultural heritage and rich working-class legacy are the backbone of Chicago's Lower West Side neighborhoods.
Chicago offers an ideal multifamily market for investors to tap into. As other parts of the nation begin to slip, Chicago has remained a steadfast market with measured supply, compressed vacancy rates, and positive absorption figures that have kept the market in a steady balance. The region has seen 10,000 more units occupied than vacated over the past 12 months, well outpacing historical averages. The market is facing minimal supply-side pressures, which has put power in the hands of landlords. Only 1.3% of the multifamily inventory is currently under construction. Do not miss the opportunity to acquire this freshly renovated, modernized five-unit apartment building with a rich location and robust market fundamentals.
Property tours are available by appointment only. Please contact Chuck Dickstein @ (847) 651-1470 to schedule.
Data Room Click Here to Access
- Operating and Financials
- Purchase Agreement
- Title and Insurance
Market Analytics Click Here to Access
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Market Sale Price per Unit
Chicago - IL USA
Market Cap Rate
Chicago - IL USA
Market Sale Price per Unit by Star Rating
1 - 2 Star
3 Star
4 - 5 Star
Market Cap Rate by Star Rating
1 - 2 Star
3 Star
4 - 5 Star
Market Sale Price per Unit Distribution
Market Cap Rate Distribution
Property Facts
| Sale Type | Investment | Lot Size | 0.07 AC |
| Sale Conditions | Auction Sale | Building Size | 8,031 SF |
| No. Units | 5 | Average Occupancy | 100% |
| Property Type | Residential | Number of Floors | 3 |
| Property Subtype | Apartment | Year Built | 1887 |
| Apartment Style | Low Rise | Parking Ratio | 0.62/1,000 SF |
| Building Class | C |
| Sale Type | Investment |
| Sale Conditions | Auction Sale |
| No. Units | 5 |
| Property Type | Residential |
| Property Subtype | Apartment |
| Apartment Style | Low Rise |
| Building Class | C |
| Lot Size | 0.07 AC |
| Building Size | 8,031 SF |
| Average Occupancy | 100% |
| Number of Floors | 3 |
| Year Built | 1887 |
| Parking Ratio | 0.62/1,000 SF |
Amenities
Unit Amenities
- Air Conditioning
- Dishwasher
- Microwave
- Washer/Dryer
- Kitchen
- Refrigerator
- Stainless Steel Appliances
- Range
- Walk-In Closets
- Basement
- Family Room
Site Amenities
- Package Service
Walk Score ®
Very Walkable (84)
PROPERTY TAXES
| Parcel Number | 17-30-113-019-0000 | Improvements Assessment | £59,283 |
| Land Assessment | £9,123 | Total Assessment | £68,406 |
PROPERTY TAXES
Parcel Number
17-30-113-019-0000
Land Assessment
£9,123
Improvements Assessment
£59,283
Total Assessment
£68,406
zoning
| Zoning Code | RS-3 (Multi-Family) |
| RS-3 (Multi-Family) |
Sale Advisor
Sale Advisor
Chuck Dickstein, Director
(847) 651-1470
Contact
Chuck serves as Director at QRG, leading the team in industrial acquisition and commercial brokerage. He is responsible for identifying and evaluating industrial investment opportunities across the country, in addition to 3rd party commercial brokerage across all asset classes. His role includes underwriting, transacting, and business development. Since joining in 2021, Chuck has completed over 500,000sf of industrial transactions across multiple different markets. Prior to joining QRG, Chuck was an Associate at Mohr Partners, Inc. with a focus on Industrial tenant representation. There, he guided clients through the entire transaction process and worked alongside counsel to negotiate the most favorable lease terms on his clients’ behalf. Chuck is a licensed broker in Illinois and received his BA in Finance from Columbia College Chicago.
About the Auction Platform
Ten-X Commercial is the leading end-to-end digital transaction platform for commercial property. With over $26bn sold, Ten-X’s platform empowers brokers, sellers and buyers with data-driven technology and comprehensive marketing tools to expand market visibility and decrease time to close. Ten-X consistently yields trade rates at two times the industry average. Ten-X expedites the entire CRE transaction timeline by enabling brokers and sellers to tap into a digital platform that makes it easy to onboard properties, evaluate the success of complimentary omnichannel marketing campaigns and follow up on the strongest pre-qualified leads. Buyers are precision-matched with properties aligned with their investment goals, with unprecedented access to market analysis and due diligence documents to help them securely acquire properties online, with confidence.
Read More
Auction Contact
Keisha Hartshorn
Contact
Auctioneer License:
Ten-X Arlene Richardson RE Brkr 478027045
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STREET VIEW
STREET
MAP
Transaction Fee Schedule
Based on Percentage of Winning Bid Amount.
Winning Bid Amount
Transaction Fee
$0m to < $1m
5.00% ($20,000 min)
$1m to < $3m
3.00%
$3m to < $5m
2.50%
$5m to < $10m
2.25%
$10m to < $15m
2.00%
$15m to < $25m
1.75%
$25m to < $35m
1.50%
$35M to < $45M
1.00%
$45M to < $55M
0.75%
$55M and Up
0.50%
Example Calculation
Winning Bid Amount
$4,000,000
Transaction Fee
$100,000 (2.5%)
Total Purchase Price
$4,100,000
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