1838 S Racine Ave Chicago, IL 60608
Pilsen NeighborhoodEstimated payment $5,588/month
About This Home
1838 S Racine Ave is a fully renovated four-unit multifamily property located in the heart of East Pilsen-one of Chicago's most culturally vibrant and rapidly appreciating neighborhoods. Offering a strong 7.8% in-place cap rate, this asset is just off 18th Street and surrounded by award-winning dining, art, and community energy. In fact, Pilsen has been recognized as one of the coolest neighborhoods in the world, celebrated for its rich culture, dynamic food scene, and thriving art galleries. It's the only Chicago neighborhood to earn this global recognition, underscoring its distinct character and widespread appeal. The property features two three-bedroom, one-bath units and two one-bedroom, one-bath units, all of which were fully renovated in 2018. Renovations include modern kitchens with Samsung stainless steel appliances, granite countertops, updated cabinets, gas ranges, and French-door refrigerators with pull-out freezers. Each unit offers full-size in-unit laundry, updated bathrooms, new flooring, and individual HVAC systems with central heat. The building also benefits from a tear-off roof replacement in 2014 and newer windows installed in 2002. Interiors are bright and welcoming, with wood laminate flooring throughout, spacious queen-sized bedrooms with walk-in closets, and open-concept living and dining areas. Select units include window A/C units for added comfort. Residents enjoy private access to a shared backyard-perfect for relaxing outdoors-and the convenience of two parking spaces in the rear, including one garage and one surface spot. Located within walking distance to popular spots like La Luna, Pilsen Yards, and Rabbanitos, and just over a mile from UIC, the property boasts a Walk Score of 97-making it a true "Walker's Paradise." Divvy bike stations, CTA stops, and proximity to downtown further enhance connectivity and rental demand. The building is fully leased through 2026 with excellent in-place rents and responsible tenants. Tenants pay for gas, electricity, and internet, while the owner covers water, trash, sewer, and recycling. This is a turnkey investment opportunity in one of the most exciting neighborhoods Chicago has to offer-with both cash flow stability and long-term upside.
Listing Agent
Coldwell Banker Realty License #475208703 Listed on: 07/30/2025
Property Details
Home Type
- Multi-Family
Est. Annual Taxes
- $10,790
Year Built
- Built in 1888 | Remodeled in 2018
Lot Details
- Lot Dimensions are 25x125
Parking
- 1 Car Garage
Bedrooms and Bathrooms
- 8 Bedrooms
- 8 Potential Bedrooms
- 4 Bathrooms
Utilities
- Heating System Uses Natural Gas
- Lake Michigan Water
Community Details
Overview
- 4 Units
Building Details
- Insurance Expense $1,560
- Maintenance Expense $1,200
- Professional Management Expense $1,200
- Water Sewer Expense $2,449
- Gross Income $87,000
- Net Operating Income $80,000
Map
Home Values in the Area
Average Home Value in this Area
Property History
| Date | Event | Price | Change | Sq Ft Price |
|---|---|---|---|---|
| 08/07/2025 08/07/25 | Pending | -- | -- | -- |
| 07/30/2025 07/30/25 | For Sale | $880,000 | +15.8% | -- |
| 03/25/2024 03/25/24 | Sold | $760,000 | -4.4% | $224 / Sq Ft |
| 01/25/2024 01/25/24 | Pending | -- | -- | -- |
| 11/28/2023 11/28/23 | For Sale | $795,000 | -- | $234 / Sq Ft |
Source: Midwest Real Estate Data (MRED)
MLS Number: 12433143
APN: 17203160360000
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