1946 S Racine Ave Chicago, IL 60608
Pilsen NeighborhoodEstimated payment $16,031/month
About This Home
Large brick 10 unit in Chicago's East Pilsen neighborhood. Complete gut renovation completed in 2017-18. 100% tenant occupied and generates over $250K in annual gross rental income. At the time of renovations, the building was taken down to the brick walls and new open floor plans were created. Flooring, windows, roof, electrical, plumbing, all mechanical systems, etc., were all updated at that time. Condo quality units feature large bedrooms, open layouts, white kitchens with quartz counters, all S.S. appliances, in-unit washer & dryer in all units, and modern white/gray finishes. The building sits on an oversized lot with 3 parking spots in the rear and a full basement for potential additional storage. Great mix of 1BR, 2BR, & 3BR units. Highly desirable location in Pilsen!
Property Details
Home Type
- Multi-Family
Est. Annual Taxes
- $22,422
Year Built
- Built in 1889
Lot Details
- Lot Dimensions are 33x126
Home Design
- Brick Exterior Construction
- Brick Foundation
- Block Foundation
- Membrane Roofing
- Reflective Roof
- Rubber Roof
- Concrete Perimeter Foundation
Interior Spaces
- 12,168 Sq Ft Home
- 4-Story Property
Utilities
- Forced Air Heating and Cooling System
- Heating System Uses Gas
- Separate Meters
Community Details
Overview
- 10 Units
Building Details
- Electric Expense $1,447
- Insurance Expense $5,207
- Maintenance Expense $7,970
- Manager Expense $4,843
- Other Expense $4,480
- Trash Expense $1,891
- Water Sewer Expense $5,000
- Operating Expense $55,360
- Gross Income $250,308
- Net Operating Income $194,948
Map
Home Values in the Area
Average Home Value in this Area
Tax History
| Year | Tax Paid | Tax Assessment Tax Assessment Total Assessment is a certain percentage of the fair market value that is determined by local assessors to be the total taxable value of land and additions on the property. | Land | Improvement |
|---|---|---|---|---|
| 2024 | $22,422 | $150,700 | $16,632 | $134,068 |
| 2023 | $21,858 | $106,272 | $8,316 | $97,956 |
| 2022 | $21,858 | $106,272 | $8,316 | $97,956 |
| 2021 | $21,370 | $106,272 | $8,316 | $97,956 |
| 2020 | $32,903 | $147,699 | $8,316 | $139,383 |
| 2019 | $29,675 | $147,699 | $8,316 | $139,383 |
| 2018 | $16,703 | $84,559 | $8,316 | $76,243 |
| 2017 | $17,660 | $82,036 | $7,068 | $74,968 |
| 2016 | $16,431 | $82,036 | $7,068 | $74,968 |
| 2015 | $15,033 | $82,036 | $7,068 | $74,968 |
| 2014 | $15,221 | $82,036 | $7,068 | $74,968 |
| 2013 | -- | $82,036 | $7,068 | $74,968 |
Property History
| Date | Event | Price | Change | Sq Ft Price |
|---|---|---|---|---|
| 08/20/2025 08/20/25 | For Sale | $2,599,000 | -- | $214 / Sq Ft |
Purchase History
| Date | Type | Sale Price | Title Company |
|---|---|---|---|
| Quit Claim Deed | -- | Attorney | |
| Warranty Deed | $1,150,000 | Proper Title Llc | |
| Warranty Deed | $7,500 | Heritage Title Company | |
| Interfamily Deed Transfer | -- | None Available | |
| Quit Claim Deed | -- | -- |
Mortgage History
| Date | Status | Loan Amount | Loan Type |
|---|---|---|---|
| Previous Owner | $750,000 | Construction | |
| Previous Owner | $342,500 | Commercial | |
| Previous Owner | $74,000 | Commercial | |
| Previous Owner | $56,700 | Commercial | |
| Previous Owner | $128,000 | Commercial | |
| Previous Owner | $80,000 | Commercial | |
| Previous Owner | $38,000 | Commercial |
Source: Midwest Real Estate Data (MRED)
MLS Number: 12438463
APN: 17-20-326-037-0000
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