2318 S Homan Ave Chicago, IL 60623
Little Village NeighborhoodEstimated payment $4,471/month
About This Home
2318 S Homan Ave is a well-maintained and thoughtfully updated 6-unit multifamily investment property located in the heart of Chicago's vibrant Little Village neighborhood. This solid brick building has seen extensive capital improvements, presenting an excellent opportunity for a savvy investor seeking both strong in-place cash flow and long-term upside. Each apartment is equipped with newer furnaces and hot water heaters, copper plumbing throughout, and updated kitchens featuring newer stoves, refrigerators, and select cabinet upgrades. The building has been fully updated with new electrical service, conduit and wiring with individual electrical panels for each unit. Exterior improvements include tuckpointing and a newly constructed two-car garage. There is also an opportunity to add a legal 7th unit in the unfinished attic space that spans the entire building. With stable operations and clear potential for rent growth through lease renewals, this property offers the ability to further enhance returns while benefiting from a well-improved asset. A strong multifamily investment with attractive current income and long-term appreciation potential-an excellent addition to any real estate portfolio.
Property Details
Home Type
- Multi-Family
Est. Annual Taxes
- $9,119
Year Built
- Built in 1908
Lot Details
- 3,125 Sq Ft Lot
- Lot Dimensions are 25x125
Home Design
- Brick Exterior Construction
- Pitched Roof
Interior Spaces
- 3-Story Property
Utilities
- No Cooling
- Forced Air Heating System
- Separate Meters
- 200+ Amp Service
Community Details
Overview
- 6 Units
Building Details
- Electric Expense $500
- Insurance Expense $4,650
- Maintenance Expense $3,000
- Manager Expense $3,925
- Trash Expense $3,084
- Water Sewer Expense $1,800
- Operating Expense $25,228
- Gross Income $85,200
- Net Operating Income $56,282
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 |
|---|---|---|---|---|
| 2025 | $6,119 | $45,387 | $4,531 | $40,856 |
| 2024 | $6,119 | $45,387 | $4,531 | $40,856 |
| 2023 | $5,965 | $29,000 | $3,672 | $25,328 |
| 2022 | $5,965 | $29,000 | $3,672 | $25,328 |
| 2021 | $5,831 | $28,999 | $3,671 | $25,328 |
| 2020 | $4,457 | $20,007 | $3,671 | $16,336 |
| 2019 | $4,674 | $23,265 | $3,671 | $19,594 |
| 2018 | $3,374 | $23,265 | $3,671 | $19,594 |
| 2017 | $5,145 | $23,899 | $3,281 | $20,618 |
| 2016 | $3,929 | $23,899 | $3,281 | $20,618 |
| 2015 | $4,379 | $23,899 | $3,281 | $20,618 |
| 2014 | $2,636 | $18,613 | $3,125 | $15,488 |
| 2013 | $3,385 | $18,613 | $3,125 | $15,488 |
Property History
| Date | Event | Price | List to Sale | Price per Sq Ft | Prior Sale |
|---|---|---|---|---|---|
| 04/13/2026 04/13/26 | Pending | -- | -- | -- | |
| 03/04/2026 03/04/26 | For Sale | $700,000 | +47.4% | -- | |
| 12/20/2021 12/20/21 | Sold | $475,000 | 0.0% | $86 / Sq Ft | View Prior Sale |
| 12/17/2021 12/17/21 | For Sale | -- | -- | -- | |
| 12/16/2021 12/16/21 | Pending | -- | -- | -- | |
| 12/16/2021 12/16/21 | For Sale | $475,000 | +39.7% | $86 / Sq Ft | |
| 08/24/2018 08/24/18 | Sold | $340,000 | 0.0% | $62 / Sq Ft | View Prior Sale |
| 07/07/2018 07/07/18 | Off Market | $340,000 | -- | -- | |
| 09/04/2017 09/04/17 | Pending | -- | -- | -- | |
| 07/10/2017 07/10/17 | For Sale | $379,900 | -- | $69 / Sq Ft |
Source: Midwest Real Estate Data (MRED)
MLS Number: 12553916
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Based on information submitted to the MLS GRID. 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. Some IDX listings have been excluded from this website.
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