Seller's Agent in 2026
Cecil Sabu
ALLURE Real Estate
(847) 274-2819
1 in this area
75 Total Sales
4031 W Gladys Ave Chicago, IL 60624
Garfield Park Neighborhood
--
Bed
--
Bath
14,100
Sq Ft
9,583
Sq Ft Lot
Highlights
- 0.22 Acre Lot
- Courtyard
- 4-minute walk to Pulaski Station (Blue Line - Forest Park Branch)
About This Home
As of February 20264031 W Gladys Ave is a standout 18-unit brick courtyard building in Chicago's West Garfield Park - a neighborhood seeing renewed investor interest and strong rental demand. This classic Chicago masonry solid brick building offers a winning mix of twelve 2BD/1BA and six 3BD/1BA units, all with hardwood floors and efficient layouts. Ownership has already tackled the major improvements: new roof (2023), new Weil-McLain boiler (2024), updated plumbing and electrical, newer porches, and modern hot water systems - giving the next owner a rock-solid foundation to focus on unlocking upside. The property is cash flowing today at a healthy ~10% cap rate with NOI around $117K, but the real story is the HUD restrictions expiring in January 2026. Once lifted, units can be leased at full market rents without income limitations, propelling gross income above $255K and NOI toward $159K - a 15% cap rate opportunity. With light remodels during turnovers and smart leasing, investors can quickly reposition this asset into a market-rate performer. Even better, there's an expansion angle: the adjacent city-owned lot at 4039 W Gladys is available through the City of Chicago's ChiBuilder program. This gives the buyer an option to expand the footprint of the property in the future, or simply use the lot as on-site parking until ready to develop. This unique add-on makes the deal even more flexible and attractive for long-term investors. The location is unbeatable for renters: minutes from the CTA Blue Line Pulaski Station, multiple bus routes, and the I-290 Eisenhower Expressway, with quick access downtown and to the western suburbs. Set on a quiet, tree-lined block, the property blends classic neighborhood charm with prime commuter convenience. 4031 W Gladys delivers strong cash flow today, explosive rent growth in 2026, and a built-in expansion play for the future - a rare combination in Chicago multifamily. Investors looking for both stability and upside won't want to miss this opportunity.
Last Agent to Sell the Property
ALLURE Real Estate License #471019943 Listed on: 09/09/2025
Property Details
Home Type
- Multi-Family
Est. Annual Taxes
- $16,002
Year Built
- Built in 1929
Lot Details
- 9,583 Sq Ft Lot
- Additional Parcels
Home Design
- Flat Roof Shape
- Brick Exterior Construction
- Concrete Perimeter Foundation
Interior Spaces
- 14,100 Sq Ft Home
- 3-Story Property
- Unfinished Basement
Outdoor Features
- Courtyard
Utilities
- Window Unit Cooling System
- Radiator
Listing and Financial Details
- Tenant pays for electricity
Community Details
Overview
- Association fees include water
- 18 Units
Building Details
- Electric Expense $2,368
- Fuel Expense $25,546
- Insurance Expense $10,000
- Trash Expense $7,200
- Water Sewer Expense $15,120
- Operating Expense $65,181
- Gross Income $186,536
- Net Operating Income $117,758
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Home Values in the Area
Average Home Value in this Area
Property History
We collect this data history from publicly available records. To have your information removed, we recommend requesting removal directly through your county’s website.
| Date | Event | Price | List to Sale | Price per Sq Ft |
|---|---|---|---|---|
| 02/11/2026 02/11/26 | Sold | $1,255,000 | -3.5% | $89 / Sq Ft |
| 09/25/2025 09/25/25 | Pending | -- | -- | -- |
| 09/09/2025 09/09/25 | For Sale | $1,300,000 | -- | $92 / Sq Ft |
Source: Midwest Real Estate Data (MRED)
Agents Affiliated with this Home
-
Cecil Sabu
-
Adam Lenchner
Seller Co-Listing Agent in 2026
Adam Lenchner
ALLURE Real Estate
(312) 535-8544
1 in this area
10 Total Sales
-
Phillip Dixon
Buyer's Agent in 2026
Phillip Dixon
Compass
(312) 879-9293
1 in this area
40 Total Sales
-
Kasey Taylor
Buyer Co-Listing Agent in 2026
Kasey Taylor
Compass
(312) 319-1168
1 in this area
15 Total Sales
Map
Source: Midwest Real Estate Data (MRED)
MLS Number: 12458578
APN: 16152230100000
Disclaimer: Certain information contained herein is derived from information provided by parties other than Homes.com. All information provided is deemed reliable, but is not guaranteed to be accurate and should be independently verified.
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.
Listings courtesy of Midwest Real Estate Data (MRED) as distributed by MLS GRID.
Based on information submitted to the MLS GRID
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