Listing Description
Use the 5 Residential and 1 Commercial/Storefront as an investment or Be the Entrepreneur and Grow this as a B and B Cash flowing business to Higher returns as it has been used before(Requires simple Operators License with City that allows for 2 units to be BB). This is tailored to be a special destination for all who will live here (and/or short term rental guests). The residential units above the store flourish with finishes that can drive rents to higher ranges. The details abound and were done with care and design to keep historical standards in place. Designed smartly with creative cabinetry, inlaid stone baths, upgraded plumbing fixtures, hand crafted light fixtures, restored floors, reclaimed woodwork, doors, railings, sculpted door handles and on and on. You wont have a long vacancy here and will rent quicker thanks to it's special sauce. If you decide not to term lease for the boring 8% Cap but choose to use a few units as Air B&B/Furnished Executive Rentals and push your returns into the teens (12%+) you have success lineage at this location since this was formerly run as a successful location for B&B called "Pilsen Roadhouse." This location is Close to Thalia hall. A little on the layouts... STORE 1F: The first floor storefront has a duplex up to a den/loft and a large kitchen, bath and walk in closet. This is as perfect a Work/Live space as Pilsen can offer-Musician, Caterer, Artist, Professional Offices. Storefront could easily be duplexed again to tall basement(stair cutout still there). STUDIO 1R:Behind the storefront is a studio with bed/loft. 2F: 2 Bed 1 Bath. 2R: 1 bed 1 bath. 3R: 1 bed 1 bath. 3F: The biggest unit. This Duplex Up offers 3 beds and 2 baths (4th and 5th level) A note on value: With term leases alone the market rent of $147,000 + a year pushes the GRM to 10. This is remarkable value when you see the market comparables are getting over 11.0 for only builder quality cookie-cutter rentals in lesser locations in Pilsen. Location=Appreciation: Here your location is cemented in time as one of Forbes' "Coolest N'hoods in The World" and delivers you to the steps of La Dolce Vida on 18th. Your value will rise as Thalia hall's magnetism pulls vitality and more monetary flow around you. There is much to gain with 6 spaces like this here. Final note: The Pilsen Historic District National Register of Historic Places established in 2006 allows buildings with remaining Historical character to Property tax freeze with a detailed procedure that may be possible at this location. Since many historical features remain thanks to owners foresight the owner encourages you to submit an application to keep those taxes low for many years to come.