REQUEST A TOUR If you would like to see this home without being there in person, select the "Virtual Tour" option and your agent will contact you to discuss available opportunities.

In-PersonVirtual Tour

Thu

Jan

Fri

Jan

Sat

Jan

Cecil Sabu

csabu@allure.realestate +1(312) 772-2820

$ 1,300,000

Est. payment -/mo

Save

Exclusive Listing!

Pending

4031 W Gladys AVE Chicago, IL 60624

14,100 SqFt

UPDATED:

Key Details

Property Type Multi-Family

Sub Type Multi Family 5+

Listing Status Pending

Purchase Type For Sale

Square Footage 14,100 sqft

Price per Sqft $92

MLS Listing ID 12458578

Year Built 1929

Annual Tax Amount $16,002

Tax Year 2023

Lot Size 9,583 Sqft

Lot Dimensions 9583

Property Sub-Type Multi Family 5+

Property Description

4031 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.

Location

State IL

County Cook

Area Chi - West Garfield Park

Zoning MULTI

Rooms

Basement Unfinished

Interior

Cooling Window Unit(s)

Fireplace N

Building

Dwelling Type Multi Family 5+

Structure Type Brick

Others

HOA Fee Include Water

Listed by Cecil Sabu of ALLURE Real Estate

SCHOOLSPROPERTIES

Elementary Schools 20

9

Cardenas Elementary School

Public | PK - 3
8

Zapata Elementary School

Public | PK - 8
8

Mitchell Elementary School

Public | PK - 8
7

Locke a Elementary Charter Academy

Public | PK - 8
7

Pulaski International School of Chicago

Public | KG - 8
7

Columbus Elementary School

Public | PK - 8
6

Frazier Perspectives Magnet Elementary School

Public | KG - 8
6

Casals Elementary School

Public | KG - 8
6

Chase Elementary School

Public | PK - 8
5

G. Clark Elementary School

Public | PK - 8
5

Ellington Elementary School

Public | PK - 8
5

Horizon Science Academy-Belmont

Public | KG - 8
5

Liberty Elementary School

Public | PK - 3
5

Lloyd Elementary School

Public | KG - 5
5

Hefferan Elementary School

Public | PK - 8
5

Sumner Elementary School

Public | PK - 8
5

C. Hughes Elementary School

Public | PK - 8
5

Corkery Elementary School

Public | KG - 8
5

Nobel Elementary School

Public | KG - 8
5

Webster Elementary School

Public | PK - 8

Middle Schools 7

5

Clark Academy Preparatory Magnet High School

Public | 7 - 12
4

Ames Middle School

Public | 7 - 8
3

Unity Jr High School

Public | 7 - 8
3

Aspira Charter Schools

Public | 6 - 12
2

Northwest Middle School

Public | 6 - 8
2

Madero Middle School

Public | 6 - 8
0

Iyc Chicago

Public | 6 - 12

High Schools 20

9

Westinghouse High School

Public | 9 - 12
8

Phoenix Military Academy High School

Public | 9 - 12
6

Prosser Career Academy High School

Public | 9 - 12
6

World Language High School

Public | 9 - 12
6

Crane Medical Preparatory High School

Public | 9 - 9
5

Infinity Math, Science and Technology High School

Public | 9 - 12
5

North Lawndale Charter High School

Public | 9 - 12
5

Clemente Community Academy High School

Public | 9 - 12
4

Douglass Academy High School

Public | 9 - 12
4

Austin Business & Entrepreneurship High School

Public | 9 - 12
4

Marshall Metropolitan High School

Public | 9 - 12
4

Spry Community Links High School

Public | 9 - 12
4

Manley Career Academy High School

Public | 9 - 12
4

Ihsca Charter High School

Public | 9 - 12
3

School of Social Justice High School

Public | 9 - 12
2

Austin Polytechnical Academy High School

Public | 9 - 12
2

Raby High School

Public | 9 - 12
1

Voise Academy High School

Public | 9 - 12
1

J Sterling Morton Freshman Center

Public | 9 - 9
1

Multicultural Academy of Scholarshp High School

Public | 9 - 12

School and business data provided by Attom Data.

Cecil Sabu

Designated Managing Broker & Loan Originator | License ID: 471.019943 | NMLS ID: 2111992

+1(312) 772-2820

Cecil Sabu

4031 W Gladys AVE Chicago, IL 60624

Key Details

Location

Rooms

Interior

Building

Others

GET MORE INFORMATION

Go tour this home

4031 W Gladys AVE