Chicago multifamily building on West 18th Street, Pilsen

Director · Essex Three-Twelve

Mitir Patel

Chicago multifamily brokerage, three to twelve units. I’ve spent twenty years buying and operating small apartment buildings here — that’s the read I bring to my clients’ deals.

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Track record

150+Units owned & operated
20+Years investing
4×Top Producer
3–12Units per building

Units owned and managed across Chicagoland over nearly two decades. Chicago Area REALTOR® Top Producer in 2014, 2016, 2019 and 2020.

Mitir Patel

About

I’m a broker and an investor.

Mitir Patel — Director, Essex Three-Twelve

I do two things. I broker small multifamily on Chicago's North and West Sides for my clients, and I run my own portfolio — more than 150 residential units around Chicagoland, owned and managed across nearly two decades. The second is why the first works: when I tell a seller what their building is worth, or tell a buyer what they're walking into, it comes from having taken buildings of my own through renovation, lease-up, legalization and reassessment.

I came to this from the pits. Before I was a broker I traded at the Chicago Mercantile Exchange and worked for hedge funds and trading firms, which is where the underwriting habit comes from — and from my father, an investment property owner whose buildings in the northwest suburbs I helped manage as a kid. I've been investing for more than twenty years and renovating almost as long, and I've been named a Chicago Area REALTOR® Top Producer four times.

I work the three-to-twelve unit market exclusively — the segment most firms treat as too small to staff properly. I hold my license with Essex Three-Twelve, the first Chicago brokerage built for it. My family and I live in Roscoe Village, a few blocks from a good number of the buildings I've worked on. If you own a building in that range and want a straight answer about what it's worth, that conversation is free and it stays between us.

Selected listings

Buildings I'm representing now.

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For Sale 1836 West 18th Street, a six-unit brick building in Pilsen

1836 West 18th Street

Pilsen · 6 Units

Taken to the studs in 2023 — every unit new. Individual HVAC, in-unit laundry, quartz and stainless throughout. Two 2-bedrooms and four 1-bedrooms plus two parking spaces, 100% occupied, steps from the 18th Street Pink Line.

Price
$1,495,000
Per Unit
$249,167
Cap Rate
7.38%
GRM
11.13
NRSF
4,740
Built
1878 / 2023
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For Sale 2243 West 23rd Place, a seven-unit building in the Heart of Chicago

2243 West 23rd Place

Heart of Chicago · 7 Units

A fully renovated seven-unit with a genuinely diversified mix: four 2-bedrooms, two 1+ bedrooms, and a 3-bed / 2-bath duplex with private parking. Fully occupied and roughly 4% below market, with the upside arriving as leases roll.

Price
$2,099,000
Per Unit
$299,857
Cap Rate
7.02%
GRM
12.07
Occupancy
100%
Built
1891 / 2025
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For Sale 3208 North Seminary Avenue, a four-unit building in Lakeview

3208 North Seminary Avenue

Lakeview · 4 Units + 2-Car Garage

Four units and a two-car garage on a quiet Lakeview block. Two 3-bedrooms, a 2-bedroom duplex and a garden 1-bedroom — all in place below the Rentometer median, so the rent growth is already sitting in the building.

Price
$1,600,000
Per Unit
$400,000
Cap Rate
6.57%
Gross Income
$139,674
Bldg SF
2,898
Upside
$11,400

Cap rate is shown on broker-underwritten expenses, which add management, repairs and reserves the owner-operated building does not currently pay. On the owner's actual 2025 expenses the same price implies a 7.20% cap.

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Recognition & press

Sold · Roscoe Village

3141 North Oakley Avenue

3 Units · Closed August 2026

Sale Price
$1,249,900
Of Asking
100%
Offers
3

Represented the seller. Three offers, two of them competing, and a full asking-price contract — without the building ever going live on the MLS.

“Our goal from the beginning was to maximize the seller's sale price while strategically exposing the property to the right buyers.” Mitir Patel, in Connect CRE
Connect CRE Roscoe Village MF Sells in Deal Brokered by Essex Three-Twelve August 2026 · also covered by Yield PRO Essex Three-Twelve Mitir Patel joins Essex Three-Twelve as Director December 2025 Chicago Agent Magazine Who’s Who in Chicago Real Estate 2021 · Chicago Area REALTOR® Top Producer 2014, 2016, 2019, 2020 Keeping It Real Podcast Thriving in a Real Estate Investment Niche Secrets of Top 1% REALTORS® · with D.J. Paris

How I work

Small multifamily is its own market. It deserves its own broker.

Three-to-twelve unit buildings don't trade like single-family homes and they don't get covered like institutional assets. They sit in the gap — priced off rules of thumb, marketed with a flyer and three photos. I work that gap full time, and three things change the outcome.

A real offering memorandum

Not a flyer. Executive summary, building fact sheet, rent analysis, operating statement, financial summary, lease comparables and sale comparables — the same document an institutional asset would get, built for every listing.

Underwriting before pricing

Every number runs through a ten-year model first — debt service, DSCR, cash-on-cash, IRR, and a sensitivity table around the assumptions that actually move value. If the price doesn't survive the model, it isn't the price.

An owner's read of the building

I buy, renovate and operate buildings like these on my own account. Open violations, garden-unit legalization and the ADU program, zoning that blocks the extra unit, what a reassessment does to year two — I've dealt with all of it on my own deals first.

Get in touch

What is your building actually worth?

Send me the address and the rent roll. You'll get a written opinion of value with the comparables it's built on — not a number over the phone. No cost, no listing agreement, no obligation.

Request a valuation 773.209.4785