Property Description
Triton presents the exclusive opportunity to acquire 1334 W. 18th Pl., an eleven (11) unit multifamily property — ten (10) legal units plus one (1) non-conforming garden unit with a defined path to legalization via ADU — in the heart of Chicago's Pilsen neighborhood. A three (3) story front building with loft space and a detached coach house together deliver a diverse unit mix: one (1) non-conforming garden 1-bed/1-bath unit, five (5) 2-bed/1-bath units, one (1) 3-bed/1-bath loft duplex, three (3) coach house 1-bed/1-bath units, and one (1) 3-bed/2-bath coach house duplex down. Fully renovated in 2016, the predominantly masonry brick asset has been professionally managed and maintained since, and is offered fully occupied with staggered lease expirations through 2027.
With every unit equipped with in-unit laundry, central A/C, and its own gas forced-air furnace, the property offers modern features that command premium rents and drive exceptional tenant retention. Gas and electric are tenant paid and internet is delivered through ownership's bundled services program, for a remarkably clean operating profile. In-place rents average $1,796 against market rents of $1,927, so a new owner inherits a stabilized asset with organic rent growth on natural turnover, culminating in a 6.27% pro forma cap rate with no deferred capital standing between acquisition and cash flow.
Ten (10) of the eleven (11) dwelling units are permitted per City of Chicago building records — six (6) in the front building and four (4) in the coach house. The front garden unit is non-conforming, with a defined path to legalization. Zoned RT-4, the property falls under the City's Additional Dwelling Unit ordinance, effective citywide April 1, 2026, which permits conversion units as-of-right in RT and RM districts without a zoning change. Built in 1883, the building clears the twenty-year age threshold; a single conversion unit sits within the permitted allowance, below the two-unit threshold triggering affordability requirements. Legalization would require a building permit with architect-sealed plans demonstrating code compliance.
A half block from 18th Street, the property sits at the center of the corridor's thriving dining, retail, gallery, and cultural activity, including Carnitas Uruapan, Thalia Hall, and the National Museum of Mexican Art. Connectivity is exceptional, with CTA Pink Line stations at 18th Street and Damen, multiple bus routes, and direct access to I-90/94. For an investor seeking durable income in a supply-constrained, high-demand submarket, 1334 W. 18th Pl. represents a rare opportunity to acquire a renovated, fully leased asset in one of the city's strongest rental locations.
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Property Details
Property Type
Multifamily
Year Built
1883
Year Renovated
2016
Current Cap-Rate
6.15
Pro Forma Cap-Rate
6.27
Property Highlights
True Turnkey Asset with Tenant-Paid Utilities: Renovated in 2016 with in-unit washers and dryers, central A/C, and individual gas forced-air furnaces throughout — gas and electric separately metered and tenant-paid
Diverse Unit Mix, Fully Occupied Through 2027: Eleven (11) units — ten (10) legal and one (1) non-conforming — spanning four (4) one-bedroom, five (5) two-bedroom, and two (2) duplex three-bedroom layouts on staggered expirations
Lease-by-Lease Rent Upside: In-place rents average $1,796 against $1,927 market, supporting a 6.27% pro forma cap rate on natural turnover — with the pro forma absorbing a fully reassessed tax load
Defined ADU Legalization Pathway: RT-4 zoning permits conversion units as-of-right under the City's Additional Dwelling Unit ordinance, giving a buyer a permit-level path to legalizing the eleventh unit without a zoning change
Half a Block Off 18th Street: Walking distance to Carnitas Uruapan, Thalia Hall, and the National Museum of Mexican Art, with CTA Pink Line service at 18th Street and Damen and direct I-90/94 access