Property Description
Triton Realty Group presents 6355–57 N. Paulina, a center entrance 6-unit multifamily asset on an over-sized lot in Chicago’s highly desirable Edgewater neighborhood. Fully renovated in 2023, this is a stabilized investment with all new plumbing, electric, roof, high end condo-quality finishes, and an attractive mix of four (4) 2-bed / 2-bath and (2) 3-bed / 2-bath units.
Each apartment features in-unit laundry, individual HVAC, and condo quality interiors designed to capture strong tenant demand and support continued rent growth. In addition to its stable in-place income, the property offers a compelling value-add component through the potential addition of a 3-bedroom, 2-bath ADU garden unit in the basement, supported by previously completed plans and approvals for permit.
The offering highlights the strength of this dual-faceted investment: a secure 5.79% cap rate in its current condition, with a projected leap to a 7.42% cap rate upon completion of the ADU. Combined with eight (8) on-site parking spaces—three (3) garages and five (5) surface spots—this property offers a rare blend of immediate stability and executable appreciation. Strategically located near Loyola University and the Red Line, the asset is perfectly positioned to capture top-of-market rents in a high-growth North Side corridor.
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Property Details
Property Type
Multifamily
Year Built
1921
Year Renovated
2023
Current Cap-Rate
5.79%
Pro Forma Cap-Rate
7.42%
Property Highlights
True Turnkey Asset: Fully gut-rehabbed in 2023 with all-new mechanicals, in-unit laundry, and condo finishes throughout, limiting near-term capital needs.
Attractive, Large Unit Mix: (4) 2-Bed / 2-Bath and (2) 3-Bed / 2-Bath apartments bring strong tenant demand in one of Chicago's most desirable North Side neighborhoods.
Value-Add Pathway: Permits previously approved for one additional 3-Bed / 2-Bath ADU garden unit, providing a clear and executable path to 7.42% cap rate.
Cash Flow Supplementation: Eight parking spaces included — three (3) individual garages and five (5) rear surface spots — providing a rare and valuable amenity generating additional income