1334 W 18th Pl - Apartments FOR SALE


Chicago, IL 60608- Pilsen
$2,575,000 USD
847-778-8746
1334 W 18th Pl, Chicago, IL for Sale
$2,575,000 USD
Apartments - FOR SALE
1/21
null | 6.15% Cap Rate

1334 W 18th Pl
Chicago, IL 60608
Pilsen


HIGHLIGHTS

  • Renovated in 2016 with in-unit washers and dryers, individual HVACs throughout — gas and electric separately metered and tenant-paid
  • Eleven (11) units — including one (1) non-conforming — spanning four (4) one-bedroom, five (5) two-bedroom, and two (2) duplex three-bedroom layouts
  • In-place rents average $1,796 against $1,927 market, supporting a 6.27% pro forma cap rate on natural turnover
  • RT-4 zoning permits conversion units as-of-right under the City's ADU ordinance, giving a buyer a permit-level path to legalizing the eleventh unit
  • Walking distance to renowned cultural institutions, with CTA Pink Line service at 18th Street and Damen and direct I-90/94 access

OVERVIEW

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.

FOR SALE DETAILS

PRICE

$2,575,000 USD

PRICE/SF

$417 USD /SF

# OF UNITS

11

PRICE/UNIT

$234,091

CAP RATE

6.15%

% LEASED

-

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

3

YEAR BUILT

1880

PARKING SPACES

-

LAND DETAILS

LAND ACRES

0.07 AC

LAND SF

3,049 SF

ZONING

RT-4

APN/PARCEL ID

17-20-313-023-0000

ASK ABOUT THIS PROPERTY

Matthew FritzshallTriton Realty Group, LLCMore Info
847-778-8746

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Matthew FritzshallTriton Realty Group, LLCMore Info
847-778-8746

By clicking the button, you agree to Showcase's Terms of Use and Privacy Notice.