I've spotted another three flat apartment building being converted to condos. Looks pretty good. This is a popular way to live... less neighbors and you get a common backyard and garage parking. The three flat condo buildings in my opinion are easier to maintain for the owners as well. On the one hand, you have to be more involved as an owner because you will most likely self manage the association. I suppose you could get a manager, but the cost benefit in my mind does not make sense. But on the other hand, you have to learn a thing or two about taking care of an actual building. The costs are split between just three sets of owners.
If the major work on the conversion is done well (roof, electrical, plumbing and masonry work), the maintenance costs should be low. You can save by doing your own landscaping, shoveling and cleaning. I think the folks looking to live in a three-flat building as opposed to a larger managed building may like to do these types of things.
This particular building is on the 4900 block of North Winchester in Ravenswood...located steps from the Metra station and a few blocks from the CTA Damen Brown Line stop. The building looks like it will feature a "duplex-down" model on the first and ground floors and two simplex units above. The duplex-down would feature three bedrooms and an extra family room. The simplexes should be two bedroom units with space for dining. This looks like a standard lot building, so to squeeze three bedrooms into the simplex floorplan at the cost of a nice common living area would be a mistake.