Wednesday, February 20, 2019

Logan Square small multi-unit sales (two-flats and more)

3300 block of West Wrightwood (all photos Eric Rojas, Broker, Kale Realty)
Logan Square has swaths of vintage two to four flats still remaining. There is nary a better looking block than one with contiguous grey-stone multi-units!  The popular neighborhood with ever-present controversial development churns through the staple Chicago building types like many North Side areas... where many are torn down or converted to single family homes. Redeveloped or not, small multi-units are an active market in Logan Square.

Check out this great Logan Square block loaded with gorgeous vintage multi-units!

147 small multi-unit buildings (two-four flats) sold over 2018 in Logan Square.  The over-all median price was $565,000 for 2018.  

92 of the Logan Square buildings sold were two-flats at a median closed price of $510,000. The highest priced two-flat sold was 2247 West Armitage Chicago IL 60647 for $1,532,000. This was a 2017 build with two (2) duplex units (usually would be organized as a condo building and not rental apartments).  The lowest priced Logan Square two-flat sold on 2018 was 3729 West Palmer closed for $175,000 as a foreclosure. Although bought for only $130,000 in 1999 the property had several refinances in the higher $200s and the property was eventually foreclosed. Looks like a small investor bought the building.

31 two-flats are currently for sale with a median asking price of $559,000.
One the properties I visited was a short walk from the shops and restaurants at Logan Boulevard and North Kedzie (the round-a-bout). 
30 of the Logan Square buildings sold were three-flats with a median closing price of  $565,000. The highest sold three-flat was 2014 West Wolcott closed for $1,325,000. The vintage red brick building has had substantial  improvements. The lowest sold three-flat is 3617 West Diversey closed as a short sale for $250,000. The traditional brick building has two above grade units and a garden unit.

18 three-flat buildings are currently for sale with a median asking price of about $725,000.

25 of the Logan Square buildings were four-flats with a median price of about $730,000. Quite a big price jump from three unit buildings. The highest priced sold four-flat was 1940 North Kedzie  closed for $1,245,000. The gorgeous grey-stone is fully renovated with $99,000 of annual revenue according to the listing. The lowest sold four-flat was 2028-30 North Stave for $535,000

Six four-flats are currently for sale with a median asking price of about $1,000,000.

The round-a-bout at Logan Boulevard and Kedzie is a distinct and uniquely planned area on the North Side and has a special feel.

No comments: