|All photos Eric Rojas, Broker, Kale Realty|
Small multi-unit buildings (2-4 units) have been the lifeblood of many North Side neighborhoods. In the early 1900s many multi-generational family members lived in the separate flats. The small multi-units then became popular vehicles for owner-operators (live in one and rent out the other units to the open leasing market). Small multi-units evolved into a popular cottage industry for investors and landlords.
Despite all the conversion activity to single family homes and tear downs small multi-units still remain an important housing stock in our communities. We'll be bringing a Lincoln Square three-flat to market this fall. Let's take a look at recent sales.
Lincoln Square Multi-Unit Sales (2-4 unit buildings)
From January 1st to September 9th 24 multi-unit buildings have closed in Lincoln Square Community Area. The median price of a closed multi-unit is about $630,000.
-16 of the closings were 2-flats with a median closing price of $585,000
-6 were 3-flats with a median closed price of $710,000
-2 were 4-flats that sold for $582,000 and $630,000 (even with more units the buildings or locations were not as desirable thus the relatively lower median price).
Over-all multi-unit sales are down by 13 units year to year. In 2019, 37 units closed over the same period with a median price of $670,000. The pandemic most certainly affected multi-units particularly as it was more difficult to gain access and show properties with tenants. Coronavirus risks in the spring made many apprehensive to buy, list and allow showings in a property.
In the three popular North Side neighboring markets of Lincoln Square, North Center and Uptown 78 multi-units sold from January 1st to September 9th, 2020. The median price of a sold building for these three areas is $630,000. Sales are down 32 units in these combine neighborhoods. In 2019, 110 multi-units sold with a median price of $652,000.