|We listed and sold 5138 N Claremont in the Lincoln Square neighborhood early this year. More information on this three-flat here|
We started the year selling a nice true three-flat in Lincoln Square for $815,000 and a two-flat in Alabany Park for $515,000. Another client in the neighborhood is considering selling their Lincoln Square three-flat building. Let's take a look at small multi-unit sales in Lincoln Square so far this year.
Lincoln Square Small Multi-Unit Sales January 1st to August 10th (two to four unit buildings)
61 multi-unit buildings have sold in Lincoln Square from January 1st to August 10th, 2021. The median price of a sale is about $645,000.
Two-flats: 43 sales were two-unit buildings with a median price of about $655,000.
Three-flats: 12 sales were three-unit buildings with a median price of $610,000.
Four-flats: 6 sales were four-unit buildings with a median price of about $780,000.
Two-flats this year have a higher median price than three-flats. Two-flats are more often renovated to a higher finish level and / or feature an "owner's duplex" unit. This will raise the value over a three-flat building that needs more renovation or updating.
- Over the same period of 2020 (the height of the pandemic and unknowns) only 21 multi-unit buildings sold with a medina price of about $600,000.
- 30 multi-units sold over the same period in 2019 with a median price of about $670,000.
- In 2018, 36 multi-units sold with a median about only $545,000.