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| Lincoln Square multi-unit buildings have been a hot ticket item as buyers scramble to find a primary residence. All photos Eric Rojas, Broker, Kale Realty |
I've experienced an uptick in buyer clients looking for a multi-unit building for their primary residence. The main motivator is finding any affordable property in their desired locations. The rental income from an additional unit or two allows the buyer the benefit of their desired location while gaining a backyard, garage and additional storage space... and no HOA. The multi-unit may also be used to open a vacation rental business, add units or later be converted to a single family home if any is allowed by city ordinance.
In the late 1990s and first two decades of the 2000s the majority of Lincoln Square two-flat buildings sold would likely be converted to a single family home. However, (personally speaking) I see more live-in "owner operators" and folks looking to add living units to their property due to more favorable city ordinances. I also see more Lincoln Square buildings offered with existing fully separate "in law" units in the basement or attic for extra family living space.
Lincoln Square Multi-Unit Sales (Two to Four Unit Buildings)
The median price of Lincoln Square multi-unit buildings is up 34% over the same period in 2023, just three years ago. 35 small multi-unit buildings (two to four units) have closed on our MLS from January 1st, 2026 to October 23rd, 2026. The median price of a closed multi-unit is about $925,000. Over the same period last year 37 multi-units had sold with a median price about $850,000.
2026 - 35 units sold with a median price of about $925,000
2025 - 37 units sold with a median price near $850,000
2024 - 43 units sold with a median price of about $790,000
2023 - 40 units sold with a median price about $700,000
If you are looking for creative home buying options around Chicagoland please reach out to me. I'm happy to answer questions, provide the right experts and represent your purchase or sale. erojas@kalerealty.com
