Two-flat to four-flat sales in Logan Square (small multi-unit)

 

Two, three and four flat buildings line West Wrightwood Avenue in Logan Square (all photos Eric Rojas, Broker, Kale Realty)

A client of ours recently inquired about Logan Square two-flat. He's looking at it purely as an investment. A good number of multi-units still sold in 2023 despite the increase in mortgage interest rates.  One could argue in this time of inflation, higher mortgage interests rates and low inventory there will be more demand for apartments. A live-in owner can get a better location and expect high demand for their extra apartments.

In 2023, 86 two-flat units closed for a median price of $585,000. 28 three-flats sold with a median price of $667,000 and 16 four-flats sold with a median price of $1,040,000.

A total of 166 small multi-unit buildings (two-four units) sold in 2019
A total of 158 small multi-unit buildings (two-four units) sold in 2020
A total of 249 small multi-unit buildings (two-four units) sold in 2021
A total of 191 small multi-unit buildings (two-four units) sold in 2022
A total of 130 small multi-unit buildings (two-four units) sold in 2023

The stock of  small muti-unit buildings in Logan Square (two, three and four flats) continues to provide ownership options for Chicago home buyers and investors. Multi-unit properties can provide a lower entry purchase price and more flexibility than single family homes. Live in one unit and rent the other units. Live in and possibly run a vacation rental in another unit. Eventually move out after several years and rent the whole building. Add another unit if zoning or the recent ADU ordinance allow. 

There have been recent legislative initiatives to preserve small multi-unit buildings in parts of Logan Square. These ordinances act to stabilize multi-unit stock and ultimately put a small check on rising list prices. If looking for a bustling neighborhood with public transportation options a Logan Square multi-unit may fit the bill. 

Eric Rojas, Broker, Kale Realty

ericrojasbog.com - erojas@kalerealty.com

Lincoln Square area small multi-unit sales (two to four units), prices strong

 

Lincoln Square multi-units this fall. All photos Eric Rojas, Broker, Kale Realty. 

Despite the pandemic fueled worries about tenant ability to pay their rent small multi-unit market has been strong around Lincoln Square. Buildings in my opinion have been selling at market prices I'd expect in a normal market this year.  That has played out in the year to year numbers.  Over the last three months median price in this category is up $25K over the same period in 2019. 

In the last three months 18 two to four flat buildings have closed in Lincoln Square Community Area with a median sold price of $625,000.  Over the same period of 2019, 23 buildings closed with a median price about $600,000.

-The highest price sale is a three-flat at 4426 N Maplewood, Chicago IL 60625 that sold for $820,000.

-14 two-four flats are currently under contract with a median asking price about $600,000. 

-Meanwhile 22 two to four unit buildings are available for sale in the Lincoln Square Community Area.  With low interest rates buying as a "live-in" owner operator is a great way to get your own property with a yard, basement and garage in a desirable neighborhood!