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! 

YESTERDAY, a quirky Wrigleyville mainstay, set to be demolished

The YESTERDAY building at 1143 West Addison is under contract and will be demolished. A building permit was issued... yesterday... for a new construction three-flat all too common in the Wrigleyville neighborhood of Lakeview. I stopped over today with my two youngest sons for a few last photos.

Frame multi-unit rental buildings still hanging in there on each side of YESTERDAY. They probably get an offer everyday to sell for a larger development but now the contingent lots are broken up.

The property sits on a 25'x122' lot zoned RT4 and is under contract with an asking price of $599,900 according to the MLS (we won't know the final price until the closing is recorded). There are a good number of newer construction three-unit condo buildings lining West Addison. However, many frame and grey-stone multi-units remain along with vintage grey-stone and brick single family homes along this path to Wrigley Field. There is still some charm in Mudville.

You get a glimpse of newer construction three-flats to the left background of the photo.

The median price of a sold condo on the 1000-1600 blocks of West Addison is about $400K over the last 24 months while the highest priced condo sold for $912,000 over that period.

About four years ago my oldest son bought a pack of 1987 Topps baseball cards and tried the gum! It was not chewable. This may be my last favorite iconic dump in Wrigleyville to bite the dust.  First Yum Yum Donuts that use to be in front of Wrigley Field and now YESTERDAY.

Landmark Lincoln Park vintage 3-flat sells $1,930,000, now converting to single family home

A Jameson/ Sotheby's sign posted at 2130 N Cleveland suggests a single family home is "Coming Soon" to the market.

This gorgeous Lincoln Park three-flat in the Mid-North Landmark District sold last year for $1,930,000.  A "Coming Soon" sign tells us 2130 N Cleveland will be converted to a single family home. A permit was issued in February for "interior demo only". It's a good thing the structure and facade are being conserved. Proposed renovations and new construction in Landmark Districts face greater scrutiny.  Personally I'd rather see it stay as a three-flat but thus is life in Lincoln Park.

What a beauty!

To many folks the architecture of  vintage multi-unit  buildings defines Lincoln Park as a special neighborhood in Chicago and the country.  Multi-unit buildings are a cherished way of life that help make city life vibrant. Loads of small multi-unit buildings have been demolished or converted to single family homes in Lincoln Park.  Many large residential apartment buildings have been built around the neighborhood in the last ten years replacing density. Losing so many these originals is still a shame. 

Cool East Lakeview gut renovation of foreclosure has New York on my mind

The building at 3153 N Hudson gets a major redo (directly behind my client's parking lot). I thought this shot looked cool! Photos Eric Rojas, Broker, Kale Realty

 I was meeting with my clients in on the 400 Block of West Briar in East Lakeview last evening when I noticed this gut renovation in the works.  The 3 unit apartment building at 3153 N Hudson is tucked on the corner of North Hudson Street and an alley running parallel to north side of West Briar.  The dense gritty street scene on a humid night had a real NYC Hell's Kitchen feel (minus the steam).

3153 N Hudson

Public records show the three-flat building was foreclosed and sold in a judicial sale to an LLC for $400K in June 2013.  Another sale to an LLC was later recorded for $853,000 in October 2013.  I'm not sure if it will go condo or become higher rent apartments. In any case it's a great location near the lake.

The 3100 block of North Hudson is a small quiet block that runs from West Belmont south to the alley.  It features mainly vintage Chicago architecture tucked away among a very bustling and high traffic area.  Only two other properties have sold (recorded on the MLS) on the block over the last 24 months.  Two 3 bedrooms condos at 3152 N Hudson (pictured on the above left) sold for $453,000 and $470,000 respectively over that time.

Chicago multi-units: DEAL ALERT on a new Lincoln Square three-flat listing under $400K

Buy a low priced three-flat in Lincoln Square!

We just saw a new listing come on for a great Lincoln Square true three-flat on a very popular block east of Western Avenue. It will sell well under $400,000. If you are looking for an investment or owner operator situation for a three-flat, please contact us today. Once renovated to rental quality, the Lincoln Square three-flat will bring in at least $3,000 a month in an easy to rent location (at least $1300 a unit conservatively, most likely more). Really great owner operator situation and great numbers to work with. Must not be afraid of professional renovation! We can help with that too.

From time to time a great deal hits in our core markets that we want to find an appropriate buyer for. Please call us for a showing and we'll line up this building and any others that make sense. This building is under the median prices for the area and a great location.

Deal of the week: Majestic Ravenswood three flat under contract in less than 30 days

4857 N Winchester, Chicago IL 60640 under contract with an asking price of $799,900

What a beauty! Nothing makes you stop and look at a place you've walked by a million times like a "for sale" sign going up. I've always liked this true three flat building but really noticed how gorgeous and tight the exterior condition was when it was listed for sale. Great exposure on a quite corner lot, three car off street garage(!), nice yard, over sized lot, great location.

There has to be quite a few folks crying over this one...

Chicago Voucher Program for Renters and Owners

Yesterday I wrote short post pointing out the Rogers Park two and three-flat investment market. Living in these buildings as an owner operator and participating in the city voucher program can be a wise move financially. But it's not an easy move.

First, there is city red tape to deal with. Some "red tape" is good like the checklist for owners... responsible landlords will improve a neighborhood. Check out the Owner's Guide to the program HERE.

Second, maintenance and turn -over (vacancy) in the units are unknown costs... you have to have a plan to deal with these irregular spurts of income and expenses. Finding good tenants who care for the property while living there is tough for any landlord.

Investment Three-Flats in Rogers Park

There has been a wave of movement and purchases in the three to four-flat market in Rogers Park. From several short-sales to auctions to conventional transactions, high rental income from voucher recipients have made these buildings attractive.

My contractor recently invested in a fully rented three flat. he's the type of guy made for this type of real estate investment. He can actually manage his own buildings and um... fix things.

Here's Ryne inspecting the goods. He's got our best interest in mind.

A fully rented three-flat building in good shape with voucher program eligibility will average about $400,000 depending on rental income.

Three Flat Conversion in Ravenswood Neighborhood

I've spotted another three flat apartment building being converted to condos. Looks pretty good. This is a popular way to live... less neighbors and you get a common backyard and garage parking. The three flat condo buildings in my opinion are easier to maintain for the owners as well. On the one hand, you have to be more involved as an owner because you will most likely self manage the association. I suppose you could get a manager, but the cost benefit in my mind does not make sense. But on the other hand, you have to learn a thing or two about taking care of an actual building. The costs are split between just three sets of owners.

If the major work on the conversion is done well (roof, electrical, plumbing and masonry work), the maintenance costs should be low. You can save by doing your own landscaping, shoveling and cleaning. I think the folks looking to live in a three-flat building as opposed to a larger managed building may like to do these types of things.

This particular building is on the 4900 block of North Winchester in Ravenswood...located steps from the Metra station and a few blocks from the CTA Damen Brown Line stop. The building looks like it will feature a "duplex-down" model on the first and ground floors and two simplex units above. The duplex-down would feature three bedrooms and an extra family room. The simplexes should be two bedroom units with space for dining. This looks like a standard lot building, so to squeeze three bedrooms into the simplex floorplan at the cost of a nice common living area would be a mistake.

Off Market Properties Chicago: Spacious Top Floor Two Bedroom with Parking

My clients are moving on... we'll list this Albany Park top floor condo later this month. It's about 1300 sq/ft in a three flat building. All the needs and wants... two car parking, walk to the train, washer/dryer in-unit, big deck off the kitchen... the works. Open layout and a gut rehab two years ago.



Asking $265,000


If you don't know much about Albany Park... just ask. I use to live there and several friends and clients live there now. This area has lots of new and eclectic retail, easy transportaion, grocery stores, two(!) university campuses, parks... all within a few blocks. Go west young man.

Lincoln Square Graystone Two-Flat and Three Flat for the Ages

A few more shots from our walk yesterday... I know people who would wet themselves over a graystone like these...

My laptop is almost out of juice... I'll get back to this in the morning.

Andersonville three-flat

We came across an interesting situation this weekend. A woman is selling her three-flat in Andersonville for $750K. Two units are rented out at about $1300 each. The third is vacant and could be upgraded as an owner's unit. Great location in the Lakewood-Balmoral neighborhood.

However, the woman told us she needed to close on the place by the end of the year, or else she will lose the tax benefit she is looking to take advantage of. If no sale happens, she said she'll rent the unit out and keep the building until retirement (5 years down the road).

So, what is her situation? What benefit will she get? Currently she, she lives in another two flat of her's in the neighborhood as well.

Nice three-flat if you're interested.

Ravenswood, Part 5, the residential streets

Two flats, three flats, houses and single family home conversions along Winchester in Ravenswood. Homes on this block range from 600K for a rehab project to well over a million for new construction and refinished homes.