A friend and neighbor asked me earlier this week how multi-units were selling around Lincoln Square. Let's take a look!
9 multi-unit buildings (two-four units) have closed in the Lincoln Square community area from January 1st of this year to March 6th thus far in 2015. That's a pretty good number of closings for the first two months of the year. The median price for a two-four flat is about $485,000.
The lowest sale is a three-flat on a short lot at busy 2341 W Foster for $371,500 (two units above grade and one garden unit). That's a good number for a relatively small building at a challenging location.
The highest multi-unit sale this year is a whopping $890,000 for 4851 N Winchester. The pretty grey stone on a well located block features three above grade units and one "in-law" garden apartment on an over-sized lot.
Last three years
68 multi-unit buildings sold in Lincoln Square over 2014 with a median price of about $539,000. Only 7 buildings sold for under $400,000. The highest sale was $815,000 at 4730 N Virginia, a pretty three-flat along the river. 65 multi-units sold in 2013 with a median sales price about $485,000 for the year. In 2012, 58 multi-units sold with a median price of only $360,000.
For sale and under contract:
15 multi-units are offered for sale currently in Lincoln Square from $285,000 to over $1.1 million (yikes). 8 multi-unit properties are under currently contract priced from $279,000 to $689,000. Looks to be a pretty active market for early 2015.
Median price can depend on the locations and quality of properties that are listed for sale year to year. However, with this large sample size there is no doubt multi-unit values have climbed significantly over the past few years.
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| The classic Lincoln Square two-flat at Giddings Plaza (Photo Eric Rojas, Broker, Kale Realty) |
The lowest sale is a three-flat on a short lot at busy 2341 W Foster for $371,500 (two units above grade and one garden unit). That's a good number for a relatively small building at a challenging location.
The highest multi-unit sale this year is a whopping $890,000 for 4851 N Winchester. The pretty grey stone on a well located block features three above grade units and one "in-law" garden apartment on an over-sized lot.
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| A gutted two-flat on 5120 North Wolcott in Lincoln Square. The property is on a 30x152 lot and sold early in 2014 for $625,000 (photo Eric Rojas, Broker, Kale Realty) |
68 multi-unit buildings sold in Lincoln Square over 2014 with a median price of about $539,000. Only 7 buildings sold for under $400,000. The highest sale was $815,000 at 4730 N Virginia, a pretty three-flat along the river. 65 multi-units sold in 2013 with a median sales price about $485,000 for the year. In 2012, 58 multi-units sold with a median price of only $360,000.
For sale and under contract:
15 multi-units are offered for sale currently in Lincoln Square from $285,000 to over $1.1 million (yikes). 8 multi-unit properties are under currently contract priced from $279,000 to $689,000. Looks to be a pretty active market for early 2015.
Median price can depend on the locations and quality of properties that are listed for sale year to year. However, with this large sample size there is no doubt multi-unit values have climbed significantly over the past few years.
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