North Center small multi-unit sales down in 2024, prices up slightly

 

A view of original two-flats and a new construction home in North Center. Several of these may be single family home conversions now. We also see a two-flat has been torn down for new construction. All photos Eric Rojas, Broker, kale Realty

41 small multi-unit buildings (two-four flats) have sold from January 1st to October 4th of this year.  The median price of these sales is about $790,000. In 2023, 57 unis sold with a median price of $775,000 over the same period. in 2022, 69 units sold with a median price about $780,000.  Unit sales are down significantly like most housing types. Low inventory has been the main culprit as owners hang on to their low mortgage interest rates from a few years ago.

4146 N Campbell, Chicago IL 60618 in North Center sold for $579,900 by
Eric Rojas, Broker, Kale Realty erojas@kalerealty.com
All photos property of VHT.com or Eric Rojas, Broker, Kale Realty

The purchase of small multi-units offer flexible options for property owners.  You can live in one unit and rent out the remaining units (traditional lease or possible vacation rental business). New Additional Dwelling Unit (ADU) city ordinances may help you realize further investment opportunity by adding a basement apartment or backyard "coach house" unit depending on allowable zoning capacity. You may opt to convert the multi-unit to a single family home (popular choice with two-flat purchases in North Center). Some multi-units are completely torn down for brand new single family home construction.

While some areas in the city face stricter ordinances that slow down demolition or conversion of multi-units, the North Center community area faces less scrutiny. Despite higher than average median purchase prices and relatively higher interest rates North Center is still a popular area to convert two-flats to single family homes or tear down completely and build a new house.