Residential Real Estate Broker · Chicago, IL · Member since 2013 · 64 posts · 17 votes
I'm getting ready to purchase another building in the next 6-12 months and although I'm not a fan of today's current pricing, there is always opportunity in every market. I'm looking at a 4 unit purchase on the northwest side of Chicago.
I'm curious about how others think about these neighborhoods, so let me know which neighborhood in Chicago you would buy in and why.
Mine is Albany Park near the brown line stops. I believe this is an area that will eventually gentrify and prices are somewhat tolerable compared to returns. There are some larger investors in the area who moving into the neighborhood and should help speed things up.
Through my experience, I like these zip codes (60656, 60631, 60630, and 60646) for MF buildings in the Northwest side of Chicago. These locations provide vast transportation nearby as well as easy access to multiple northwest suburbs. Rents are very good and nice appreciation too! Agree that today's pricing is not so much favorable in these neighborhoods as supply can be low, however, there should always be opportunities if one is patient and looks hard enough.
Thanks, David. I will have to get in the car and explore those areas a bit more. I've driven through but haven't spent a lot of time up there.
What is the source of your deals up there? Are you buying from MLS, wholesalers or networking/mailing/cold-calling etc?
I try to wait for MLS deals because I don't have much time to search for off-market stuff. But considering another approach for today's market due to inventory.
@Mark Hafeli, if you are buying long term and looking for properties that will appreciate greatly, then stay close to the train and the high way entrance, shopping, restaurants, check the school districts and see where the City is investing a lot of money. You always invest in the next neighborhood by the one that is hot right now!
Hey everyone on this thread. If you come across an opportunity in these areas and want to partner up please consider me as a prospect. I know the area and agree with what has been said. I don't live in Chicago any more but come back every year to visit the in-laws..
Albany Park is a good long term hold decision IMO if you stay near the el stops within walking distance is best and further east seems to have more demand. Explore south too into Avondale as well.
When you get your criteria set let me know. I get pocket listings all the time although 4 flats are a lower supply housing stock so don't come on as often.
Feel free to reach out for more details.
Jim