Age of Multi-Units in Chicago?

Question

I’m looking for a 2-4plex to house hack in Chicago and most of these buildings are at least 60+ years old. Is this normal for Chicago? I don’t want to have to constantly deal with breakage. What would you advise?

Brie Schmidt · Answer

Yes, I would say 90% of Chicago was built before 1910

Account Closed · Answer

Sorry Art but this is the lay of the land here. I deal with marrying the old with the new all the time. PS sent you a colleague request

Jerry Stanford · Answer

@Erik Biatti

Richard S. · Answer

Hi Art,

I was born and raised here and yes, that is pretty normal. Though depending on where you are looking, there are sometimes newer units/buildings built after the 1980s which go up for sale. I just missed out on one today, in fact :-)

Art Maydan · Answer

We're pretty open, but the list I sent my agent is:

-Forest Glen

-Edison Park

-Bridgeport -Albany Park -Irving Park -Norwood Park -Montclare-Jefferson Park -West Town -North Center

-Albany Park

-Irving Park

-Norwood Park

-Montclare

-Jefferson Park

-West Town

-North Center

John Casmon · Answer

@Art Maydan This is normal, but there are options to rehab a small multi or venture further from the core to seek something newer. Most newer constructions are SFR or Multi-Unit Complexes, but there are a handful of newer 2-4 units in pockets throughout the city. What neighborhoods have you been exploring?

Leon D. · Answer

@Art Maydan are you new to Chicago? I ask because it seems like an odd question for anyone who's been in the city more than a few months.

As is obvious by looking around, the big money in development is big MFRs (high-rise condo or rentals in River North, Printers Row, etc), or large SFRs (Lincoln Park and Roscoe Village, for example). By virtue of its geography, Chicago developed more like Brooklyn than Manhattan. Post Great Fire and up to WWII, lots of 2-8 unit walkups and mixed-use properties were built, but there's never been any economic incentive to later wreck and redevelop them, so they stick around. Rezoning is also a sticky point, since permission must be sought from your ward's alderman (so get and stay on their good side). I've seen plenty of cases where they yank approval just before a deal closes, or one builder gets it and another doesn't.

In time, and with luck, a neighborhood gets hot, and gives someone the idea to scrape a lot and take advantage of the market. Lincoln Park used to be close to a war zone, a few decades ago. Now we can't get enough $3m+ SFRs.

Age of Multi-Units in Chicago?

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