Skip to content
×
Pro Members Get
Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
ANNUAL Save 16%
$32.50 /mo
$390 billed annualy
MONTHLY
$39 /mo
billed monthly
7 day free trial. Cancel anytime
Multi-Family and Apartment Investing
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated about 6 years ago on . Most recent reply

User Stats

103
Posts
72
Votes
Ki Lee
  • Rental Property Investor
  • Cypress, CA
72
Votes |
103
Posts

Converting a 3 unit rental to separate condos in Chicago?

Ki Lee
  • Rental Property Investor
  • Cypress, CA
Posted

Anybody familiar with the Chicago market?

I have a 3-unit rental property in Logan square(somewhat less desirable part of Logan square) and was considering converting the triplex to 3 individual condo units and selling them.  

There are no recent comps in the area for condos of a small multi unit building.  Any opinions on the feasibility of this idea? Any idea where I can get some good recent comps?  

Also, are there big challenges with this as far as permits/zoning regulation?

Most Popular Reply

User Stats

6,173
Posts
5,138
Votes
Brie Schmidt
  • Real Estate Broker
  • Chicago, IL
5,138
Votes |
6,173
Posts
Brie Schmidt
  • Real Estate Broker
  • Chicago, IL
ModeratorReplied

@Ki Lee - for it to be a condo not only d o you need a zoning change but the furnace, hot water heater, and electric panel need to be in unit.  If you have a standard Chicago building that part alone will be $100k+

business profile image
Second City Real Estate
5.0 stars
20 Reviews

Loading replies...