Basement conversion into a legal Apartment Chicago
Hello fellow BP'ers, does anyone here have direct experience in converting a Basement of a 2 flat into a Legal Apartment? In the condo boom I noticed a lot of basements being converted into condo's so I would imagine there being some ability to convert an unfinished basement into a legal apartment. My 2 flat is zoned RS3 but I have a 14 unit condo to my left and a 4 flat to my right. Both buildings have legal condos in their basements. Down the block on my street is a 6 flat with two legal basements in it. My soon to be architect whispered in my ear that I "might be able to" and this has now aroused my curiosity of making some extra income at a conservative reno budget. So i'm trying to see if anyone else was successful so I can get any tips on the process. I've already priced out 75% that is required including the big what if scenario of increasing water supply line, I've got a long list of things that are needed, i've been preparing for something like this since I purchased 3 years ago. I live in a great area that rents quick and can see the plus side of the extra unit that is fully remodeled in relation to the location Train shakes my house. yup it's that close ($$$$).
Property profile:
- 1906 American 4 square 2 flat, 1100 SQFT per floor. Basement is around 1000 SQFT due to the foundation coming out a few inches.
- Unit 1, 3 beds 1 ba, laundry room on floor
- Unit 2, 2 beds 1.5 ba, laundry room on floor
- (Unit G 2-3 beds maybe 1.5 ba ideally w/ laundry room.)
- Enclosed porch offers additional space for storage x 2. Dimensions of each are 6'x11'. Stair area is also enclosed. Dimensions not included. Was told porch may need to be opened up for the legalization process.
- 100 Amp service with two new electrical meters/panels and wires to each unit. Common has been separated into box one for easy separation for future meter install.
- Galvanized 1" water line coming into property (Not Lead). This was verified when I dug down on the interior to remove the garden spigot that original builder buried 5 feet down and connected it with an awkward shut off valve that required a key that was 3 feet long! This must have cracked off 50 years ago because you wouldn't even have known there was a key end buried. Not sure if lead was used up to a certain point and then galvanized was added before the line came into the house. I only inspected 1 foot past the property outside. So i was told if i'm adding more fixtures I may need to upgrade the line from B Box that is 15' from property located in front curbside.
- Ceiling height 8'3" (coming soon) Currently 7'3".
- Exit in rear, (soon to be one in front)
- 1000 sqft of available space
- Already had plumbing of 4" cast iron stub out for a toilet which is original to house. 6" clay pipe is in great condition underground.
- Home already had all brand new 1" copper lines that reduce to 3/4" to each unit and then 1/2" stub outs to each fixture.
- New PVC drains connect to 4" cast iron that connects to clay lines underground.
- Not important but I've got a new Roof too!
Specific questions that I have for now are:
Will the city allow me to GC a project of this magnitude or is a licensed one required?
Will property taxes increase?
Thanks Ya'll look forward to hearing your input's.