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Robert Meyer
  • Rental Property Investor
  • Palatine, IL
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On the Hunt - Seeking Commercial Multifamily in Chicago

Robert Meyer
  • Rental Property Investor
  • Palatine, IL
Posted Sep 19 2018, 10:40

I just closed on an investment property in Hawaii last week and am doing a 1031 exchange, so my 45-day window is open for identifying new properties.  I've had support from multiple realtors/brokers in Chicago for the last few months but have yet to find the right property in my price point or that meets my underwriting criteria.  I'm hoping other investors might be able to point me towards new opportunities or brokers who can assist in the search.

What I'm looking for:

Value-Add Commercial Multifamily Properties in C+ to B areas of Chicago (list below,not exhaustive), 5-20 units

Price between $500k-$1M

Targeting working blue-collar folks, helping give them a nice place to live in an area that is gentrifying

I'm a buy and hold investor, and would like to purchase, stabilize, refinance, and roll any returns into more properties every year or so.

Areas I'm looking at: Hyde Park and some surrounding areas, Bridgeport, McKinley Park, Brighton Park, part of Englewood, Humboldt Park, Garfield Park (east), Cicero, Berwyn, Riverside, La Grange, Brookfield, Broadview, Wicker Park, Logan Square, most burbs along the UP-NW (I live in Palatine) and UP-W.  Proximity to transportation is important. 

I've only been in Illinois for about a year, so am still learning my way around.  Suggestions are welcome on other places to search.

Appreciate any leads you can provide,

Rob

Looking for