Converting Basement unit to legal third unit

[Shawn Adderly]

I recently bought a multi-family property in Chicago. I am looking to have the basement be made into a legal third unit. I would like to have the basement redone to have a separate heating system from the 1st floor unit, re-do the basement kitchen, install a washer and dryer and install a separate electric system. I would also like to explore sub-metering for water in the property as well. The property is in Belmont Cragin in Chicago and I'm looking for a reputable contractor to help me with the conversion. 

[John Warren]

@Shawn Adderly as you consider this project, make sure you are ready for some big ticket items that will come up. 15-20k for a water service is likely. You also will likely need to fully upgrade the electrical system to the building with a 4th meter for the public, and a 3rd meter for new unit. This might run you 20-40k depending on your current set up. Your architect won't be cheap either. 

I normally see it not making sense to pursue this unless you have a prime location. Belmont Craigin is great, but another way to think about it is how much "per unit" are things going for. Make sure you aren't spending 100-200k to add a unit you could get for 75k or something like that.