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Updated almost 6 years ago on . Most recent reply
Converting a 3 unit rental to separate condos in Chicago?
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
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@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+
- Brie Schmidt
- Podcast Guest on Show #132
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