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Updated almost 6 years ago on . Most recent reply

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Ki Lee
  • Rental Property Investor
  • Cypress, CA
72
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103
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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?

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Brie Schmidt
  • Real Estate Broker
  • Chicago, IL
5,105
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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+

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