Multi-Family and Apartment Investing
Market News & Data
General Info
Real Estate Strategies
Short-Term & Vacation Rental Discussions
presented by
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Tax, SDIRAs & Cost Segregation
presented by
1031 Exchanges
presented by
Real Estate Classifieds
Reviews & Feedback
Updated almost 4 years ago,
Building residential units above commercial space (in Chicago)
I own a commercial building, one story, typical Chicago lot (60639), and I pay the crazy taxes (17K year) for it. I'm new to this RE world, but in doing research, I noticed many of the buildings like mine, with residents above, were paying 6-8k in taxes, a big difference! In any event, hoping to find someone that has some experience with this. I don't know how strict the codes or building allowances are in the City of Chicago. I was hoping to do this soon. I also have a one-story mix-use building (60623), that I would love to build above! Also interested in estimating costs into the additions. Based on the Prop Tax savings alone, it's a no-brainer!