New Construction Duplex in Logan Square - Chicago

[Evans Debeza]

Investment Info:

Small multi-family (2-4 units) buy & hold investment.

Purchase price: $215,000

This is a new-construction, 2-unit development in Chicago's Logan Square neighborhood. It was a vacant property purchased at $215,000. We built a new duplex with each unit having 4 beds/ 3.5 baths ranging between 18---2400sf. Construction was completed in October of 2023 after many hurdles with the city, and cost around $800,000. We are "house-hacking" this deal and live in the back unit. The front rents for $3351/month, and our mortgage is around $4200/month.

What made you interested in investing in this type of deal?

I'm an architect and my husband works for a general contractor, and it has always been our dream to invest in Chicago AND build new here. We came across this large, vacant property for sale in late 2019, and were able to purchase it in cash with the help of a private investor. We went into this deal fairly blind to real estate investing, but we knew that investing in this property would allow us to realize our dream of designing and building in Chicago much sooner than we thought possible.

[Evans Debeza]

Thanks @Jonathan Klemm! It's slightly confusing without seeing it in-person. So the front unit is 3-stories (half basement and 2-above grade). This unit extends about half the length of the building. Our unit is in the rear and shares a demising wall with the front unit. Both have the same 3-story configuration. This site is 22'x180', so our building is very long and narrow (17'x~80'). We were able to build both units by right in an RS-3 zoned lot, and have received approval by the DOH to move forward with a coach-house ADU. the coach house is the only ADU type that does not require an age restriction of the primary building.

The ADU currently is not built, but we will construct that at the rear of the site. It will be a fully detached coach house over a 2-car garage. When we conduct the walk-thru of my other property, if you have time, I can show you this one as well as it is right around the corner.