6 Unit RT4- Condo/Rental Lincoln Park

Classic Chicago Brick 6 unit – 3 Story + Basement stands the test of time has In this hot area, these luxury condo units are in big demand. Nicely finished condos in good locations often are mostly sold out before construction is complete.

6 unit buildings are a bit more efficient than 3 unit  buildings since the entrance and stairs are shared between more units. Floorpans are also improved because the units can be a bit wider in front and back.

Because units are oriented back to back masonry costs are lower (saves 2 exterior side walls, replaced with 1 demising wall) as compared to two separate 3 unit buildings. 

Document List For Investors

FINANCIAL SUMMARY – PRO FORMA  2022-23  

Click This Link to Open New Nearby Condo Comps

Rental Scenario – Pro-Forma  2022-23  

3 unit – Condo/Rental East Village-West Town

Classic Chicago Brick 3 unit – 3 Story + Basement stands the test of time and is perfect for owner occupied rental or Condos

These units are in demand both as condos and rentals in this hot area. Nicely finished condos have sold out as soon as construction is finished.

CAP rates for older 3 unit buildings in West town are at currently 4.08, so our projection of finished value at 4.2 CAP is conservative. 

Document List For Investors

FINANCIAL SUMMARY – PRO FORMA  2022-23  

These are nearby comps for condos in similar buildings. 924 Wood St is probably most similar and just completed.

Temporarily No Showings 1839 W Iowa St Unit 2 Chicago, IL 60622 2 Beds 2 Baths 1400 Sqft MLS #: 11244282 $499,000

Active 877 N Marshfield Ave Unit 2 Chicago, IL 60622 2 Beds 2 Baths N/A Sqft MLS #: 11227484 $539,000

Contingent 1537 W Walton St Unit 3 Chicago, IL 60642 2 Beds 2 Baths N/A Sqft MLS #: 11294839 $724,900

Contingent 924 N Wood St Unit 3 Chicago, IL 60622 2 Beds 2 Baths 1272 Sqft MLS #: 11262814 $689,000

Active 1423 W Huron St Unit 2 Chicago, IL 60642 2 Beds 2 Baths N/A Sqft MLS #: 11235934 $550,000

Active 1423 W Huron St Unit 1 Chicago, IL 60642 3 Beds 3 Baths 2500 Sqft MLS #: 11245829 $845,000

Contingent 1106 N Marshfield Ave Unit 2 Chicago, IL 60622 2 Beds 2 Baths N/A Sqft MLS #: 11309968 $585,000

Contingent 924 N Wood St Unit 1 Chicago, IL 60622 3 Beds 2.1 Baths 2312 Sqft MLS #: 11262823 $799,000

Contingent 924 N Wood St Unit 2 Chicago, IL 60622 2 Beds 2 Baths 1271 Sqft MLS #: 11294730 $549,000