ChicagoWest / Southwest

A flurry of new three-flats on the market

by Joe Zekas on 1/26/12

Chicagoans love their two- to four-unit buildings, with the three-flat being one of the more popular configurations. According to the US Census Bureau’s American Housing Survey, nearly half a million metro Chicago housing units are in two- to four-unit properties, and one in five of those units is owner-occupied.

The flexibility of 3-flats is a major contributor to their popularity. They can house extended or multi-generational families in separate living quarters, provide affordable housing for hands-on live-in owners, or be the first step in building a real estate investment portfolio. Years ago the janitor who handled a number of my buildings acquired half a dozen three-flats over a period of years, and gave one to each of his sons as a wedding gift.

Eight new construction 3-flats came on the market yesterday, in locations ranging from East Garfield Park to North Lawndale to Washington Park.

The properties, all of which have three 3-bedroom, 2-bath units are listed from $325,000 to $349,000, and owned by a series of related trusts. The listings:

  • 3341 W Fulton Blvd
  • 3702 W Lexington St
  • 1840 S St Louis Ave
  • 5827 S Wabash Ave
  • 5905 S Indiana Ave
  • 5911 S Indiana Ave
  • 3524 W 12th Pl
  • 2912 W Fillmore St
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    { 2 comments… read them below or add one }

    Andy January 27, 2012 at 10:20 AM

    Unfortunately, you’d have to be out of your mind to pay 100k/unit in East Garfield Park.

    Reply

    me January 28, 2012 at 6:51 PM

    The architecture of the new construction single family 3 flats are appauling.

    I’d be ok with a Classic Chicago rehab but not the new stuff.

    Reply

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