Multi-families are the market in Pilsen

Chantico South, 1621 S Carpenter St, ChicagoPilsen is very much a renter community (by an almost 3-to-1 margin over owners, according to past Census projections), so it’s not too surprising to see that as much as 60% of real estate activity in the neighborhood involves investment in multi-family buildings.

Redfin’s records show 57 Pilsen / Lower West Side buildings sold in 2009 at prices ranging from $40,000 to $750,000, and a median price of $146,500. In 2010, 55 buildings sold from $35,000 to $465,000, and a median price of $145,000. In those two years, buyers spent almost $19.4 million in total on multi-families in the neighborhood.

Six buildings have already sold this year, and another 22 are under contract, ranging from a two-flat listed at $46,000 to a three-flat with a coach house listed at $395,000, and a median price of $129,000.

Among the 49 multi-families currently listed in Pilsen are:

  • Low price: 1014 W 18th Pl, a two-flat priced at $70,700.
  • Median price: 1846 W 18th St, a six-unit brick building and adjacent frame two-flat, priced at $250,000.
  • High price: 1621 S Carpenter St, the nine-unit building once marketed as Chantico South (pictured), priced at $1.95 million.
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