I recently had the opportunity to help close the sale of 934 W. 35th Place in Chicago’s Bridgeport neighborhood, a classic Chicago brick 3-flat on an extra-deep lot.
The property was a legal three-unit building with all three apartments occupied by long-term tenants. The units featured updated kitchens and bathrooms, while the building also offered a large backyard, rear parking pad, and an extra source of income from the coin-operated laundry.
One of the attractive features of this property for an investor was its relatively low landlord expense structure. Tenants paid their own utilities, while the owner was responsible primarily for real estate taxes, insurance, water/sewer, and common electricity. The property did need some light work, but overall it was a solid income-producing building.
Why Bridgeport?
Bridgeport continues to be one of Chicago's distinctive neighborhoods, combining classic Chicago housing stock with convenient access to transportation, shopping, restaurants, parks, and major expressways. The neighborhood is also home to Rate Field, the Bridgeport Art Center, Palmisano Park, and the recently restored Ramova Theatre.
The 35th Street corridor has long been an important commercial and transportation route through the neighborhood, with access to multiple CTA lines and connections to major parts of the city.
Thinking About Buying or Selling a Chicago Multi-Unit?
Whether you're looking to buy a 2-flat, 3-flat, or 4-flat in Chicago or considering selling your existing multi-unit property, having an experienced real estate broker on your side can make a big difference.
From evaluating a property's income potential and condition to pricing, marketing, negotiating offers, and getting to the closing table, I can help you navigate the process from start to finish.
If you're thinking about buying or selling a multi-unit property in Chicago, I'd be happy to discuss your goals and help you understand your options.
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