Check out real estate market trends, lifestyle news and neighborhood information.
Here are our best tips for home improvements that you can make yourself that will add value to your property, attract buyers and help you sell quickly and for the highest price possible.
Most buyers today are looking for certain elements in the home to be fresh and updated in order to attract their interest. In our experience, these are the most important things that you as a seller can do to make your home “move-in ready” for buyers.
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When most people think of Chicago, the image that comes to mind is that of bitter cold winters with wind whipping off the lake and temperatures pushing into single digits. Although it’s cold for part of the year in the Windy City, those perfect summer temperatures are a great reason to enjoy all the natural resources that Chicago has to offer. Over 18 miles of lakefront and 552 public parks is one of the reasons that more than 2.7 million residents have made Chicago their home.
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The Gold Coast neighborhood is well-known for its unique architectural style of homes and high-rise apartments. Attached Single Family homes ranging in price from $220,000 to over $2.5M and Detached Single Family homes ranging from $1M to 4M+ are found here. This is one of the most affluent areas in Chicago, dotted with pre-war and vintage row homes, mansions, townhomes and high rises.
As we look at market conditions in the Gold Coast, we find overall values increasing in 2018.
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Investing in multi-family real estate can certainly be a daunting task, particularly in Chicago where the average price per square foot in 2025 was $224 and continues to show a steady upward trend.
Approximately half the Chicago population rent the homes they live in. In April 2025, the median rent for all rental properties in the city was $1,950. With high rental demand, a booming market, and strong rental prices, a multi-family investment in Chicago can offer a significant rate of return.
Not only can you increase your rental income, but investing in Chicago real estate is also a smart strategy for building long-term wealth. Below are key tips to help you invest in multi-family properties with more confidence.
With any real estate investment, location is everything. Multifamily real estate in Chicago is no different, and you should always research each area before committing to a purchase.
For example, some southeast Chicago neighborhoods continue to deal with long-term economic challenges stemming from deindustrialization, resulting in sluggish home values. Meanwhile, the North Side continues to show stronger appreciation and rental demand.
Partnering with an experienced local real estate agent helps you narrow down the best neighborhoods and properties based on rental strength, appreciation potential, and tenant demand. There is a significant difference between investing in a high-equity North Side 3-flat versus a distressed building in a weaker neighborhood.
Public transportation is another major factor. Since roughly one in four Chicago residents rely exclusively on the CTA, choosing a building near transit will improve renter appeal. With 27.5% of Chicago families owning no car, proximity to groceries, hospitals, and daily services is also essential.
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When you’re exploring 2-flats, 3-flats, and apartment buildings, it’s easy to fall in love with a particular property. But multifamily real estate is an investment — and every decision should be driven by numbers, not emotions.
Always evaluate:
Many new investors make the mistake of estimating rents at the top of the market. To avoid financial stress, always calculate cash flow based on the low-end rental estimate and a conservative expense budget, including:
If you outperform your conservative estimate, that’s simply added profit.
Before purchasing a multifamily building in Chicago, make sure the property meets all required codes and rental laws.
Chicago regulates:
A professional inspection is essential to uncover structural, mechanical, or safety-related issues. If repairs are needed, a contractor can give you accurate cost estimates — and negotiating leverage with the seller.
Once you become a landlord, you must also follow all laws under Illinois Landlord-Tenant regulations and the Chicago Residential Landlord Tenant Ordinance (RLTO). These cover deposit handling, rent rules, eviction procedures, and tenant rights.
Screen all applicants carefully. Credit checks, background checks, and rental history verification are vital to protecting your investment.
Chicago continues to offer strong long-term opportunities for multifamily investors. Neighborhoods such as Lincoln Park, Logan Square, Portage Park, Lakeview, Gold Coast, and Old Town consistently deliver high rental demand and solid appreciation.
By choosing the right location, analyzing numbers carefully, and understanding local laws, you can build a profitable rental portfolio in one of the country’s most stable real estate markets.
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Jose Hernandez, Chicago Realtor® | Multifamily Specialist | Coldwell Banker Realty
Helping buyers & sellers with apartment buildings, 2-flats, 3-flats & investment properties across Chicago.
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As a realtor, I am regularly asked about the general state of the market in Chicago, and the impact of current and rising interest rates on home values.
According to realtor.com 2019 forecast, interest rates are predicted to rise to just below 5.5% in 2019, and home sales are expected to slow nationwide. The number of home sales in the Chicago area will fall 7.4% in 2019, and the median sales price will be down 1.9%.
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Winter is officially here and although most love the allure of the snow and colder temperatures, our homes take a beating during the extreme weather conditions that occur during this unpredictable time of year. None is more important than making sure your pipes are protected during the winter months.
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As a Real Estate Investment Advisor in the Multi-Family market in Chicago, I specialize in helping clients buy or sell investment properties.
My priority in working with clients is to help them achieve their goals through developing a solid investment strategy.
2 flats, 3 flats and 4 flats in Logan Square have been in high demand for the last several years.
In the examples below, I helped in the sale and purchase of two income-producing properties that generated high returns after the buildings were resold.
Sold: December 20, 2015
Location: 1 1/2 block from 606 Trail - Excellent location!
Sales Price: $462,500
Potential rental income: $60,000 GRI
ARV : $715,000
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If you are looking to make a change and desire a lifestyle that has it all – natural beauty of the Lake, parks and beaches, diverse arts and cultural events, stunning architecture, gourmet cuisine, premier shopping, and excellent medical care – then look no further than Streeterville!
Streeterville is one of the hottest and fastest growing areas in Chicago! The neighborhood is bordered by Lake Michigan – East N Lake Shore Drive/Oak Street to the North, Rush St to the West, and the Chicago River to the South.
The Streeterville neighborhood is filled with modern luxury high rise condominiums and luxury rental buildings that boast spectacular lake and city views with world class amenities. In addition there are 2-3 story townhomes located along the Chicago River and at East North Water Street.
One Bennett Park is Streeterville’s newest 70 story combo apartment and condo tower. 279 One to four bedroom plus penthouse luxury apartments range in price from $3500 to $5500 per month plus $22,000 per month for a penthouse. Slated to open in January of 2019 the condo tower will have 69 units ranging in price from $2M-$15M. Homeowners have exclusive access to a separate entry court, lobby, fitness center and lounge space. Adjacent to the building will be the new park which was designed by Michael Van Valkenburgh Associates, the firm who designed Maggie Daly Park. The park will have gardens, meandering pathways, two dogs runs and a shady grove. The park is intended to be “an escape within the city”.
530 N Lake Shore Drive built by Belgravia Group in 2003 has 195 1-4 bedroom condo units with private balconies. Amenities include a 24 hour doorman, fitness center, community center with full service kitchen and rooftop sundeck.
600 N Lake Shore Drive also built by Belgravia Group completed in 2012 has 400 units in two towers. Floor to ceiling windows with sweeping views of Lake Michigan and the city skyline, world class amenities and two amazing rooftop decks.
River East Center at 512 N McClurg Ct. has 620 condominium units with 58 floors and was completed in 2001 and part of the larger River East Complex. The building shares a common base with 18 story Embassy Suites Hotel and AMC Theatre, the largest cinema in Chicago with 21 screens.
Lake Point Tower at 505 N Lake Shore Drive, the 70 story Y-shaped building adjacent to Navy Pier, and just north of the Chicago River, was completed in 1968. Its position between Lake Shore Drive, and Navy Pier gives it unobstructed views to the North, East and South. The residential complex has a two and a half acre park with outdoor swimming pool, observation deck, waterfall, gardens, and pond.
Streeterville is a bustling neighborhood filled with a variety of restaurants – D4, Volare, and Coco Pazzo Café are residents’ favorite spots to dine. AMC Theatres, Lucky Strike and Pinstripes offer family entertainment and dining. And what neighborhood isn’t complete without Target Express, Walgreens and Whole Foods? Besides the new Molly’s Cupcakes and Cupitol, a new Maison Marcel bakery is going to be located at the corner of McClurg and Grand. There are always new and exciting things being planned!
Nature and outdoor lovers can relish in any number of activities such as biking, rollerblading or walking along the lakefront trail, sunbathing on the beach, or strolling through Olive Park. Enjoy an afternoon at Lake Shore Park, 5.79 acres of recreational activities including tennis courts, fitness center gymnasium, and playground and quarter mile soft running track. During the summer, “Movies in the Park” is a family favorite.
Navy Pier, a Chicago Landmark is a one mile long pier along Lake Michigan that features over 50 acres of parks, gardens, restaurants, family attractions and event center and attracts visitors from all over the world. During the summer, stroll along the pier, watch the boats, and listen to live music at the Beer Gardens or take a sightseeing boat ride along the shoreline. Every Wednesday and Saturday evening a fantastic fireworks display is sure to delight everyone! One of the most famous attractions at Navy Pier is the Centennial Wheel which is an iconic part of the Chicago skyline. The 200 ft. Wheel offers 360-degree view of Chicago and Lake Michigan. Cultural attractions include AMC Navy Pier IMAX Theatre, Chicago Children’s Museum, Crystal Gardens, Chicago Shakespeare Theatre, Miller Lite Beer Garden and Polk Bros Park. Temporary pop-up art exhibitions are featured throughout the year and offer visitors a unique experience.
An exciting way to learn about Chicago’s historical buildings is to take an architectural tour on the Chicago River – a 90 minute narrated tour of the fascinating history and architecture of the buildings along the river. You can board the tour at Navy Pier or along the banks of the Chicago River.
For music lovers, Grant Park Music Festival at Pritzker Pavilion in Millenium Park (a short walk from Streeterville) offers free classical concerts every Wednesday, Friday and Saturday during summer months. The Chicago Jazz Festival, Chicago Blues Festival, Gospel Festival, Mariachi Festival and World Music festival are all highlighted events at Pritzker Pavilion throughout the summer.
Broadway in Chicago – a theatrical production company formed in July 2000 presents touring Broadway productions in Chicago at five historic theatres: Cadillac Palace, Goodman Theatre, Oriental Theatre, Broadway Playhouse and Nederlander Theatre. These theatres are located in and around the Loop and a short cab ride from Streeterville.
Harris Theatre for the Arts located in Millenium Park on Randolph offers a variety of dance, music and the performing arts.
There is no shortage of winter activities in and around Streeterville. Ice skate at Millennium Park McCormick Tribune Rink, Maggie Daly Skating Ribbon or Navy Pier Winter Wonderfest.
For a unique city experience, explore pedestrian-friendly Chicago Riverwalk which stretches from Lake Shore Drive to Lake Street. Here within its six covers you will find a blend of Art & Culture, Dining & Drinks, Cruises & Boating, Urban Recreation and even a Museum.
The Magnificent Mile located along Michigan Avenue from the Chicago River to Oak Street is Chicago’s upscale shopping area. Various mid-range and high end shops, restaurants, museums and hotels. The Mag Mile is the 8th most expensive retail area in the country.
Northwestern Medical Center is home to world and nationally renowned physicians, surgeons and specialists, and has been ranked in the Top 25 hospitals in the nation.
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Search Streeterville condos for sale by price.
$200,000 to $500,000 | $500,000 to $1,000,0000 | $1,000,000 to $1,500,000
It’s a crisp Fall day in late October, and I am taking my out-of-town clients to tour properties in the Gold Coast area. We have a full day planned and initially see several beautiful vintage apartments along Lake Shore Drive with elegance, charm and spectacular views.
Next, we set out on foot to tour the heart of residential Gold Coast. As we walk along Dearborn and Astor Streets we are instantly transported to another time and place. Historic landmark buildings, mansions and rowhomes, nestled along quiet tree-lined streets evoke feelings of peace and tranquility.
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The neighborhood is alive with magnificent Halloween decorations all on a grand scale! Giant spiders the size of buildings, graveyard scenes with skeletons, and ghosts hanging from trees are both realistic and impressive! As you walk among these great masterpieces, you feel the enormous sense of community and pride residents have for their homes and neighborhood.
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Jose Hernandez and his team service the Chicagoland area. Whether it's a condo, single-family home or multifamily property, we have the experience to deliver results and get your home sold.
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Buy | Sell | Invest
312-788-7079