Top Frequently Asked Questions on Selling a Multi-family in Chicago

Are you thinking of selling your multi-family property?

Here are some of the most frequently asked questions we get from clients looking to sell multifamily properties in Chicago.

Before You Sell:

How is selling a multi-family different than selling a single-family home?

If you’ve sold an investment property before, you’ll be familiar with the ins and outs of selling a multi-family. However, if it’s your first time, you’ll learn that the process works differently than it would with a single-family or condo.

A large part of a multi-family’s sale appeal will lie in its cash flow. Buyers looking for a multi-family are looking for more than just a home: they will want to see a property that generates good rental income, that rents easily, and that provides a financial incentive for them to buy. This could be in the form of easy upgrades they can make to boost rental income or as an empty unit for them to occupy and offset their own living expenses.

Do I need a realtor to sell a multi-family?

Of course, we’re biased...but we do recommend working with a realtor who is experienced in the multi-family market in your neighborhood. Not only will they be able to pull good comps and provide a market analysis of how you should price the home, but an experienced agent will know how to show the home to different types of buyers, whether they are experienced investors or first-time multi-family buyers who want some supplemental income. Realtors who work in multi-family markets are also in the know about rent prices and trends, which will help them sell your home at the right price.

Do I need to make repairs before selling?

Some buyers look for multi-families with units that could benefit from some updating because they see it as an opportunity to raise the rent using some sweat equity. Your agent should be knowledgeable of the renter’s and buyer’s market for your area and property type and will have good recommendations of what types of updates to make before selling.

Making simple upgrades around the property and in common areas like hallways and entryways can be an easy way to boost the property’s curb appeal that won’t break the bank, whether it’s through new fixtures or a fresh coat of paint.

How do I list a multi-family?

One of the most important parts of getting ready to list your property is confirming the number of legal units in the building. In a city full of old homes like Chicago, many apartment units have been created in old basement spaces or have been de-converted into a larger single unit. If you sell your property with an incorrect number of legally recognized units, you could face legal issues down the road. To get the most accurate picture of how your property should be valued and listed, get in touch with the local village to confirm the number of legal units as listed in their records.

How should I price my multi-family?

Buyers and their lenders will typically appraise a multi-family home using the income approach method instead of simply using comps in the area to compare values. This means that the appraiser will look at the cost of property maintenance and the rental income to evaluate a property’s cash flow. To price your multi-family, you should do appraise a building’s income and use comps in the area to accurately represent what someone might want to pay for it.

How should I market my multi-family?

You’ll want professional photos of each unit to get ready to list your property, which means asking your tenants to clean their spaces and set up a time for the photographer. Having an empty unit comes in handy because it gives you the opportunity to deep clean the space and potentially even stage it with furniture to show off its potential.
Put together a financial breakdown and lease abstract to show possible buyers. This might include details like current rents, cost of utilities, and other maintenance fees to give them a better idea of potential rental income.

Selling a building with tenants

How do I sell my multi-family with occupied units?

One of the trickiest parts of selling a multi-family is to make sure that you are aware of your tenants’ legal rights and that you make the selling process as effortless for them as possible.

Breaking the news to tenants: Announcing that you’re listing your property for sale isn’t the easiest conversation to have with tenants. For them, it means the hassle of cleaning their apartments for multiple showings, a change in landlords, and a potential increase in their rent after the sale. However, you are legally obligated to inform your tenants when you sell the property, so it’s important to have that conversation before getting too far into the selling process.
Tenant’s rights when a property is listed for sale: To protect yourself from liability and provide a smooth transition for your tenants during the sale process, it’s important to be aware of their rights determined both by the state and by their lease agreement. Your tenants most likely have a right to be notified a set amount of time before showings and have a lease that can’t be terminated just because you want a vacant unit to sell the property. Reread your lease agreements and the tenant’s rights for your city before listing your home or scheduling showings.
Understand how vacancy might help you sell: Some buyers plan to finance their multi-family with an FHA or VA loan, which requires them to occupy one of the units. If all of your units are rented and none will be vacated within 60 days after your closing date, you might lose a large pool of buyers who need a vacant unit to be eligible for a mortgage. Vacant units can also help sell a home, since they are easier to clean and can be shown at any time. Consider waiting to list your home until a unit is vacant, depending on advice from your realtor.

How do I show a property with occupied units?

An experienced realtor will know the ins and outs of how to show a property with occupied units (which is one of biggest reasons why you should take your time to find a good agent). The most important concern when it comes to showing units is to make sure that the tenant is aware of the appointment sufficiently ahead of time. Check your lease agreement to see if there are already guidelines in place or contact your tenant prior to listing the process to come to an agreed-upon amount of days or hours before the showing when they should be contacted.

Have any other questions about the selling process?

With over a decade of experience helping clients buy and sell homes in Chicago, we understand the complications that come with the selling process. Feel free to reach out to our team with any questions you have, or check out our Advanced Search feature for local listings and start the search for your next home today.

$775,000

3 Beds ⋅ 3 Baths ⋅ 12635329 MLS ⋅ CLOSED Status

Rarely available 3BD/2.1BA duplex-down in an unbeatable Lincoln Park location-first time on the market in nearly 30 years! This spacious home features hard-to-find 10-11' ceilings, hardwood floors, and a cozy fireplace, creating an open and inviting feel throughout. The main level offers a bright living and dining area, galley kitchen, and direct access to a large deck-perfect for entertaining. Enjoy the convenience of in-unit washer and dryer. The lower level provides additional living space with great flexibility for a rec room, home office, or guest suite. Includes a private 1-car garage and additional basement storage. Well-maintained, self-managed building with recent major updates including tuckpointing, roof, and water heaters-offering peace of mind for years to come. Fantastic opportunity to update and build equity in a prime location close to parks, dining, shopping, and public transportation. Demand for well-located duplex homes remains strong-schedule your tour today before it's gone!

2541 N Racine Avenue Unit #1, Chicago

$708,240

6 Beds ⋅ 4 Baths ⋅ 12346576 MLS ⋅ CLOSED Status

Fantastic Investment Opportunity in Lincoln Square/Budlong Woods! This beautifully maintained, solid brick 3-unit building offers incredible potential for owner-occupants or savvy investors. Two of the three units have been recently updated, and all feature a similar layout with hardwood floors throughout, decorative fireplaces, spacious living and dining rooms, two bedrooms, a full kitchen, and an enclosed, heated porch-ideal as a breakfast nook, home office, sunroom, or for a potential kitchen expansion. The unfinished basement offers excellent potential for a fourth unit or to duplex with the first-floor unit. Conveniently located near public transportation, this property is perfect for those looking to live in one unit and rent the others, or to add a strong performer to their rental portfolio. Don't miss out-schedule your private showing today!

5413 N Artesian Avenue, Chicago

$570,000

2 Beds ⋅ 2 Baths ⋅ 12485730 MLS ⋅ CLOSED Status

Hot Lincoln Park location! This charming 2BD/2BA condo offers low assessments in a well-maintained, self-managed building. Featuring hardwood floors, 9-10 ft ceilings, crown molding, and a cozy fireplace, the home exudes warmth and character. The spacious living room overlooks a tree-lined street with a park right across the way, while the formal dining area connects seamlessly to the kitchen and a large private deck-perfect for entertaining. Recent updates within the last 5 years include HVAC replacement, a new roof with tuckpointing, new hot water tank, updated entryway security system, new sump pump for the building, and more! Enjoy in-unit laundry and garage parking. Easy street parking for guests, plus quick access to 90/94, Lake Shore Drive, and the Fullerton train stop. All just minutes from DePaul University, trendy restaurants, coffee shops, and vibrant nightlife. Welcome to your Lincoln Park oasis-home sweet home!

2541 N Racine Avenue Unit #2, Chicago

$565,000

4 Beds ⋅ 3 Baths ⋅ 12284314 MLS ⋅ CLOSED Status

This stunning home, ideally situated between Portage Park and Irving Park, feels like new. Offering four spacious bedrooms and three full bathrooms, it boasts hardwood floors throughout, soaring 10-foot ceilings, and luxurious finishes. The beautifully updated kitchen features stainless steel appliances, a gourmet 36" stove with a matching hood, a large island with a built-in microwave, granite countertops, and a wet bar. Upstairs, you'll find generously sized bedrooms, a convenient laundry room, and an incredible master suite complete with three closets, a cozy fireplace, and a spa-like master bath with a double granite vanity, whirlpool tub, and separate shower. The rooftop deck provides the perfect space for outdoor entertaining. Conveniently located near expressways, the Metra, Six Corners shopping, dining, and retail.

4630 W Addison Street, Chicago

$490,000

5 Beds ⋅ 3 Baths ⋅ 12468359 MLS ⋅ CLOSED Status

Opportunity knocks! This well-maintained 2-flat in a highly desirable Skokie location is now available in "As-Is" condition. Perfectly situated within walking distance to downtown Skokie, shopping, dining, and the Yellow Line, this property offers an outstanding investment or owner-occupant opportunity. Unit 1 features a spacious 2BD/1BA layout, while Unit 2 offers a generous 3BD/1.5BA floor plan filled with natural sunlight. Recent updates include a newer roof and siding (replaced approx. 7 years ago), fresh paint throughout both units, and refinished hardwood floors. Added convenience with a common area laundry and storage on the first floor. A fantastic chance for savvy buyers to build wealth in a prime location!

9011 Bronx Avenue, Skokie

$330,000

8 Beds ⋅ 5 Baths ⋅ 12519853 MLS ⋅ CLOSED Status

Great investment opportunity!**Legal 4-unit building with value-add potential. Property is being sold "as-is". Cash or conventional financing preferred. Excellent upside with stabilized rents once improvements are completed.

7548 W 61St Street, Summit

$325,000

3 Beds ⋅ 2 Baths ⋅ 12682654 MLS ⋅ CLOSED Status

Spacious brick Georgian with a first-floor addition, offering 3 bedrooms, 1.5 baths, and a finished basement. Situated on an oversized 45x132 lot, this home provides plenty of space for gardening, entertaining, and outdoor activities. The bright and inviting interior features abundant natural light throughout. The main level includes a spacious kitchen, separate dining room, living room, and a convenient first-floor bedroom. Upstairs you'll find two additional bedrooms and a full bath. The finished basement offers a large recreation room, half bath, and additional storage space. Recent improvements include a roof replacement in 2018. Additional features include a sump pump, side driveway, and detached 2-car garage. Conveniently located within walking distance to popular Gouin Park and close to schools, shopping, restaurants, and transportation.

2625 Westbrook Drive, Franklin Park

$310,000

5 Beds ⋅ 2 Baths ⋅ 12088596 MLS ⋅ CLOSED Status

Opportunity Knocks, Legal 2-flat! Solid brick two flat with separate utilities. Unit 1 has 3beds/1bath on the upper floor, baseboard heat and hardwood floors. Unit 2 has 2beds/1bath, lower level. Concrete 19 x 19 concrete patio in the backyard and wrought iron fencing. Hot Water Heater (older), 2 Boilers. Separate gas & electric service. Roof is approx. 15 yrs. old. Property is being sold "AS-IS". Garage in disrepair, needs to be rebuilt. Do not Disturb Occupants - Appt must be Confirmed

2242 N Major Avenue, Chicago

$242,000

2 Beds ⋅ 1 Baths ⋅ 12210950 MLS ⋅ CLOSED Status

Opportunity Knocks! Charming 2BD/1BA Georgian-style brick single-family home featuring a separate dining room, a living room with hardwood floors in great condition, and a full basement awaiting your ideas. The property includes a newer large 2.5 car garage with dual garage doors, one of which opens to a huge patio/backyard-perfect for outdoor parties. Equipped with HVAC and central AC, this home is an excellent opportunity, better than a condo!

5311 W 35Th Street, Cicero

$190,721

2 Beds ⋅ 1 Baths ⋅ 11957847 MLS ⋅ CLOSED Status

Welcome to an exceptional investment opportunity in the heart of Belmont-Cragin! This charming single-family home, featuring two bedrooms plus an office, is a haven for investors, developers and first-time buyers. Boasting a generous 33x124 lot, the property offers potential for expansion, new development or creative landscaping. Strategically located in proximity to schools and parks, the home is currently leased on a month-to-month basis, providing flexibility for optimizing rental income based on market rates. While TLC may be needed, the property promises a solid return on investment. Take advantage of this prime location, and envision the long-term growth potential in this thriving community. Broker related to Sellers. As-is sale.

4929 W Schubert Avenue, Chicago

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