Chicago IL Homes and Condos for Sale
  • Home
  • Advanced Search
  • Selling
  • Multi-Family 2-4
  • About
  • Blog
  • Multi-Family 5+ Units
    Login
    (312) 788-7079

    Sign in to your account

    Need to reset your phone number?

    Don't have an account with us?

    Click here to sign up.

    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.

     

    Contact Us Now

     

    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.

     

    Contact Us Now

     

    1701 N Clybourn Avenue, Chicago image
    1701 N Clybourn Avenue, Chicago $1,050,000

    Location location! Excellent opportunity for owner occupant or savvy investor. Huge brick 3 flat located in the heart of Lincoln Park on Clybourn Ave near brown & red Lin...

    board logo
    • 11161195 MLS
    • CLOSED Status
    board logo
    329 W Armitage Avenue, Chicago image
    329 W Armitage Avenue, Chicago $980,000

    Lincoln Park 4 Flat for sale! Many recent updates include; replacement of back porch, Newer roof, New Drain tile system, currently updating kitchens and bathrooms in unit...

    board logo
    • 4 Beds
    • 4 Baths
    • 10877449 MLS
    • CLOSED Status
    board logo
    5001 W Altgeld Street, Chicago image
    5001 W Altgeld Street, Chicago $325,000

    Hot Deal!! First time on the market in over 40 years. This legal brick 2 flat sits on a 30x125 city lot. The property needs some TLC but plenty of potential; both apart...

    board logo
    • 5 Beds
    • 2 Baths
    • 11165410 MLS
    • CLOSED Status
    board logo
    5907 W Montrose Avenue Unit #2E, Chicago image
    5907 W Montrose Avenue Unit #2E, Chicago $280,000

    Spacious open floor plan condo in newer building (2007). This 2BD/2BA condo is filled with natural light and offers all the finest finishes including the following: hardw...

    board logo
    • 2 Beds
    • 2 Baths
    • 11090659 MLS
    • CLOSED Status
    board logo
    5 Villa Verde Drive Unit #108, Buffalo Grove image
    5 Villa Verde Drive Unit #108, Buffalo Grove $130,500

    Opportunity knocks! True one-bedroom condo freshly painted with new carpet throughout. Excellent condition, move-in ready. Large bedroom with plenty of closet space. Larg...

    board logo
    • 1 Beds
    • 1 Baths
    • 11747842 MLS
    • CLOSED Status
    board logo
    6829 N Hamilton Avenue Unit #2E, Chicago image
    6829 N Hamilton Avenue Unit #2E, Chicago $120,000

    Estate Sale - sold "as-is". Bright and airy 2 bedroom, 1 bathroom condo on treelined and quiet West Ridge block near Warren Park. Southern exposure, open and sunny livin...

    board logo
    • 2 Beds
    • 1 Baths
    • 11739819 MLS
    • CLOSED Status
    board logo



    The data relating to real estate for sale on this website comes in part from the Broker Reciprocity program of Midwest Real Estate Data LLC. Real Estate listings held by brokerage firms other than our company are marked with the MRED Broker Reciprocity logo or the Broker Reciprocity thumbnail logo (the MRED logo) and detailed information about them includes the names of the listing brokers. Some properties which appear for sale on this website may subsequently have sold and may no longer be available. The accuracy of all information, regardless of source, including but not limited to square footages and lot sizes, is deemed reliable but not guaranteed and should be personally verified through personal inspection by and/or with the appropriate professionals. The information being provided is for consumers personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing.

    Copyright 2023 MRED LLC. All rights reserved.

    Based on information submitted to the MRED as of . All data is obtained from various sources and has not been, and will not be, verified by broker or MRED. MRED supplied Open House information is subject to change without notice. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.

    NOTICE: Many homes contain recording devices, and buyers should be aware they may be recorded during a showing.

    The Digital Millennium Copyright Act of 1998, 17 U.S.C. § 512 (the DMCA) provides recourse for copyright owners who believe that material appearing on the Internet infringes their rights under U.S. copyright law. If you believe in good faith that any content or material made available in connection with our website or services infringes your copyright, you (or your agent) may send us a notice requesting that the content or material be removed, or access to it blocked. Notices must be sent in writing by email to DMCAnotice@theMLSGRID.com.

    The DMCA requires that your notice of alleged copyright infringement include the following information: (1) description of the copyrighted work that is the subject of claimed infringement; (2) description of the alleged infringing content and information sufficient to permit us to locate the content; (3) contact information for you, including your address, telephone number and email address; (4) a statement by you that you have a good faith belief that the content in the manner complained of is not authorized by the copyright owner, or its agent, or by the operation of any law; (5) a statement by you, signed under penalty of perjury, that the information in the notification is accurate and that you have the authority to enforce the copyrights that are claimed to be infringed; and (6) a physical or electronic signature of the copyright owner or a person authorized to act on the copyright owner’s behalf. Failure to include all of the above information may result in the delay of the processing of your complaint.

    Like or Share
    Loading likes...

    Address Search

    Custom Market Reports

      Sold Listings
      Average Price
      Pending Listings
      Market Time

    Chicago's Popular Neighborhoods

    • Andersonville
    • Bucktown
    • Gold Coast
    • Irving Park
    • Jefferson Park
    • Lakeview
    • Lincoln Park
    • Lincoln Square
    • Logan Square
    • New East Side
    • Old Town
    • Pilsen
    • Portage Park
    • Ravenswood
    • River North
    • Streeterville
    • South Loop
    • University Village
    • West Loop
    • Wicker Park

    Luxury Real Estate

    • Luxury Homes
    • Luxury Condos

    Multi-Family 2-4 Units

    • Avondale
    • Humboldt Park
    • Irving Park
    • Jefferson Park
    • Lincoln Park
    • Lakeview
    • Logan Square
    • Portage Park
    • West Town
    • Wicker Park

    Pet Friendly Condo Buildings

    Interactive Map Search

    Interactive Map Search image

    Buying & Selling Made Easy

      Data is Updated Every 5-Minutes
      Active Listings
      Customizable Search Options
      Sold Listings
      New Listing Alerts
      Instant Home Value Assessments
      Pet-Friendly Condo Buildings

     

    Recent Blog Posts

    • Portage Park Multi-Family Real Estate: Complete Guide
    • Urban Townhome Lifestyle - Streeterville, Chicago
    • Home Sellers in Chicago - Success Story. Get Your Home Sold!
    • One Bennett Park: New Luxury Condos in Streeterville

    Frequently Asked Questions (FAQ's)

    • Selling a Multifamily Property
    • Selling a Condo in Chicago
    • Selling a Single Family Home
    • Buying a Multifamily Property (2-4 units)
    • Buying a Single Family Home
    • What's My Home Worth?

    Hot Property 🔥- Lincoln Park 3 Flat ⬇️ 

    lincoln park 3 flat for sale

    Free Online Valuation Tool

    Connect with Us

    Youtube ChannelFacebook Business Page

  • Home
  • Advanced Search
  • Selling
  • Buying
  • Multi-Family Buildings
  • Blog
  • Site Menu
  • Contact Us
  • Market Reports
  • coldwell banker - chicago real estate source logo

    Chicago Real Estate Source - Coldwell Banker Realty
    Jose Hernandez
    1910 N Clybourn Ave 
    Chicago, IL 60614

    Office: (312) 788-7079
    Email: chicagoagent312@gmail.com

    Realtor & Equal Housing Logo

    © All Rights Reserved | Privacy Policy

     

    Advanced Searches

  • Relocation & Downsize
  • Pet Friendly Condos
  • Search SOLD Homes
  • Avoid Foreclosure
  • Multifamily 2-4 Flats
  • Zip Code Search
  • Commercial Apartment Buildings
  • Spanish Speaking Realtor
  • SOLD Multifamily Homes
  • Sitemap
  • Now Hiring
  • Online Home Valuation
  • Local Market Reports
  • Search All 2 Flats
  • Search All 3 Flats
  • Search All 4 Flats
  • Luxury Homes
  • Luxury Condos
  • IDX Real Estate Websites by
    • Accessibility • Terms • Privacy