Not an exhaustive list, to be sure, here are three new multi-family investment opportunities that Curbed staff might consider if we were in any position to. Some of you armchair investors might agree. All of our highlighted properties are new to market (unlikely slum-lord candidates. If you have bone-rattling prospects of your own, and care to share, leave em' with the tipline.
Listing: 2240 W Morse Ave. [Redfin]
Asking: $5.3M for 32 units; Average Annual Rental Income: $508,596; Net Operating Income: $37,464.
The listing claims this Rogers Park building's apartments as "condo quality". Twenty-nine of them are 2-beds, and the other three one-beds. Each unit has new stainless steel appliances, a fireplace, and a rear balcony. Interior courtyard for the masses.
Listing: 720 W Randolph St. #1301 [Redfin]
Asking: $2M for 14,000 sf of raw space over the top two floors
This Near West Side/Greektown offering is for the buyer who wants to lay things out to her liking. Existing conversion plans for the space call for 7 units, a mix of duplex and simplex. All would be 2-3 bedrooms, as condos or apartments. The building's pretty horrible to look at, but features livable stuff like high ceilings, balconies and window bays. The pricing was subject to shaky hands in the early going, with spastic fluctuations going from $2.149M up to $3M, then back down to $2M all in the same day. That was a couple weeks ago. No change since.
Listing: 163 W Schiller St. [Redfin]
Asking: $1.99M for 6 units + top-floor owner's residence; Average Annual Rental Income: $142,800; Net Operating Income: $11,229.
After a rippled brick/stucco building better suited for Miami Beach than Old Town? This oddity has been worked over a lot through the years. The facade is part bright white art-deco, part plain ol' mid-century housing block. But the interiors are really special: a mix of original wood walls, fireplaces, and tile work from the 40s, with drywall partitions and new light fixtures strewn about seemingly at random. The option is there to occupy the top floor 2-bed with a rooftop terrace. Could be fun to live in a fun house.
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