2-4 UNIT & MULTI FAMILY PROPERTIES
Oak Park and Forest Park traditionally have been among the most popular areas in the near west suburbs with renters for many of the same reasons homeowners love the area – great location & transportation resources.
For the past 10 years, this sector of the real estate market emerged on every investor’s MUST HAVE list. Why? The simple answer is that people need to have a roof over their heads. Economists say the number of individuals not interested in homeownership or those lacking of down payment continues to put rental housing in the spotlight. Although many deals we’ve brokered in the past 3 years have been cash, lenders are involved in about 70% of the sales. For the typical 5-6 unit property, buyers must be prepared for 25-35% down payments and interest rates slightly higher than single family rates. For 1-4 unit properties, including 2flats, owner occupied properties will have lower interest rates similar to single family homes.
We invite you to sit down and start a discussion about how 2-4 unit or multi-family apartment buildings will be a part of your investment portfolio. Interested in single family homes? 2-flats, 3-flats, 4-6 units and up…let’s us assess the opportunities available in the market today.
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- For Sale: 1301 Elgin Ave, Forest Park. 6-unit. $899,000.
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- 22 Monroe River Forest 2 Flat. Sold: $491,000.
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- 206 N Marion Oak Park. Greystone 2 flat. Sold: $505,000.
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- 242 Mayfield Chicago brick 4 unit. Sold: $340,000..
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- 1031 N Harlem Oak Park brick 6 unit. Sold: $795000
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- 323 N Humphrey Oak Park brick 2 flat. Sold: $525000
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- 1038 S Oak Park Oak Park brick 2 flat. Sold: $358000
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- 1816 S Oak Park Ave brick 3 flat. Sold: $285000
GULLO & ASSOCIATES MANAGEMENT
Starting in 1984 as leasing director with firms in Oak Park and since 1996 as Gullo & Associates, area property owners count on our experience as top-flight tenant managers as an integral part of successful property management. We offer a full menu of management & tenant recruitment services – for smaller properties and larger multi-unit apartment complexes – at reasonable costs.
The best investment you need to make after any investment purchase is finding good tenants… ask us for our references.
