With an average cap rate of approximately 5%, multi family properties are one of the most lucrative, low-risk commercial investments available. The challenge for most buyers and other industry professionals, however, is discovering the right opportunities before the competition.

From off-market platforms to Chicago-based brokerages, in this post, we’ll walk you through the best resources for finding multi family homes for sale in Chicago.

How to Find Multi Family Homes for Sale in Chicago

Even though vacancy rates and rental growth were negatively impacted by the global coronavirus health crisis, the Chicago multi family market is expected to remain relatively stable as compared to some of the other large metros across the country.

Nevertheless, these unfavorable market conditions are likely to cause an increase in the inventory of multi family properties offered for sale, making the timing perfect for investors thinking about adding multi family housing to their portfolios.

Before they can do that, however, they need to know where to look for these opportunities.

Commercial and Residential Real Estate Listings Websites

While we will only highlight a handful of real estate listings platforms in this section, it is worth noting that there is a multitude of websites that feature multi family properties for sale.

Some are third party platforms that include listings for sale from any broker or owner in the area. Others are brokerage websites that only list the properties represented by the particular company or agent.

If this is your first multi family investment in the Chicago area, a good realtor can guide you on choosing the best neighborhoods and most profitable deals. Experienced investors should be able to spot the right opportunities on their own, using services such as the first one in the list below.

LoopNet

No matter the market you might be looking for multi family homes in, LoopNet should have a sizable pool of listings to get you started with. As one of the biggest platforms for commercial real estate for sale, LoopNet and its sister sites market around 1.1 million properties.

The platform has a powerful search tool with a number of filters to choose from. If you are looking for a very particular type of multi family assets for example, you can use sub-categories as Garden, Low-Rise, Mid-Rise, High-Rise, Dormitory, and Manufactured Housing in your query.

Additionally, users can narrow down their results by building size, lot size, number of units, year built, and much more.

LoopNet Multi family homes for sale Chicago

Zillow

While Zillow is mostly used by renters and those looking to buy single-family homes and apartments, it can also be a great resource for individuals interested in multi family homes for sale in Chicago.

The platform includes a special filter for multi family housing, as well as options to search for townhomes, apartments, condos, manufactured homes, and more.

Zillow Multi family homes for sale Chicago

CREXi

With thousands of multi-unit apartment buildings for sale, CREXi is another great platform to use in your search for real estate investments.

In addition to traditional multi family properties, you can filter your search for senior/assisted living, student housing, and mobile home parks. Other filters that multi family investors may find useful include cap rate range, number of units, occupancy rate, and tenancy type.

CREXi Multi Family homes for sale in Chicago

X Plus

X Plus is a Chicago-based brokerage that specializes in multi family real estate with particular expertise in buildings with 2 to 12 units. The X Plus Team, led by Weston Harding, has facilitated over $100,000,000 in area property sales.

The Team caters predominantly to investors and can help find suitable properties in every Chicago neighborhood, from Albany Park to West Town.

You can browse available multi family listings on their website, or use the search tool and filters if you already know the exact type of building you are after.

X Plus Multi family homes for sale Chicago

URB Chicago

URB Chicago serves both home buyers and real estate investors looking for properties in south and west Chicago. The brokerage specializes in multi unit and apartment buildings, however it also offers single family homes, vacant lots, and other real estate.

In addition to fair market price homes, URB Chicago works with foreclosures, short sales, distressed and rehab properties, which can be especially attractive opportunities for multi family investors. You can browse the currently available inventory on their website.

URB Chicago Multi family homes for sale Chicago

Monarch Realty Partners

Monarch Realty Partners is another Chicago-based brokerage focused on the multi family investment market. Founded by a group of investment sales brokers, the company has sold more than 10,000 units to date.

You can use their website to review the properties currently offered for sale, as well as browse through their entire inventory of over 300 completed transactions.

See our full guide to CRE listings platforms here.

Multi Family for Sale by Owner Listings

For sale by owner (FSBO) listings can save you time and money, as there are no third parties involved and you get to deal directly with the property owner. Check out a couple of the best FSBO platforms you can utilize in your search for multi family homes in Chicago.

FSBO.com

FSBO.com is one of the leading platforms for finding for sale by owner multi family real estate in Chicago. The platform lets you search for properties within a certain distance from your desired location, by number of bedrooms and baths, and desired price range.

Listings include information on building amenities, photo galleries, and other property details.

FSBO.com Multi family homes for sale Chicago

ForSaleByOwner.com

ForSaleByOwner.com is another excellent FSBO site, offering residential properties in Chicago. In addition to multi family buildings, the website features condos, townhomes, single family homes, and land parcels.

Similarly to other search platforms, you can look for properties based on criteria such as price range, number of beds and baths, home and lot size, year built, etc.

Search Multi Family Homes Off Market With Reonomy

Another approach for investors would be to take their search off market, which would allow them to access a much greater supply of multi family homes across the country, avoid broker fees, and interact directly with property owners.

Finding the ideal multi family property off market can help you save a fair bit of money while minimizing the number of people involved in a transaction.

An even better opportunity for brokers, off-market search can help you get ahead of the competition by establishing relationships with owners before they ever decide to list their properties.

To get started with off-market search, you can utilize the Reonomy platform. We will review the search process with Reonomy in the next section.

Chicago Multi Family Homes Search Examples

Below, we’ll run through a few real life examples of how to use the aforementioned listings platforms to find multi family homes for sale in Chicago.

To start your search for multi family investments in Cook County, head to Zillow’s homepage and enter “Cook County, IL” into the location search bar. You can also search by address, neighborhood, city, and ZIP code.

Zillow Multi Family Homes for Sale Chicago

This will bring up the entire inventory of properties for sale in Chicago. In order to only see duplexes, triplexes, and other multi family buildings, you need to select “Multi-family” from the Home type dropdown menu at the top of the results page.

You can continue applying filters to fine-tune your search. Options include price range, number of beds and baths, parking spots, amenities, desired views, and more.

Once you have a list of results you are happy with, you can arrange it by price, square footage, date, etc.

Zillow Multi family homes for sale Chicago

The map to the left of the search results offers aerial and street views. You can also draw on it if you would like to focus your search in a particular area.

Additionally, you can use the map to highlight area schools and search for properties only in areas with high-rated schools. Purchasing multi family property in the catchment area of a good school immediately enhances the value of your investment.

Zillow multi family homes for sale chicago

Begin your search by entering your desired location in the Realtor.com’s homepage search bar. Next, refine your search to bring up multi family homes by selecting the option from the Property Type dropdown menu.

Realtor.com Multi family homes for sale Chicago

Next, you can use one or more of the available filters to narrow down your search based on price, number of bedrooms and bathrooms, listing status, days on the platform, search radius in miles, home size, lot size, and home age. You can also use keywords, such as “newly remodeled.”

Realtor.com Multi family homes for sale Chicago

In addition to browsing your results list, you can also see the available properties in a map view. Realtor.com’s map lets you add layers for schools, crime and noise rates, grocery stores and coffee shops, and public transit in order to see how these factors and amenities may affect your investment.

Reonomy allows you to go off market to find owners that are very likely to listen to a fair purchase offer.

The platform offers a ton of flexibility of how to approach your search for multi family homes in Chicago.

You can begin by adding location and asset type filters for:

  • City = Chicago
  • MSA = Chicago-Naperville-Elgin, IL-IN-WI
  • County = Cook County
  • Or by any zip code, neighborhood, or street name within Chicago
  • Asset Type = Multi family (or any of its sub-types)

Reonomy Multi family homes for sale Chicago

You can continue filtering your search by the size of the building and lot, year built, sales history, debt history, business tenants, who the owner is, and much more. You can even see multi family assets only within Opportunity Zones.

With Reonomy, you will be able to find every type of multi family property, whether you are looking for a small duplex, an apartment building with hundreds of units, a mobile home park, dorms, senior living, or anything else.

Let’s say you’re looking for a 4-6 unit home in zip code 60607. You can apply the appropriate filters for location and asset type. You can then choose to see only properties that have not been sold in the last 10 years in order to identify owners that may be more willing to sell.

Reonomy Multi family homes for sale Chicago

To kickstart your search for multi family homes for sale in Illinois with LoopNet, select “Multifamily” or “Residential Income” from the drop down list and enter “Chicago, IL” in the “Enter a location” search bar.

LoopNet Multi family homes for sale Chicago

Once you land on the results page, you will be able to use a number of additional filters to narrow down your search. You can find these options by clicking on the More Filters button.

For example, you can refine your location based on a zip code or intersection. You can then limit your property selection based on a price range, building size, lot size, number of units, property status (such as auctions, distressed, or net leased), cap rate, property listing age, or year built.

LoopNet Multi family homes for sale Chicago

LoopNet provides extensive details on their listings, including:

  • Property facts
  • Investment highlights
  • Neighborhood amenities
  • Financial summary
  • Property tax history
  • Demographic data
  • Floor plans
  • Property images

All this information can be used to help you calculate the estimated returns on investing in the property.

To find a 10-unit, multi family home for sale in Chicago, start by selecting “Multifamily” from the dropdown menu. Then, enter “10 unit, Chicago” in the search bar and click the Search button.

CREXi will pull up all the properties that match your search criteria.

CREXi Multi family homes for sale in Chicago

Next, head to the “All Filters” button, and add any other filters to match your search requirements. For example, you can specify price, lease type, cap rate, NOI, square footage, acreage, listing age, listing status, and more.

Crexi Multi family homes for sale Chicago

Finding Promising Multi Family Real Estate Investments in Chicago

From local realtors specializing in Chicago multi family housing to off-market search with Reonomy, there is a wide range of resources out there to help you find every style of multi family property. With this information in hand, you should be able to easily discover your next multi family investment in Chicago, whether you’re looking for sky-high apartments or simple duplexes.

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