Multi family properties are one of the most lucrative, low-risk commercial investments available – with average cap rates of approximately 5%.
From searching off-market to Chicago-native realtors, in this post, we walk you through the best platforms for finding high-income multi family homes for sale in Chicago.
How to Find Multi Family Homes for Sale in Chicago
Chicago’s multi family market is booming. With elevated economic growth, and more jobs being created in the manufacturing, health, and education sectors – demand for rental property is growing year by year.
With rent growth now sitting at 2.5%, the highest it’s been since 2016, there’s no better time to look at adding multi family properties to your investment portfolio.
But where can you find the best multi family investments in Chicago? Read on for a breakdown of the best online platforms for finding lucrative multi family homes for sale in Chicago.
Commercial and Residential Real Estate Listings Websites
You can also use local relator to help you find the right commercial and residential real estate listings for your needs.
If this is your first multi family investment in the Chicago area, a good realtor can guide you on the best neighborhoods to invest in and help you find profitable multi family units.
No matter where you might be looking for multi family homes for sale in the country, LoopNet is going to have a sizable pool of options for you to sort through.
As one of the biggest listings platforms for commercial buildings, with over 500,000 properties to search from, LoopNet is an ideal place to expand your search for income-generating apartment buildings. LoopNet currently have over 500 apartment buildings for sale on their website.
LoopNet’s multi family search options include sub-filters for Garden, Low-Rise, Mid-Rise, High-Rise, Dormitory, and Manufactured Housing.
Users can narrow down a multi family search further by building size, lot size, number of units, year built, and much more.
When it comes to searching for multi family investment properties to buy or sell, Zillow is always going to be a major go-to for investors and brokers, as well.
The site lets you search for townhouses, manufactured homes, and lots/land. While Zillow is mostly used for renters and those looking to buy single-family homes or apartments, it is still a great resource to find multi family homes in Chicago.
With thousands of multi-unit apartment buildings for sale, CREXi is one of the best platforms to use to find multi family investments.
The site covers the entire U.S., with more than 4,000 current listings for multi family, senior-living, and mobile home park properties.
X Plus specialize in multi family real estate in Chicago, with particular expertise in 2-12 unit properties across Chicago. The X Plus Real Estate Team, owned by Weston Harding, sits among the top 1% of Chicago – as of 2016.
The team predominantly focus on the west and northwest sides of Chicago, and can help you find suitable properties in every neighborhood, from Albany Park to West Town.
You can browse available multi family properties, and unearth property details – including lot size and estimated average monthly rent, on their website.
URB Chicago is another great place to go to find multi family properties in Chicago. Specializing in local multi family property, with over three decades of experience behind them, URB Chicago promises multi family investments with strict investment qualifications, good prices, and clean titles.
From 3-unit buildings to apartment blocks, Chicago URB offers several different Chicago multi family homes for sale. They are also dedicated to providing a high-number of distressed and foreclosed apartment buildings for sale in Chicago, to help you cut your costs on your initial investment.
Monarch Realty Partners
Monarch Realty Partners is a Chicago-based multi family brokerage. Originally started by three experienced investment sales brokers, Monarch Realty Partners was set up to, “Provide investors the most trusted brokerage platform to buy and sell Chicago multi family investment properties.”
Monarch Realty Partners are seasoned team of multi family investment specialists, with over 325 transactions and 10,000 units sold by their team across Chicago.
You can find their multi family listings on their website – and search from multi family properties according to space, building size, and year built.
Multi Family For Sale By Owner Listings
For sale by owner (FSBO) listings can save you time and money, as you skip the broker fees and deal directly with the property’s owner. Check out some of the best FSBO platforms to utilize in your search for multi family homes in Chicago.
FSBO.com is one of the leading platforms for finding FSBO, multi family property in Chicago. You can refine your search to focus on properties with a set number of bedrooms, within a certain number of miles, or limited to a particular price.
Property listings include detailed information on property amenities (such as air con, laundry room, ceiling height, and garden features), images, and detail property descriptions – from the year of build to the local school districts.
ForSaleByOwner.com is another excellent FSBO site, offering residential properties in Chicago. Started in 1999, ForSaleByOwner.com is currently the largest FSBO real estate website in America.
ForSaleByOwner.com currently lists thousands of FSBO properties in Chicago on their website. With a number of search filters, from price range to number of units, to help you refine your search, the site can help you find several properties to meet your search criteria.
Search Multi Family Homes Off-Market with Reonomy
By taking your search off-market, you can 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 amount of people involved in a transaction.
Or better yet, for brokers, searching off-market can help get you well ahead of the curve, and help you establish relationships with owners before they officially decide to list.
You can utilize the Reonomy platform to search off-market to find properties and owners likely to sell, and reach out to them directly.
See how to search with Reonomy below.
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. Examples include Zillow, Realtor.com, Reonomy, and LoopNet.
Cook County Search with Zillow
Zillow is one of the most popular residential real estate platforms in the U.S., offering thousands of multi family homes for sale across Chicago.
To find multi family investments in Cook County, head to Zillow’s homepage and enter “Cook County, IL” into the location search bar, which sits at the top of the page.
This will bring up a number of multi family investments, notably duplexes and triplexes. You can arrange the properties based on the year of build, number of bedrooms and bathrooms, square footage, lot size, and the estimated price.
Zillow’s map offers automatic, aerial, and street views. You can draw on the map to highlight and search in granular locations.
Purchasing multi family property in a catchment area for the best County Cook schools immediately enhances the value of your investment.
You can also use the map to highlight schools: from elementary to high school, and public to private school. You can also use the school map to search for high-rated schools in the area.
Multi Family Homes Search with Realtor.com
Begin your search by entering your desired location on the Realtor.com’s homepage search bar. Next, refine your search to bring up multi family homes. Realtor.com currently has over 2,700 multi family homes for sale in Chicago listed.
From $150k to $1M, you can refine your search based on the price of a property.
You can also narrow down your filters to search from buildings based on number of bedrooms and bathrooms, listing status, days on the platform, search radius in miles, home size, lot size, and home age. In addition, you can also add in a keyword, such as ‘newly remodeled.’
You can also view available properties in satellite map view. Realtor.com’s map view also includes detailed information on price, local schools, crime, demographic features (including local pharmacies, gas stations, and coffee shops), and transit.
MSA, Zip Code Search with Reonomy
Reonomy offers a ton of flexibility when it comes to diving into your search for multi family homes for sale in Chicago. With Reonomy, you can go off-market to find owners that are very likely to listen to a fair offer.
You can begin your search by adding location 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 a sub-type of multi family)
You can further filter those properties by the size of the building and lot, year built, sales history, debt history, business tenants, who the owner is, and much more.
See multi family assets only within Opportunity Zones. See multi family properties, from as small as a duplex, all the way up to apartment buildings with hundreds of units, to mobile home parks, dorms, senior living, and more.
Let’s say you’re looking for a 4-6 unit home in a certain area of the city. You can search Reonomy for multi family assets with 4-6 units, in zip code 60607, that have not been sold in the last 10 years (signifying a high chance the owner will be willing to sell).
Chicago Apartment Building Search with LoopNet
To kickstart your search for multi family homes for sale in Illinois, head over to LoopNet’s homepage and enter “residential income” or “multifamily” in the drop down list on the search bar and enter “Chicago, IL,” into your search box.
One of the best things about LoopNet is that it offers several different search features to choose from. You can find these features by clicking the Filters button.
Refine your location search based on your zip code or intersection.
You can then limit your property selection based on price range, building size, lot size, number units, rooms, or bedrooms, listing ID, property status (such as auctions, distressed, or net leased), cap rate, property listing age, or year of build.
LoopNet provides extensive details on their property listings, including:
- Property information (such as building size, sale conditions, and zoning)
- Neighborhood amenities (airport, transit, and commuter rail information)
- Demographic information
- Total consumer spending
- Total businesses
- Household income averages
- Population Size
- Trade area date
- Floor plans
- Property Images
All of which, can be used to help you calculate the estimated returns you’ll get from adding the property to your portfolio.
10-Unit Multi Family Search with CREXi
To find a 10-unit, multi family home for sale in Chicago enter “Chicago” in the search bar.
From the drop-down menu, to the left of the search bar, select “multifamily.” CREXi will pull up all the properties that match your search criteria.
Next, head to the “Advanced Filters” button, and in the dropdown, add your minimum and maximum number of units.
You’ll also find several property filters to help you narrow down your search further, including price, lease type, cap rate, NOI, square foot, acreage, listing age, lease type, listing status, and more.
Finding Promising Multi Family Real Estate Investments in Chicago
From sky-high apartments to duplexes, there are a wide range of resources out there to help you find every style of multi family property across Chicago.
From homegrown Chicago realtors, specializing in Chicago multi family homes for sale, to off-market search: the above avenues are the best way to find a great multi family investment in Chicago.