A Mixed use property is some flipper’s favorites.
Rehabbers interested in flipping houses for profit tend to be savvy when it comes to the Chicago mixed use investment properties they buy from URB.
And, with the number of mixed-use commercial and residential properties that have been built since the 1850s in Chicago’s southside and Chicago’s westside neighborhoods, there is a good chance you are in search of these great multi-use properties.
So, what exactly is a mixed use property?
Well, during Chicago’s industrial boom people migrated to Chicago’s south side and west side neighborhoods to take advantage of the steady growth of jobs in the railroad, stockyard, and manufacturing industries. This prompted Chicago residents to build mixed-use buildings to encompass both commercial property and residential property.
There are several reasons how and why this was done. Many mixed-use properties for sale by Chicago architects designed have stores and store-fronts downstairs where the business, store, or shop would have been run with residential space, often single-family house-style living above the building. This was done for convenience and security (protecting the store during off-hours). More entrepreneurial shop owners would create multi-unit mixed use properties which would include commercial real estate on the street level and multi-flat residential rental units above the store often with 2-flat and 3-flat apartments for rent.
Mixed-use property for sale today often serves the same use as it did in the early industrial period and Cook County, IL’s property rehabbers are jumping in flipping houses for profit and flipping these mixed-use properties for profit. Many of these distressed buildings in the southside and westside neighborhoods such as West Pullman, Roseland, Chatham, and Englewood are considered cheap houses, with an added bonus—they have the potential for multiple long-term passive income streams.
Many mixed-use properties for sale Chicago rehabbers are looking for have outdated electrical and plumbing that need to be brought up to Chicago code, or they require cosmetic or structural rehabbing. This is why they are such an affordable option with the potential for a big payout. In fact, mixed-use zoning and mixed-use planning are a common type of urban development which is why, today, during Chicago’s urban renewal boom rehabbers are jumping in on the upside of rehabbing mixed-use properties in Chicago’s re-emerging and fast-growing neighborhoods slated for urban renewal.
Cook County is putting money into Chicago’s southside neighborhoods and Chicago’s westside neighborhoods and now, better than ever before, is the perfect time to buy cheap mixed-use property for sale to potentially make big money.
