A Long-Vacant Chicago Lot Is Getting a New Three-Flat. Could This Housing Type Appeal to Buyers?
EAST GARFIELD PARK, CHICAGO—A long-vacant lot on Chicago's West Side is getting a new purpose, with plans for a three-unit residential building that could add more housing to East Garfield Park.
A new construction permit was issued October 30, 2026, for 2713 W. Adams Street, allowing a three-story building with three residences and onsite parking.
The project is relatively small compared with Chicago's major apartment developments, but it highlights a familiar housing type that continues to attract attention: the Chicago three-flat.
For buyers exploring alternatives to condos and detached single-family homes, three-flats can offer an opportunity to combine homeownership with rental income. However, the future ownership and rental arrangements for this particular property have not been announced.
What's Planned for 2713 W. Adams Street?
The newly permitted development will replace a vacant residential lot with a three-story building containing three dwelling units.
According to the approved permit details, the project includes:
Three residential units across three stories.
Front stairs providing access to the building.
A two-story rear porch connected by stairs.
Three surface parking spaces at the rear of the property.
Alley access for parking and rear entry.
The permit identifies Franklin Abel as the property owner, Peter Sterniuk as the architect of record and Keos Realty LLC as the general contractor.
The reported construction cost is approximately $450,000, although this is a permit valuation and should not be interpreted as the building's future selling price.
While construction has been authorized, a confirmed construction start date, completion timeline and final residential layouts have not been announced.
It also remains unclear whether the completed property will be rented out, sold as a three-unit investment property or offered through another ownership arrangement.
Why Chicago Three-Flats Can Appeal to Homebuyers
Three-flats have long been part of Chicago's residential housing landscape, particularly in neighborhoods with a mix of single-family and multifamily properties.
Unlike a traditional detached home, a three-flat contains three separate residential units within one building.
For some buyers, the appeal is the possibility of living in one unit while renting out the other two.
This arrangement, sometimes called house hacking, can provide rental income that helps offset ownership expenses.
For example, an owner-occupant might live on one floor while renting the remaining apartments to tenants.
Potential advantages include:
Rental income: Income from other units may help offset mortgage payments and operating costs.
Flexible living arrangements: Separate units can provide additional space for extended family, subject to applicable occupancy and rental rules.
Long-term ownership options: Owners may eventually choose to rent all three units, subject to financing requirements and local regulations.
However, buying a three-flat also means taking on responsibilities that a condo owner or traditional single-family homeowner may not encounter.
These can include tenant management, building repairs, rental vacancies, insurance and maintenance of shared systems.
Rental income is not guaranteed, and buyers should evaluate the property's full operating costs before assuming that rent will cover their mortgage.
How Does This Fit Into East Garfield Park's Housing Development?
The Adams Street project is one of several smaller residential developments moving through Chicago's construction process in East Garfield Park.
The neighborhood has seen additional permits for three-flats and other small multifamily buildings on previously vacant lots.
This activity also reflects a broader interest in what planners call missing middle housing, which includes duplexes, three-flats, four-flats and other smaller residential buildings.
Chicago's Missing Middle Infill Housing Initiative is supporting construction on vacant city-owned lots in several neighborhoods, including East Garfield Park.
As of August 2026, the city reported advancing more than 360 residential units across 136 buildings through the initiative.
The 2713 W. Adams Street project has not been identified as part of that program, but it illustrates a similar approach: adding several homes to an existing residential block without constructing a large apartment tower.
The location also offers access to CTA bus routes along Jackson Street and California Avenue, with the Blue Line's California and Western stations approximately half a mile away.
For neighborhood residents, replacing an empty lot with occupied housing could bring additional households to the block.
For buyers, the development is another reminder that Chicago's housing options extend beyond high-rise condos and traditional detached homes.
Explore Chicago's Two-Flats and Three-Flats With Local Guidance
Interested in buying a property that offers both a place to live and potential rental income?
Chicago's two-flats, three-flats and other small multifamily buildings can provide different ownership opportunities, but financing, operating costs and property condition require careful consideration.
The Cory Tanzer Group at Option Premier helps buyers, sellers and investors explore real estate opportunities across Chicago and the surrounding suburbs.
Considering an owner-occupied multifamily property? Connect with our team to compare available buildings, understand local market conditions and evaluate properties that fit your goals.
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