This one is not client work; it is a building I bought on my own account, and I include it because sellers and buyers both ask what renovation actually does to value in these neighborhoods.
I bought 4636–38 N. Hamilton in Lincoln Square in September 2024 for $1,225,000, against a $1,249,999 list. Through 2025 it was taken down to the structure and rebuilt to condominium-quality finishes: six apartments, new kitchens and baths, new systems.
In April 2026 an independent appraisal for the refinancing lender put the market value at $2,700,000, giving equal weight to the sales comparison ($2,680,000) and the income approach ($2,750,000). The before-and-after photographs are on the project page.
What it shows
When I underwrite a building for a client, the renovation budget and the finished rents are not theory. I have paid the contractors and leased the units, which is why my opinion of value on a tired building usually comes with a plan for it.
Purchase from the MLS closing record (09/04/2024). Appraised value from the Integra Realty Resources appraisal dated 04/21/2026. No loan terms or lender details are published.