“Rehab Opportunity” For This Courtyard 2-Bedroom at 2315 N. Commonwealth in Lincoln Park

Jun 22 • Lincoln Park • 145 Views • 21 Comments

This 2-bedroom plus den at 2315 N. Commonwealth in Lincoln Park just came on the market.

2315-n-commonwealth.jpg

Located in a 1915 vintage courtyard building just steps from Lincoln Park, the top floor unit has hardwood floors, a beamed ceiling in the living room and a decorative fireplace.

The listing calls it a “rehab opportunity” and says to “bring your contractor and your imagination.”

The kitchen looks to be from the 1950s and there is no central air or parking (which is rental down the street.)

However, an in-unit washer/dryer can be installed in the unit.

In case you’re wondering how the unit COULD look if it was rehabbed, Unit #2N, just below it, recently sold.

It was fully renovated with a cherry, granite and stainless kitchen and new bath.  See pictures of that unit here.

It just sold for $267,000 (without the washer/dryer being installed.)

With this unit being listed at just $189,000, is this a deal even if you have to rehab it?

Michael Ritchie at @Properties has the listing. See the pictures here.

Unit #3N: 2 bedrooms, 1 bath, den, no square footage listed

  • Sold in June 1987 (price couldn’t be determined)
  • Currently listed for $189,000
  • Assessments of $400 a month (includes heat)
  • Taxes of $2531 (looks like it included the senior exemption)
  • No central air (window units only)
  • No in-unit laundry (but it’s permitted)
  • No parking
  • Bedroom #1: 12×14
  • Bedroom #2: 10×12
  • Living room: 12×21
  • Kitchen: 8×9
  • Den: 8×10

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21 Responses to “Rehab Opportunity” For This Courtyard 2-Bedroom at 2315 N. Commonwealth in Lincoln Park

  1. Icarus says:

    “With this unit being listed at just $189,000, is this a deal even if you have to rehab it?”

    No because it’s a well established CC-fact that buyers want everything finished with all the latest and greatest because:

    1) they have no imagination
    2) they have no money
    3) they have never worked a hammer in their lives
    4) all of the above

  2. Dan #2 says:

    I haven’t looked at the place yet, but this seems like a terrific price for the location (and it’s a top-floor unit, I believe, which is good). Seems like if you can put $50,000 into rehabbing it, you’d have a really nice place for a price of less than $250,000 in the heart of LP.

  3. Kevin says:

    I lived in this building for 8 years. I sold my 1 bed/1 bath in 2002 for $230K. My how times have changed.

    Anywhoo, great building that was well managed, awesome location and a pretty stable group of unit owners. Rental parking half a block away and easy access to Michigan Ave via #151 Express.

  4. anonny says:

    I second Dan #2′s comments. Looks look all it needs is the kitchen and bath, and $40-50k should do a perfectly fine job (beyond that, there’s a risk of having too-nice a kitchen for the price range). Love those beams.

    The downsides: (1) I’d bet the w/d hook-up (if any, yet) are in the kitchen (not in a kitchen closet, but in the kitchen; if it’s in the butler’s pantry, that might work), as are many in these older units on Commonwealth; (2) the lack of a powder room/half bath really keeps a place in “apartment territory”; (3) there’s no parking; and (4) the assessment is already fairly high for a one-bed with no ammenities, not even an elevator (though it does include heat), and will only increase.

    That said, if it can be closed around $160-170kish, and someone can later scrape together the funds to do the kitchen and bath, they’ll have a pretty nice place for $200kish. And for many prospective buyers of a vintage one-bed near the park, the downsides aren’t deal killers (though being a third floor walk up might preclude many in-towners/empty nesters).

  5. Dan #2 says:

    If this were 15 years ago and my wife and I were looking for a first condo, this would be high on the list. The parking half a block away is a minor inconvenience.

    We ended up buying in a 1960′s high rise near here (paid $205,000 for a 2-bedroom in 1997), and we got rental parking in the building, plus AC and a good view, but something like this might have been better, because we both love vintage.

  6. benjamon9 says:

    This place definitely looks like all that is needed is the kitchen and bath redone. For that amount of work, this price seems decent. While I love the beams and the floors, I’d still want another 1/2 bath to make this really an interesting place.

    Anonny, this is also a 2 bedroom not 1 bedroom. Actually, 2 decent sized ones too…often in vintage a second bedroom can be 8×10 rather than 10×12. :)

  7. Sad_at_Plaza440 says:

    “No because it’s a well established CC-fact that buyers want everything finished with all the latest and greatest because:

    1) they have no imagination
    2) they have no money
    3) they have never worked a hammer in their lives
    4) all of the above”

    What’s a hammer?

  8. miumiu says:

    anonny it is a 2BR not a one BR and there is even a den. Assessment includes heating which makes it pretty reasonable especially for a vintage. To me sounds like an ok price and I prefer it to the renovated one as one can update this one according to one’s own taste.

  9. anonny says:

    Edit: two bed. Nothing else in my comment changes.

  10. gringozecarioca says:

    “What’s a hammer?”

    What your wife IM’s me to come over and do right after you go to work?

  11. EB says:

    This will be under contract soon. That said, I just moved from a 3rd floor walk up no elevator building and I don’t miss it all. Someone will still buy it though. It usually isn’t a big deal unless you have to make several trips at once to load up your car with laundry or what have you. Then it sucks.

  12. miumiu says:

    BTW, W/D seems to be in the bathroom at least this is what the photo shows so I don’t think it is in the kitchen.

  13. miumiu says:

    EB there is a W/D in unit why do you need to load your car with laundry?

  14. anon (tfo) says:

    “EB there is a W/D in unit why do you need to load your car with laundry?”

    To take it to Downers Grove (or wherever) and have mom do it, of course.

  15. JP$ says:

    I think its a deal… However, we’ve been talking about a buyer with at least a $40K downpayment (and closing costs), plus another $20K to do some renovation. That would be the same buyer that “could” buy a no-hassle joint for $300K, which also “could” have a half bath, and potentially a parking spot. Thus, I think the likely buyer is a first timer who is not planning on doing a large reno, or an investor looking to rent it out.

  16. EB says:

    In my personal experience on the third floor I had to go to the laundromat until I found out the building across the street didn’t lock their doors and had a laundry room, plus grocery shopping could be tiring when I bought beer, pop or water. I’m sure whoever renovates this place will put in a w/d, it would be stupid not too.

  17. danny (lower case D) says:

    Rehab opportunity? Not really sure, but it would make a great crash pad for a cold-turkey withdrawal.

  18. RE_novice says:

    This is interesting from a purely rental parity question. $800 P+I, $400 assessments (includes heat), $200 taxes = $1400/mo. This would rent for, what, $1100-$1300?

    Unfortunately, the lack of parking, central A/C, W/D installed, and outdoor space makes it pretty unappealing to buy. I know, there is rental parking nearby, space pak maybe could be installed, the W/D could be installed… Maybe one or two of these could be manageable, but there’s just not a lot of incentive to jump in when you’d also have to renovate a bath and kitchen.

  19. These are not beautiful apartments even renovated and updated, and as others have noted, there is no parking in a neighborhood very tight on space, no washer/dryer hookup can be installed, and there’s no central A/C.

    The price is OK, but it’s not a wonderful bargain.

  20. Kevin says:

    Laura, the apartment I renovated in this building was beautiful. So there you have it.

  21. Dave says:

    Does anyone know if the building allows SpacePak installation?

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