Looking for a 2-Flat Row House in Lincoln Park? 358 W. Wisconsin
This 2-flat vintage row house at 358 W. Wisconsin in East Lincoln Park has been on the market since July 2011.
It was recently reduced about $50,000.
The row house is on a corner 20×100 lot.
It has a 3-bedroom owners unit on the second and third floor with a first floor 1-bedroom rental.
There is a 2-car garage with a deck over the garage.
The owner’s unit has some of the features of its era including high ceilings and 3 fireplaces.
It also appears to have central air- but it looks like the 1-bedroom rental has only window units.
Given today’s competitive market where buyers want it to be move-in ready, what price will it take to move this property?
Linda Broznowski at @Properties has the listing (it is agent owned.) See the pictures here.
358 W. Wisconsin: 2-flat, 4 bedrooms, 2.5 baths, 2 car garage
- Sold in August 1994 for $312,000
- Sold in January 1997 for $380,000
- Originally listed in July 2011 for $950,000
- Reduced
- Currently listed at $899,900
- Taxes of $10,877
- No rental rates given for 1-bedroom rental
- Central air in the owners unit
- 3 fireplaces
- Bedroom #1: 16×15 (third floor)
- Bedroom #2: 13×11 (third floor)
- Bedroom #3: 9×7 (third floor)
- Bedroom #4: 12×15 (main level)
Parquet floors and astroturf make me angry.
haha whats wrong with the parquet? If maintained well, they can look nice (rarity, I know)
The astroturf does look really bad, don’t know why they would put that on a wood deck, get that crap out of there! And for gods sakes take some pictures on a SUNNY DAY! I know that might require some additional 10 minutes of effort, but man it looks terrible
God – I wish it were 1997!!!!!
Jenny thinks that pictures of bare breasts in the office are creepy.
For an agent owed property, it wasn’t taken care of very well.
I like the location and the corner lot. 900-950 if it were renovated into a single residence. It’s a narrow property.
Sell for 700k-750.
This listing speaks to the entitlement culture of the cartel.
Only a realtor would ask nearly $1 million for their own house, not de-clutter for the pictures, and not even update their dumpy fridge.
I’m not sure the realtor lives in the place.
Broker or not, that’s a poorly staged listing. For that matter, the listing itself is not very user friendly (technology wise).
That said, it’s now listed at $900k. Even in its current condition, that’s not crazy. If it can close down towards $800k, then you’re really in great deal territory. I’d buy it and keep the apartment rented out for a year or two, while saving up to do the conversion to SFH. Show me a true comp (to what this place could potentially be) for less than $1.2.
Rented to an artist?
It was probably around ’92, but the *whole* row was for sale for $1M ish. I toured this house then, and it looks exactly the same… zero updates. I wonder if this person bought the row and is now splitting it? If I only had a spare million back then.
anonny,
Done. Exponentially better in nearly every way for $1.1MM. The subject won’t likely sell for more than $750.
http://www.redfin.com/IL/Chicago/2133-N-Sedgwick-St-60614/home/13347674
Love it when realtors price their own homes in the stratosphere.
High prices. Reminds me of the scene in the 1980 movie “Used Cars” where they fix high prices. I sometimes wish we could do this to the RE market:
http://www.youtube.com/watch?v=zqHZWdFVyyQ&feature=fvwrel
Holy cow. Potential is right. Horrible decorating/furnishing. And parquet floors SUUUUUUCK. That place would require about $150K in redocorating/updating, + the conversion of the rental. I am thinking $750-775K.
@anonny
I don’t know if it’s still on the market, but I’d buy this in a heartbeat if I needed a house. Great location and school (a 90 second walk), landmarked hood (will look the same in 20 years when you want to sell), but you are allowed to build in the back, garage, great vintage bones, solid neighborhood.
http://www.dreamtown.com/properties/550-w-belden.html
“That place would require about $150K in redocorating/updating, + the conversion of the rental. I am thinking $750-775K.”
That’s what I was thinking. But I’m changing my tune with the comps posted above and with a unit I looked at before that went under contract in the 9’s that was a “town house”, not as traditional as this place minus the garage so I’m thinking if this were updated, $1.1 on the sell.
So, I’m thinking 8-850k on the current sell becuase whoever buys this place and updates it, needs to be compensated for the hassle.
“I don’t know if it’s still on the market, but I’d buy this in a heartbeat if I needed a house. Great location and school (a 90 second walk), landmarked hood (will look the same in 20 years when you want to sell), but you are allowed to build in the back, garage, great vintage bones, solid neighborhood.
http://www.dreamtown.com/properties/550-w-belden.html”
I like the Sedgwick location better. Less congested and further away from the Lincoln Ave ruckus and also I like that the Sedgwick location is a corner lot. Overall, both have a great location.
I recall a recent 2-flat listing on Webster near Halsted listed for around $690,000, in better condition. Here, there’s no justification for price for a small plain unrenovated (60s rental-reno more harm than good) rowhouse w/two tenants. There’s a narrower market for gut-rehab candidates for single-family conversion, requiring at least another $300,000, and this isn’t the shell of a future $1.5 million SF house. Anyone notice how many $1M+ SF houses on market?
“Anyone notice how many $1M+ SF houses on market?”
Architect, you raise good points as to conversion/reno costs, but how many $1 million SFH (or “SFH-like” homes) are on the market in ELP?
I’ll certainly concede that both the Belden and Sedgwick listings would cause me to lower my pricing on the subject property to around $750k, tops, partly on account of its condition, and partly because I prefer both of those locations over this Wisconsin spot (though I imagine many buyers would prefer the OT location). That block of Sedgwick is one of my favorites in LP.
“Here, there’s no justification for price for a small plain unrenovated (60s rental-reno more harm than good) rowhouse w/two tenants. There’s a narrower market for gut-rehab candidates for single-family conversion, requiring at least another $300,000, and this isn’t the shell of a future $1.5 million SF house. Anyone notice how many $1M+ SF houses on market?”
Huh?
Depending on how this is renovated, this could fetch $1.1 to 1.2M in this location and market.
If you think it would take $300k to convert this even paying 900k for this property would be worth it to a buyer looking to live in this area. It’s not a deal/steal but a solid market buy.
short lot
The “alley” accessing the garages is on private lots with a ~$10k tax bill this past year.
Extra diligence required on this one.