Just How Hot Are Lakeview 3-Flats? 825 W. Newport Is Listed Just $25K Above The 2002 Price
This 3-flat at 825 W. Newport in Lakeview recently came on the market.
A lis pendens foreclosure was filed on it in April 2011.
I can’t tell from the public record if it’s already bank owned but the listing says “offer now digitally accepted” and has the type of pictures associated with a bank owned property (the date on the far right corner, for example.)
It has the following units:
- Unit #1: 2 bedrooms, 2 baths
- Unit #2: 2 bedrooms, 2 baths
- Unit #3: 2 bedrooms, 2 baths, in-unit washer/dryer
There is a 3-car parking pad in the back.
There is also coin laundry and storage in the basement.
The units have updated kitchens with white appliances, sunrooms and central air.
There are no rental rates provided, as it appears the apartments are empty.
This building is listed $165,100 under the 2005 purchase price.
It’s also just $25,900 above the 2002 price.
Given what we know about rents and the hot rental market, is this a steal?
Sandra Griggs at Atlantic & Pacific Real Estate has the listing. See the pictures here.
825 W. Newport: 3-flat, 6 bedrooms, 6 baths, 3-car parking
- Sold in May 1996 for $410,000
- Sold in October 2002 for $759,000
- Sold in March 2005 for $950,000
- Lis pendens foreclosure filed in April 2011
- Currently listed at $784,900
- Taxes of $14,914
- No rental rates provided
- Each tenant pays electric
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“is this a steal?”
Are 2/2s like these with one outdoor spot renting easily for $2500/mo?
No?
Then it’s not a “steal”. Not even close.
a nicely renovated 2/2 with a nice outdoor space and parking can easily get 2500/mo in this neighborhood. very easily. I would say this borders on not nicely renovated, though myself, it’s builder grade rental quality everything. Any renter can find much better quality out there.
This IS a great investment, anon- you don’t know the neighborhood and prices. Even if they rented at 2000/month (which is really not a big problem in that location), your return is still going to be over 6% (not including appreciation – which, from now on, will be positive).
Pretty street, and a lively area, especially for the boystown crowd.
I’m guessing that these 2/2s can rent for $1800+ each very easily. Plus $150 x 3 for the parking.
Or, one could gut it and make a pimped out SFH for about $1MM (gay power-couple maybe?)
I’d rather own this 3 flat near the lake than a luxury McCondo 3/2 in on the north side for even money.
“one could gut it and make a pimped out SFH for about $1MM ”
If by “pimped out” you mean decorated like a crack den, then sure you can do that for about $200k.
“your return is still going to be over 6%”
You consider a 6-cap a “steal”? Seriously?
With only $9900 (pro forma @ $2kper) for insurance+water+maintenance+vacancy.
“You consider a 6-cap a “steal”? Seriously? ”
YES!!! – I consider breaking even pretty good also – remember, real estate is a stable long term investment and gains are realized when you sell your place 15-20 years down the road. There is all of this nonsensical talk about 8% returns in the stock market and 6% returns in this or that – but that is BS – based on averages. Tell the people that invested all their money in facebook stock that the stock market is a great place to put your money.
This was a rip off even in 1996. There is never ending stream of dumb investors.
“Tell the people that invested all their money in facebook stock that the stock market is a great place to put your money.”
You know that cherry picking works both ways, why not ask the people that bought apple 6 years ago think of their investment
Don’t forget Depreciation. Many of us Landlord may break even but do very well at tax time
“Tell the people that invested all their money in facebook stock that the stock market is a great place to put your money.”
Tell me about it!! I lost so much money on that stock already!
I think $1,800 is more realistic for these units. You could probably get $2,000 for the one with laundry in-unit. Then again, in the best rental market in the history of ever, I’ve been amazed before. Still, you have to be in this for the tax advantages to keep it as a rental property. Otherwise it needs some updating and some laundry before you’re getting $2,500/mo. SFH conversion seems like the more likely play.
“SFH conversion seems like the more likely play”
Not in this neighborhood. Single families don’t want to live this close to the unstable characters that come out at night. This area is going to turn back into all rentals (either gay people or young, hip people). Traditional couples and families are fleeing the area.
clio (August 10, 2012, 2:59 pm)
“SFH conversion seems like the more likely play”
Not in this neighborhood. Single families don’t want to live this close to the unstable characters that come out at night. This area is going to turn back into all rentals (either gay people or young, hip people). Traditional couples and families are fleeing the area.
I tend to agree. I don’t think this pocket is attractive for Families or a SF conversion
Seems like a nice enough property, and for $749K, I’d rather have a 3-flat than a duplex down in some McCondo building.
This stretch of Newport (between Halsted and Clark) is really nice. There’s an active neighborhood association and they were able to prevent a lot of the teardowns and new construction that blight Roscoe and Buckingham along the same block. The last time I went down this street, it was all vintage buildings.