Get a 5-Bedroom Victorian House in Lincoln Park for Just $499,000: 637 W. Schubert

637 w schubert #1

This 5-bedroom Victorian house at 637 W. Schubert in Lincoln Park came on the market in May 2013.

Originally listed for $575,000, it has been reduced to just $499,000.

What’s the catch?

Built in 1876, it is on a smaller than average size lot of 27×52.75.

There’s no garage.

One side of the house is also on the unusual “street/alley” that is Geneva Terrace which leads to the enclave of million dollar homes that we have chattered about before (see that chatter here.)

It is being sold “as-is” as a teardown (in fact, it is listed both as a house and as a piece of land on the MLS.)

The listing says it has RT4 zoning.

Most of the listing pictures are of the exterior of the house although there are a couple of the interiors.

3 of the 5 bedrooms are on the main floor with two on the second floor.

How low will this go before a developer takes a chance?

637 w schubert #2

Maribel Selva at Coldwell Banker has the listing. See the pictures here.

637 W. Schubert: 5 bedrooms, 2 baths, no garage

  • Sold before 1987
  • Originally listed in May 2013 for $575,000
  • Reduced
  • Currently listed “as-is” for $499,000
  • Taxes of $7802
  • No central air
  • Bedroom #1: 10×10 (main level)
  • Bedroom #2: 12×10 (main level)
  • Bedroom #3: 10×10 (main level)
  • Bedroom #4: 10×12 (second level)
  • Bedroom #5: 10×10 (second level)

 

11 Responses to “Get a 5-Bedroom Victorian House in Lincoln Park for Just $499,000: 637 W. Schubert”

  1. Oh wow, long, long ago I lived around the corner from this house. I always thought it looked so charming on the outside. I’m kind of sad that it might be torn down – the lot size though seems like it would be a huge deterrent to a developer.

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  2. Cute house in a nice neighborhood…I’m surprised it didn’t sell at $575k. Being on the alley isn’t ideal, but the price reflects that. I hope a family moves in here and it doesn’t get torn down for another ugly cinder block condo building.

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  3. RT-4 allows a 1.2 FAR, which amount to a little over 1700 sf (above-grade–so just under 2600 including a basement level) on this lot. I don’t see the teardown play here–say you could squeeze a $350 psf sale out of the new con–that’s ~$900k (likely still without parking) on hard costs of about $800k; just doesn’t seem like a good risk.

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  4. What would annoy me to no end about living here is all those garbage cans lined up against the house, particularly if they’re for the rich people on Geneva Terrace.

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  5. This might be interesting if you can split the floors and end up with 2 2-bed rental apartments. Should be clearing at least 3500 in rental income.

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  6. This is basically behind the Best Buy on Clark up by Diversey. Looks decent inside – completely livable. I also hope someone buys this to actually live in it and not tear it down.

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  7. Ace, we heard you the first time…….

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  8. I’m gonna go get the papers. Get the papers.

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  9. Jimmy!

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  10. Wow I love this place. It would be great for a small Family that didn’t own a car. My Mom lives right there in an assisted living facility(next to BestBuy) it is a great neighborhood, great price. Doesn’t make $$ sense as a teardown thank goodness. I’ll be shocked if someone doesn’t snap it up.

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  11. “It would be great for a small Family that didn’t own a car.”

    In Chicago? Who’s that?

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    Rating: -2 (from 4 votes)

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