The apartment rental market in the GreenZone in Chicago was red hot in 2013.
Occupancy rates in Class A buildings were above 95% for the first three quarters and only started weakening, but only slightly, in the fourth quarter.
But thousands of new luxury rental apartments are slated to come on the market in 2014, adding to inventories.
Average rental prices rose to record highs in the luxury rental towers but also spiked out in the GreenZone neighborhoods for non-luxury apartments.
This 24-unit building at 2215-2221 N. Clifton in Lincoln Park came on the market in October 2013.
It actually is a 24-unit condo building that has banded together to try and sell to an investor as one big rental building.
Located just north of Webster, it is in the heart of the DePaul neighborhood.
The building consists of:
- 20 large 1-bedroom units
- 4 2-bedroom duplexes
- 24 outdoor parking spaces behind the building
Built in 1896, the building has some of its original woodwork in the common areas.
There are only a select few pictures of the interior of the units. That will vary based on what each condo owner has done with their unit.
The listing doesn’t say anything about washer/dryers in the units.
The listing estimates the monthly income based on neighborhood rental rates at $50,200.
Originally listed at $8 million, it has been reduced to $7.8 million.
Will we see more of this in the future- with condo owners deciding to go rental and selling out to big-time investors?
And what price will it take to sell this building?
Hillary Levy at Baird & Warner has the listing. See the listing here.
2215-2221 N. Clifton: 24-unit building
- Is a collection of condos that is converting to an apartment building
- Originally listed in October 2013 for $8 million
- Currently listed at $7.8 million
- Taxes of $125,500
- Monthly estimated income of $50,200
- Total annual estimated income: $549,512