New Year, Same Properties: A “Great Investment” Still Available at 2510 N. Wayne in Lincoln Park
This 1-bedroom top floor loft in the Wheelworks Lofts at 2510 N. Wayne in Lincoln Park came on the market in April 2015.
We last chattered about it in September 2015 as a possible “great investment” because the building has no rental cap and it’s not far from DePaul.
You can see that chatter here.
If you recall, the Wheelworks is a former Schwinn factory.
This loft has authentic loft features with exposed brick and 16-foot timber ceilings with a skylight.
This is apparently 2-units that have been combined into one larger unit so it is a rare 1-bedroom with 2 bathrooms.
It also has 2 wood-burning fireplaces.
The kitchen has white cabinets and some appliances are stainless steel.
It has central air, washer/dryer in the unit and deeded, gated secured parking which is included in the price.
Since September it has been reduced another $4,000 to $295,900.
Why isn’t this selling when it could easily be rented out?
Why aren’t investors biting?
Thomas Youngblood at @Properties still has the listing. See the pictures here.
Unit #305: 1 bedroom, 2 bath, 1100 square feet
- Sold in January 1994 for $217,500
- Bank owned in October 1998
- Sold in November 1998 for $175,000
- Sold in June 2005 for $275,500 (included the parking)
- Originally listed in April 2015 for $324,900
- Reduced
- Was listed in September 2015 at $299,900 (included the parking)
- Reduced
- Currently listed at $295,900 (includes the parking)
- Assessments are now $383 a month (they were $324 a month in September 2015)- includes water, snow removal, exterior maintenance, scavenger
- Taxes are now $3353 (they were $3622 in September 2015)
- Central Air
- Washer/dryer in the unit
- 2 wood burning fireplaces
- Bedroom: 13×13
Doesn’t help that the living room has no windows. If I’m figuring the floor plan out right, the unit that became the living room/bedroom must have only had one window. How depressing!! No wonder it was combined to create this odd space made for Jenny with the extra bathroom.
Benjamon is right. In this case the kitchen should have been moved to the wall by the bathroom. Plumbing is already in that area so a sink drain would not nave been an issue. Adding a cool kitchen with long island would have been nice. The living area would have been closer to the front door, faced the natural light, and been closer to that fireplace. Not ideal, but a more natural layout.
Couple of questions:
Is that a 3/4 wall between the bathroom and the living room?
Is that a microwave on top of the fridge?
It’s a really nice looking unit with a weird layout.
Sold 289k