Looking For Your Own 1100 Sq Ft Landscaped River North Terrace? 200 W. Grand
This 2-bedroom in 200 W. Grand in River North just came on the market.
Located on the 6th floor, it has a large 1100 square foot southwest facing private terrace.
But unlike most of those terraces which sit on top of the parking garage for the building, and are simply slabs of concrete, this one has actually been professionally landscaped by Chicago Specialty Gardens.
It has stereo speakers, a pergola, custom lighting, landscaping with irrigation & outdoor storage.
If this terrace looks familiar, that’s because we also chattered about it back in 2011.
You can see our chatter here.
The unit has new bamboo floors and a built-in wine bar.
The kitchen has dark cabinets, granite counter tops and stainless steel appliances.
One of the comments in 2011 was that the actual living space was too small. Yes, the living room is still 14×13.
It has central air, washer/dryer in the unit and there are 2 garage parking spaces included.
In 2011, most of you thought this property should sell for under $500,000. It sold for $475,000.
But that was at the bottom of the bust.
It’s now listed just $1500 under the 2007 price at $600,000.
Will the terrace make it a quick sale?
Liz Prassas Licata at Coldwell Banker has the listing. See the pictures here.
Unit #603: 2 bedrooms, 2 baths, no square footage listed but in 2011 it was 1250 square feet
- Sold in June 2004 for $486,000 (included the parking)
- Sold in November 2007 for $601,500 (included the parking)
- Originally listed in April 2011 for $559,000 (included the parking)
- Reduced
- Sold in June 2012 for $475,000 (included the parking)
- Assessments now $791 a month (they were $783 a month in June 2011) (includes heat, a/c, gas, doorman, cable, wifi, scavenger, exterior maintenance, exercise room)
- Taxes now $6277 (they were $3693 in June 2011)
- Central Air
- In-unit washer/dryer
- Bedroom #1: 13×13
- Bedroom #2: 14×10
- Terrace is 1100 square feet
Nice place for a couple of emptynesters
Love the outdoor space
I love the terrace.
Priced for a bidding war, no doubt.
What is the Chatterati value on the 2 parking spaces, 35M/ea?
the conveinence store guy that owns a bunch of spaces in this garage rents em for 225-250/mo
I like this unit.
I saw the pictures and thought Jenny would like this for her dogs.
Nice terrace but I’d take a pass at 600K.
Somehow I suspect that it will sell.
Do people still buy parking spots as a rental income gig?
HD or CC’ers with great ROI skills. Whats the return on a 35K cash injection per spot if it rents at $200 per month and has zero fees per month.
theres always parking assessments and taxes though, and sometimes building special assessments are thrown into parking space % ownership
Wasn’t the build-out of this terrace featured on HGTV or DIY or one of those networks? The original owners had to crane a lot of those materials onto the terrace. I’d hate to have to remove some of that for roof work but it is quite unique and draw to have that much outdoor space in R North and so nicely decorated. Too bad there’s such a limited season in Chicago.
As for parking spots, 225-250/month, the ROI was a tax free 4-5% after taxes and assessments if you didn’t report it. It would be higher if you could leverage, or buy the property for less than $30-35k. The transactions costs are high like any property and there is limited upside in capital appreciation. There are better places for your money if your plan was to purchase less than 5 spaces. If you plant to buy and rent more than 50 spaces, the economics might become favorable.
“Whats the return on a 35K cash injection per spot if it rents at $200 per month and has zero fees per month.”
That’s 6.85%.
“rent more than 50 spaces, the economics might become favorable.”
You *will* get nailed for the city parking tax, tho, which is 22%. onesy twosy rentals can fly under the radar, but 50 can’t.
Many buildings have rules about non-unit owners owning parking spaces.
You might be able to get away with it if you owned a unit in the building, bought a few spaces, then sold the unit but kept the parking spaces, but I’d imagine you would have a tough time just trying to buy parking spaces as an outsider.
hmm…parking assessment almost $60 per spot per month..