Vintage 2-Flat in West Town Sells: 2552 W. Iowa
We chattered about this 2-flat at 2552 W. Iowa in West Town in November 2009.
See our previous chatter and pictures here.
It recently closed.
The 2 units were each 2 bedrooms, 1 bath with a 2 car garage.
Laundry was available in the unfurnished basement.
Already, one of the units is available for rent on Craigslist for $1150 a month. See the listing and a link to the YouTube video here.
Gary Lucido at Lucid Realty had the listing.
2552 W. Iowa: 4 bedrooms, 2 baths, 2 car garage, 2-units
- Sold in September 1992 for $56,000
- Sold in February 1993 for $97,000
- Sold in February 2002 for $274,000
- Was listed in November 2009 for $349,850
- Sold in January 2010 for $332,500
- Taxes of $3002
- No central air
- Washer/Dryer in the basement
- Unit #1: Rented for $1100
- Unit #2: Owner occupied
- Electric: $900
- Insurance: $1800
- Water: $500
good job Gary, do you take any interns?
Gary, Please advise your previous client to get rid or change that video they have posted. Its not helping to sell the place at all. I do like the concept of the youtube video tour. I think I will try it next time I have an unit to rent. But I think, concidering the basic AV equipment I have, I will just do a slide show with a voice over.
Unless you do a really, really good job with really good equipment; video usually turns out rather poor.
Gary,
-Were they are (significant) upgrades & improvement that your clinent did since the 2002 purchase?
Woo! Good idea on the you tube walk through. Execution was like Blair Witch.
Next door to Archies!
Low taxes make this work. If the taxes were 5k, this would be a harder proposition.
I think way too zoomed in on the video. Can’t get a sense of each room.
You know, I would still take having a crappy video over none at all. It’s just a rental. I wouldn’t expect great production values (but hope for a little better than this). Nice idea.
I haven’t seen that video but it is the work of the new buyer – not my client. He’s looking to rent it.
Upgrades:
1. Complete roof tear off and new plywood foundation and roof ventilation (2003)
2. New copper plumbing from main to all horizontals in basement.
3. Added a second water heater.
4. Installed laundry service and coin-op machines.
5. Replaced all interior windows with vinyl windows
6. Refinished floors upstairs.
7. updated electric service upstairs.
8. Complete kitchen rehab; can lighting, cabinets tile floor, countertops, tile floor, dishwasher etc…
9. Finished 2nd floor rear porch to be office / year round living space. Before it was an enclosed porch with no walls or heat etc.
Most of this stuff was pretty minor with the exception of the roof and maybe the kitchen. The kitchen was not highly upgraded with the ubiquitous SS and granite. And he lived there for like 7 years.
Where is everyone who scoffed at the idea that places like this could sell in this part of town? Where is everyone who talked about how scary and dangerous it was west of Western Ave.? I’m tired of hearing from commentators on this site about how crummy everywhere outside of the most saturated and expensive north side neighborhoods is and then hear the silence when they have an opportunity to show a little class and say “Huh. Apparently I don’t know everything there is to know about the market and neighborhoods of Chicago…”. Too many people on this site only know how to talk and only a few handful actually have any idea of what they’re talking about.
Frank: This is why I post updates on properties that sell because you are correct that many people don’t know the market in many neighborhoods.
Not everyone wants to live in Lincoln Park or Lakeview. Properties are selling in other neighborhoods as well.
I rent an apartment in the building next to this property. In general, the folks in the neighborhood are great. I am often greeted with a “good morning” by people I don’t know, and I feel completely safe day or night. Although Lincoln Park has its positives, I prefer the genuineness of people in this neighborhood hands down.
Nicole: It’s nice to hear from someone who actually lives in the neighborhood and has first hand knowledge of what is going on there.
my only point was that this sold for pure investment basis with 0 cash flow; if its o/o they have to help carry some payment, which isn’t bad but isn’t perfect.