Get a Newer Construction 1-Bedroom in River North for Under $170K: 849 N. Franklin

This 1-bedroom unit in the Parc Chestnut at 849 N. Franklin in River North has been on the market since September 2010.

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In that time, it has been reduced $85,100.

It is now listed $54,600 under the 2006 purchase price.

The Parc Chestnut was a new construction mid rise in 2006.

Some of the listings for other units in this building describe them as “soft lofts” as there are concrete ceilings and exposed duct work.

There are no interior pictures for this unit, but the listing says that management must have 48 hours notice to show the unit which indicates that it is rented.

The listing says the kitchen has granite counter tops and “newer” appliances (probably means black instead of stainless steel.)

There are hardwood floors, central air and a washer/dryer in the unit.

With the parking included, is this now a deal?

Jack Mansour at Re/Max 10 has the listing. See the listing here.

There are no interior pictures, so see the pictures for Unit #1011, listed for $269,900, here.

Unit #719: 1 bedroom, 1 bath, 715 square feet

  • Sold in September 2006 for $214,500
  • Originally listed in September 2010 for $245,000
  • Reduced numerous times
  • Currently listed for $159,900 (parking included)
  • Assessments of $330 a month (includes a/c, cable, doorman)
  • Taxes of $2942
  • Bedroom: 10×10
  • Living room: 16×12
  • Kitchen: 12×8

20 Responses to “Get a Newer Construction 1-Bedroom in River North for Under $170K: 849 N. Franklin”

  1. why do people want to invest in chicago properties if cap rates are so low?

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  2. danny (lower case D) on February 3rd, 2011 at 11:34 am

    Why would a new construction building have exposed ducts and other “loft” features? For the style of it?

    That’s like buying new pre-ripped jeans.

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  3. North of Chicago = Cabrini, not River North

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  4. re: the listing with interior pictures — that’s the saddest mounted flatscreen I’ve ever seen.

    that is all.

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  5. “North of Chicago = Cabrini, not River North”

    yeah this place is like OutPost Restrepo!

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  6. “that’s the saddest mounted flatscreen I’ve ever seen.”

    haha yeah what is that a 17 inch screen? why bother at that point, may as well put it on your coffee table so you can actually see something coming out of that thing

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  7. “Cabrini, not River North”

    Cabrini will be very nice in a few years when it combines with Old Town and is getting better every day. I’d even go to say that this will be developed quicker (now) than any other chicagoland neighborhood.

    “Why would a new construction building have exposed ducts and other “loft” features? For the style of it?
    That’s like buying new pre-ripped jeans.”

    It appeals to many buyers who like lofts instead of low ceilings and everything hidden.

    This is actually a pretty good price if you can “live” in 700 sq ft.

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  8. “North of Chicago = Cabrini, not River North”

    Please, this place is next to MK, the Brown Line, Yolk, and art gallaries. Cabrini is gone. Old Town now has more Section 8 housing…look at the Marshall Fields housing in Old Town.

    Why can’t old school Chicagoans get over it…this is why Chicago will never have a cool Soho or Tribeca…it can’t get past its past. This is exactly why its the Second City…second tier and falling…

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  9. I don’t know about this one as there are no pictures of interior available, but Unit #1011 is one sad crib. The concept of having a windowless bedroom is unfathomable to me. Even jail cells have small windows, at least in cartoons : )

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  10. “Cabrini is gone. Old Town now has more Section 8 housing…look at the Marshall Fields housing in Old Town.”

    Cabrini is not gone, there is one highrise left. Additionally, there are plenty of bids for the land and what to construct given its the best, most prime undeveloped land left in the city.

    You can diss Chicago all you want local, but this condo in SoHo or Tribeca is 750k….and you can walk outside to your garabe next to the street.

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  11. “it can’t get past its past.”

    Is has to do more with procuring votes and a person’s rights than the stigma of the past btw…

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  12. don’t forget about all the great middle eastern cuisine around here!

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  13. A-Fed,
    “You can diss Chicago all you want local, but this condo in SoHo or Tribeca is 750k….and you can walk outside to your garabe next to the street.”

    Actually, its well over a million…

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  14. I was thinking (hypothetically) that 2 of these units combined might make a lot of sense (financially; not sure about layouts). 1400+ square feet + 2 car parking for a bit over $300K, plus whatever contruction/rehab would be needed to make it work. But then I realized you’d end up w/ TWO windowless bedrooms!

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  15. Chicago is #6 global city.

    http://chicagobreakingbusiness.com/2010/08/chicago-gains-in-global-cities-ranking.html

    The Chicago Council on Global Affairs, A.T. Kearney, and Foreign Policy magazine recently produced the second Global Cities Index, a unique comprehensive ranking of sixty-five cities around the world. Released in Foreign Policy’s September/October issue, the index ranks the cities’ metropolitan areas on business activity, human capital, information exchange, cultural experience, and policy engagement.

    PS “Franklin” is a cruddy Chicago street name on which to have an address.

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  16. “Cabrini will be very nice in a few years when it combines with Old Town and is getting better every day. I’d even go to say that this will be developed quicker (now) than any other chicagoland neighborhood.”

    “Will be” is the key. Still lowrise Cabrini homes left (indefinitely), and Parkside has 700 CHA units. Given its location it SHOULD develop quicker, but as long as it remains a CHA/Section 8 dumping ground it won’t.

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  17. Another Resident on February 3rd, 2011 at 4:54 pm

    “Will be” is the key. Still lowrise Cabrini homes left (indefinitely), and Parkside has 700 CHA units. Given its location it SHOULD develop quicker, but as long as it remains a CHA/Section 8 dumping ground it won’t.

    To be clear, that 700 number is the total number of CHA units which is to remain in the entire near north region on land where CHA buildings were demolished. Parkside is currently 72 CHA and 208 non-CHA. That ratio will be maintained, and numbers likely roughly doubled whenever they are able to start/finish the second phase (who knows when the market turns enoug for that).

    To the person who said there is a highrise left, that is technically true in that it hasnt been knocked down, however it has been emptied of residents in preparation of demolition. The last 2 reds on Oak are currently being torn down.

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  18. Chicago would be the “first” city and just as expensive if it were built on a penninsula like New York City.

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  19. “Chicago would be the “first” city and just as expensive if it were built on a penninsula like New York City.”

    So, “real NYC” = The Bronx? Interesting thought.

    In a way, the original plat of Chicago was on a peninsula, bounded by the lake, the main and south branches of the river.

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  20. “Will be” is the key. Still lowrise Cabrini homes left (indefinitely), and Parkside has 700 CHA units. Given its location it SHOULD develop quicker, but as long as it remains a CHA/Section 8 dumping ground it won’t.”

    Get your facts straight…there are not 700 CHA units in Parkside. 72, which is 1/4. And this is just one development. Many others in the neighborhood have no CHA units so this part of Near North will have about the same number of CHA units as does Lincoln Park and Old Town. All highrises are coming down. The row houses are supposed to be rehapped, but there is mold so its more expensive to fix them than to level them. I bet CHA ends up leveling these units. At any rate, the CHA and density requirements are set by federal criteria (since the federal government provided $$$ to demolish Cabrini) and this percentage cannot be changed without a court order.

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