This 3-flat at 1615 W. Barry in Lakeview has been on and off the market since 2009.
In that time it has been reduced $220,000.
It was recently dropped to $375,000 and has gone under contract (again)- as the property had been under contract in December 2011.
Normally I don’t like to chatter about properties under contract, but since people were recently talking about multi-unit properties and this one has fallen out of contract before, I thought it was worth highlighting.
Built in 1890 on an irregular lot of 21x125x15x125, it is on the alley but has a fenced in back yard and a 2-car garage.
It is across the street from the Burley School.
The listing says there is new electrical and each unit has separate utilities.
However, it doesn’t say anything about the cost of insurance, water etc.
Here are the details on the units:
- Unit #1: 1 bedroom, 1 bath with rent of $800 a month
- Unit #2: 2 bedrooms, 1 bath with rent of $875 a month
- Unit #3: 2 bedrooms, 1 bath with rent of $950 a month
This 3-flat was last sold near the top of the investment property frenzy.
It is currently listed $125,000 under the 2007 purchase price of $500,000.
Does this 3-flat now make sense as an investment at this price? Or is someone going to buy it for the land?
The listing says it is zoned Rs-3.
Mary Kato at Chicago Fine Properties, Inc. has the listing. See the listing here.
The current listing does have any interior pictures but one of the older listings did. See some interior pics here.
1615 W. Barry: 3-flat, 6 bedrooms, 3 baths, 2 car garage
- Sold in October 1987 (I don’t have a price)
- Sold in July 1991 for $160,000
- Sold in February 2007 for $500,000
- Originally listed in February 2009 for $595,000
- Reduced numerous times
- Was listed in April 2010 for $469,000
- Reduced some more
- Was under contract in December 2011
- Currently listed for $375,000
- Under contract
- Taxes of $8136
- Individual utilities