1-Bedroom Gut Rehab With River Views in Marina City for $329K: 300 N. State in River North
This 1-bedroom in Marina City at 300 N. State St. in River North came on the market in September 2025.
Marina City was designed in 1959 by Bertrand Goldberg and completed construction in 1964. Both towers have 65 stories. The complex is unique in River North as it has a marina along the river with boat docks.
The towers have 896 units and 800 parking spaces which is valet parking. Originally built as apartments, they were converted to condominiums in 1977.
It’s a full service building with 24/7 door staff, a fitness center, rooftop dec, party room, an on-site market, a dry cleaner, an on-site management and engineer.
The last few years we’ve started to see quite a few of these units “gut rehabbed” like this one has been.
It has hardwood floors throughout and brand new electrical.
The kitchen is also brand new with warm wood cabinetry, a tile backsplash, stainless steel appliances, generous counter space and an island open to the living room.
There are two balconies, one off the living room and one off the bedroom, which face the Chicago River and have River, Lake Michigan and downtown skyline views from the 45th floor.
The bathroom has been “fully renovated” and offers a “spa-like” experience with a walk-in glass shower.
This unit has some of the features that buyers look for including in-unit washer/dryer, wall unit cooling and the heat is electric. Valet garage parking is available.
This building is near the Mag Mile, the River Walk, shops and restaurants of River North and the Loop. There are subway stops and plenty of bus routes nearby.
This unit last sold before the rehab in 2023 for $265,000. It came back on the market in September 2025 for $345,000.
It has been reduced to $329,000.
The listing says the building is “investor friendly.”
Buyers love “new”. And these buildings are popular with architecture buffs who like views.
Will this sell in 2026 as inventory remains low?
Nitasha Kassam at @properties Christie’s has the listing. See the pictures and floor plan here.
Unit #4512: 1 bedroom, 1 bath, 725 square feet
- Sold in June 1990 for $70,500
- Sold in July 2003 for $190,000
- Sold in August 2005 for $260,000
- Sold in June 2023 for $265,000
- Originally listed in September 2025 for $345,000
- Reduced
- Currently listed at $329,000
- Assessments of $798 a month (includes doorman, cable, exercise room, exterior maintenance, scavenger, snow removal)
- Taxes of $5907
- No central air but wall units
- Electric heat
- Washer/dryer in the unit
- Valet parking is available
- Bedroom: 10×15
- Kitchen: 11×15
- Living room: 17×16
- Laundry: 6×6
- Balcony: 21×10
July 2003 for $190,000 + CPI = $332k.
Woof.
Has the whole complex gone to the dogs that much?
Nice looking unit with a nice view.
$1.10/sf/mo for HOA at least feels high for the fairly spartan amenities beyond the door staff. $14k/yr if you pay cash.
…oh, and the parking is all rental and all valet.
Yeah yeah, don’t need a car in this location. 100% agree. BUT, it’s another limiting factor in a condo building.
Nice job with the rehab and the table built into the island is a nice touch
Unfortunately for the seller this is at or slightly above rent parity with a floor plan current buyers don’t want/understand.
Kinda sucks that such an iconic building is starting to slip into obsolescence. Don’t see any thing short of a developer completely redoing the guts stemming the collapse, Even then I don’t see this location being able to support a price point making it feasible
Here’s a 1Br that looks like some had thoughts of rehabbing – https://www.redfin.com/IL/Chicago/300-N-State-St-60654/unit-4629/home/14099850. Even going cheap it’s probably gonna cost $75k to get to a low grade rental. Best case is cap rate in the 4’s (optimistic), even at $150k you still have an cap rate in the 5s
The oddest thing to me is that there is no door connecting the bedroom to the bathroom. Having to take the long way to go to the bathroom in the middle of the night is a pain in the bladder.
“The oddest thing to me is that there is no door connecting the bedroom to the bathroom. Having to take the long way to go to the bathroom in the middle of the night is a pain in the bladder.”
It looks like there is room to put in a door to connect the bedroom and bathroom. They had to the chance to do this with the gut rehab. Shrugs shoulders.
I hadn’t noticed the first time, but I enjoy how the floorplan shows that teh front door will dent that refrigerator sooner or later.
“$1.10/sf/mo for HOA at least feels high for the fairly spartan amenities beyond the door staff. $14k/yr if you pay cash.”
Do people on this site really not understand just how much maintenance is involved in an old building of this size? I don’t get it.
All that concrete is eroding. Every single year. I think they recently did a big balcony project, however. But they will likely have been doing concrete repairs for several years, with the possibility of bigger projects to come. At least they don’t have a leaking pool to deal with.
Imagine how much upkeep the parking garage has? It is open to the elements and people have been driving in snow and salt for 50+ years.
Have they done the riser repairs yet? It is due for that. For those who don’t know, all the piping has to be replaced in the bathrooms and kitchens after about 40 years. All of it. Through the entire building. Probably a $5 to $7 million repair in these two towers. Because once they rip open your walls, they have to replace your bathroom or kitchen as it was before.
Some buildings do it piece by piece. As the pipes break down they replace them as they go. But ultimately, it will cost the same.
Does anyone know if the Hancock has done a riser replacement yet? I can’t even imagine it in that building.
But this is what it takes to live in a high rise in Chicago. Wind and rain/ice beat down. It erodes things. You have to maintain it. But it’s not cheap.
Do you really not understand that the maintenance involved in an old building of this size is a turn-off for many and a notable expense for any owner? I don’t get it.
It *does not matter* whether that’s the ‘cost of business’ in a high rise, a prospective purchaser is doing a dollars and cents comparison, and $1.10 psf is high for what you get at Marina City.
“a $5 to $7 million repair in these two towers. Because once they rip open your walls, they have to replace your bathroom or kitchen as it was before”
I would LOVE to hire you as a GC! I accept your GMAX bid of $7m for riser replacement and restoration of 896 (!!) units using 100% union labor.
NOTE: whether or not the Ass’n is responsible for in-unit restoration depends on the provisions of the dec and by-laws; it’s not always included, by Sabrina was generous enough to include it in her bid, which is a big part of why I accepted it so quickly.
anon tfo is right.
the assessment is high given the amenities – for example there is no swimming pool.
marina city came up in the 1960’s
Here is a comparable building in terms of age and number of units (also 1960s and around 900 units) but with much better amenities that has recently been feature on CC
400 E Randolph
https://cribchatter.com/panoramic-south-views-of-the-lake-and-millennium-park-for-499900-400-e-randolph-in-lakeshore-east/
$1 sf/mo at 400 E Randolph
https://www.redfin.com/IL/Chicago/400-E-Randolph-St-60601/unit-3715/home/14093754
and since the Hancock was mentioned
also 1960’s and about 700 units.
here is another link to a CC posting
https://cribchatter.com/the-pinnacle-of-urban-living-a-1-bedroom-in-the-hancock-at-175-e-delaware-in-the-gold-coast/
https://www.redfin.com/IL/Chicago/175-E-Delaware-Pl-60611/unit-6104/home/14119038
818/888 = .92 / sq ft / mo
anon tfo
do you think that the higher assessments might be from the historical high number of investor units at Marina City?
Does this theory also play out for various river north Invesco apt to condo conversions?
“Do you really not understand that the maintenance involved in an old building of this size is a turn-off for many and a notable expense for any owner? I don’t get it.”
I get it. Some buyers can afford it, others cannot.
Those looking in ANY high rise must factor in the costs of the HOAs, or else they can move into a 3-unit or 6 unit building where they are $125 a month. Still won’t save you from maintenance, but you’re not spending $1000+ a month. If you can’t afford the HOAs in addition to the mortgage and taxes, don’t choose a high rise.
Otherwise, just stop complaining about it. All buildings of this era are going to be high on HOAs. They have lots of amenities and very old concrete and pipes that must be maintained. Maybe find out what the reserves are first?
Some buildings have outstanding management. There are several 1960s/70s buildings which have NEVER had a special assessment and have maintained their buildings well. There are others which have had to sell to developers because they got a $16 million repair bill on the concrete exterior.
This is why some buyers only want to buy in the 10 year old to 20 year old age range because the worst repairs are still a long ways off.
“I would LOVE to hire you as a GC! I accept your GMAX bid of $7m for riser replacement and restoration of 896 (!!) units using 100% union labor.”
Sorry- that’s for one of the buildings. So $10 to $20 million to do both. The building on LaSalle in Old Town said they did the whole project already. I don’t remember what they said they spent and that’s a big building. It’s a real selling point.
Riser projects vary in cost depending on where the pipes are located. Some are in hallways so the cost is lower. Others are not and they have to tear out everything.
Thanks for pointing out that it varies by association for whether there is in-unit restoration. I didn’t know that. But I have never heard of a high rise in Chicago that did not allow for restoration. Basically, no one would buy in that building otherwise. You’d be a fool. But that’s another thing to check before you purchase.
The riser costs are going to be a “thing” this decade in hundreds of high rises in Chicago. Along with garage repairs. And, unfortunately, we’re not building any new high rise condo buildings so buyers are stuck with the old stuff.
I still think some of the new apartment buildings will get converted in the next condo rush. But for now, they are still building dozens of apartment buildings everywhere.
Anyone know if they have replaced the risers in Marina City?
Anyone live there?
They did that balcony project a few years ago.
“do you think that the higher assessments might be from the historical high number of investor units at Marina City?”
Why would it be higher because someone rented it out? Is that because the Board of Directors charges rentals more?
I have heard of extra move-in/out fees, but never higher assessments because the owner was renting it.