Get a 1-Bedroom for $50K in the Historic Acquitania: 5000 N. Marine Drive in Uptown
This 1-bedroom in the Acquitania at 5000 N. Marine Drive in Uptown has been on the market since February 2010.
In that time, it has been reduced $29,900.
The Acquitania was built in 1923 and was converted to a co-op in 1949. It is on both the Chicago and National Register of Historic Places.
This 1000 square foot 1-bedroom has lake views.
The kitchen/dining room are in an open concept- so I don’t know if a wall was removed as that would not have been the norm in 1923.
The kitchen has white cabinets and appliances.
There is no central air an no deeded parking, but apparently rental parking is available.
The unit does have some vintage features like the big foyer, tall ceilings and crown molding.
The building will accept 80% financing (20% downpayment).
Now listed for just $50,000, how low will this go?
Ginger Bonneau has the listing. See the pictures here.
Unit #8E: 1 bedroom, 1 bath, 1000 square feet
- I couldn’t locate a prior sales price due to it being a co-op
- Originally listed in February 2010 for $79,900
- Reduced several times
- Currently listed for $50,000
- Assessments of $936 a month (includes heat, gas, cable, doorman)
- Taxes of $536
- No central air
- No in-unit washer/dryer
- Rental parking only- $125 to $250 a month
- Bedroom: 16×13
I always get confused when we call something a co-op and then list taxes and assessments separately. Is this place still a co-op?
haha 1000 a month before even paying your mortgage to live in one of the worst parts of uptown?
you couldn’t pay me to buy this place
“I always get confused when we call something a co-op and then list taxes and assessments separately. Is this place still a co-op?”
The listing will break out the taxes for tax deductibility purposes.
although on second thought, extremely close proximity to the best dog park in the city is a bonus
Wouldn’t assessments and taxes be the only thing you are paying for monthly? Would you really get a mortgage on 50K?
How does this add up to 1000 sf? And does the door off the kitchen go to a fire escape?
Does it have the charming dank hallways and smell of old people that Clio felt was so wonderful about co-ops?
I got excited briefy until I realized the picture 3 was of the building lobby and not this unit.
This is the type of place that will be offered at zero or less before this thing is over.
It is in Uptown, it is worth double that!!
Seriously though, it is not bad over there. Just not much around there besides the dog park.
This seems like it would be a depressing place to live though, not for me.
This building also reminds me of all the plus shaped public housing buildings in NYC
Is that water damage in the bathroom?
“Seriously though, it is not bad over there. Just not much around there besides the dog park. ”
There’s a very nice brunch place called Tweet around the corner, and Big chicks can be a fun place. The place isn’t for me, but I’m sure someone could enjoy this place.
Wow, could be? It’d be like a timeshare weeks that people ditch because the costs outweigh the worth/utility.
Nice little unit though, cool-looking building exterior.
“This is the type of place that will be offered at zero or less before this thing is over.”
Sonies, take the building over and turn into a new-New Jack City.
“This building also reminds me of all the plus shaped public housing buildings in NYC”
This building has tremendous curb presence, looks very beautiful sitting on the corner of Marine and Argyle, but it is a royal pain-in-the-neck.
The units don’t live up to the promise of the lovely facade and the co-op fees are outrageous even when you consider that taxes are included. There are no amenities to speak of beyond a doorman.
Financing is difficult in this place, too, which is probably just as well. You really ought to pay cash if you buy a place like this.
Excuse me, I overlooked the taxes- they’re NOT included.
Why would anyone living in a 50K unit need a doorman?
That building has always had a doorman, mainly because until recent years, the neighborhood was very dangerous. Also, the building’s residents have usually been fairly affluent people who live way below their means, and can easily pay for a high level of service. Many have lived there for decades.
The one-beds in this building sold as high as $150K during the bubble years.
I looked at a one-bed there and thought of buying in the late 80s when the units sold as low as $25K for a one-bed four room. But the assessments were too high and the neighborhood too rough at that time.
Please stop talking about the dog park. Please tell everybody that the last time you took your dog to this park it was bitten by another dog with an indifferent owner. Please tell everybody that the best dog park is at Montrose.
Instead of the subject property, why not put in 60k and buy 1/3 of this building?
http://www.redfin.com/IL/Chicago/1444-N-Talman-Ave-60622/home/13290579
If I can find 2 others, we can each own a floor for 60k, get a 8-9% return on our investment at the current low rental rate and, in 10 years, sell EACH FLOOR/UNIT for at least 180k. Anyone interested?
“Anyone interested?”
Yes … what’s the plan
You could do a lot with this; the price is very appropriate and I cannot believe the CC umbrage.
Kitchen is atrocious. Assessments high. Low price point may mean a special assessment looms (and I’m sure many are in this neighborhood).
But $50k even given that? Great deal for a 1/1 lakefront. I would be more concerned about exterior or common area interior at this price point than unit interior, though.
Just my take.
good luck with that idea, clio.
“Anyone interested?”
Yes. If you’re serious, post a throwaway e-mail address so we can contact you.
Milkster and ss – yes, I was being totally serious but I just don’t know about this area. If you have any ideas or are really interested, you can email me: clio159@yahoo.com
This building has a storied history as the residence of many participants in Chicago’s early-1920s film industry. During Uptown’s heyday as a resort/entertainment it served as a hotel for tourists and performers.
I would recommend this unit to an investor client as a real “bargain” if only the building rules would allow rentals.
“this area” (1400 Talman @ North Ave.) still sucks, IMO.
You’ll never condoplex it and get $180k a unit, at least not in the next decade or more. Even left as an apartment building, I think it’s very unrealistic to think you’ll ever get that kind of return.
go drive by there, then get back to us. oh, and pull the crime stats and census stats as well.
“go drive by there, then get back to us. oh, and pull the crime stats and census stats as well.”
I WAS going to drive by – but then I realized I would have to take Western Avenue and so I just nixed the whole idea…..
Hi logansquarean –
Good exercise. Thanks for the recommendation. Here are some stats on the Talman house in Hunboldt Park:
– Most households earn under 10K/year
– 20.2% of residents are high school grads
– 13.1% of residents never made it to high school at all
– Annual residential turnover is 21%
– Properties are: 57.6% rented/ 27.6% owned / 14.8% vacant
– Average rents: Studio $727/1BR $832/2BR $935/3BR $1143/4BR $1291
– Crime stats:
Robbery 5X natl avg/Rape 2.5X natl avg/Murder 4X natl avg
It’s a shame because Humboldt Park has some really beautiful old buildings. The hindrance I see to development here is that there is no access to the el like there is in Wicker Park. That’s why it’s been in “transition” for decades.
Unless a person is disabled or retired, I don’t know how any non-student could earn less than 10k a year. Is it just flat out fraud? Those rents actually seem pretty high for a dump. Is it all section 8?
“Unless a person is disabled or retired, I don’t know how any non-student could earn less than 10k a year. Is it just flat out fraud?”
Part-time or unemployed folks and a *lot* of people in the cash economy.
Folks living in those homes may not be reporting their incomes, there also maybe senior citizens.
Tweet is right there, yes I forgot.
Clio
I have been looking in that area for a while and yes deals seem too good to be true…cause unfortunately they are…you get a 3 flat for 150K that supposedly returns 10% a year.. then the boricua tenant pulls out the gun and says “I no pay this month, ese?” what do you do?
Not worth it..
“The hindrance I see to development here is that there is no access to the el like there is in Wicker Park.”
There actually was an El line that ran past Humboldt Park in the alley just north of North Avenue. It was demolished sometime in the 1940s/1950s due to low ridership. http://www.chicago-l.org/maps/route/maps/1898met-map.jpg
I could see the area being more gentrified at this point if that branch was still there.
Nightmare building. They can’t give the units away there.
Sonies – Correction, this is in one of the best parts of Uptown. Right around the corner from Castlewood Terrace and near the park. The worst part or parts of Uptown would be on Sheridan between Lawrence and Montrose. If you are going to bash the hood, at least get it right!