Looking for an In-Town? A Renovated Studio at 88 W. Schiller in the Gold Coast
This studio in Lowell House at 88 W. Schiller in the Gold Coast came on the market in June 2021.
Lowell House is part of Sandburg Village. Built in 1968, it has 29 stories and attached parking.
It has a doorman.
This unit is a south facing studio with a unique layout.
It has 7″ white oak floors throughout.
At 675 square feet, it is big enough that the room can be divided.
The listing says this unit has a custom white oak room divider which functions as a dresser and features a TV pivot.
The kitchen has been renovated with high gloss white cabinets, a Liebherr refrigerator, a Bosch dishwasher and a GE speed oven/microwave along with a flamed granite waterfall counter on the peninsula which seats two.
The bathroom has a walk-in-shower and a high gloss gray floating vanity.
All of the windows have room darkening blinds.
There’s wall a/c.
There’s no washer/dryer in the unit but there’s coin laundry in the building.
Parking is leased in the building.
This building is at the intersection of the Gold Coast and Old Town, with all the shops and restaurants of both within a few blocks.
Originally listed for $199,000, it has been reduced $9,000 to $190,000.
Would this make a good in-town or starter condo?
Andrei Savtchenko at Compass has the listing. See the pictures here.
Unit #705L: studio, 675 square feet
- Sold in August 1992 for $39,500
- Sold in March 2002 for $147,000
- Sold in August 2006 for $178,000
- Sold in July 2014 for $155,000
- Originally listed in June 2021 for $199,000
- Reduced
- Currently listed at $190,000
- Assessments of $532 a month (includes heat, gas, doorman, cable, exterior maintenance, lawn care, scavenger, snow removal)
- Taxes of $2360
- No central air- wall unit
- No in-unit washer/dryer (coin laundry in the building)
- Parking is leased in the building
- Living room: 14×12
- Dining room: 10×8
- Kitchen: 6×6
Is a Guitar and/or Peleton the new ring rug?
This feels more like ST corporate housing Vs a PAT. Owners did about as good of a job as one could trying to delineate the spaces, but it still looks like a nice Extended Stay room
Unless the future owners are anti-social, this would be less than ideal to entertain in
With the likely Covid restrictions coming down the pike, is there any demand for PAT’s?
“Unless the future owners are anti-social, this would be less than ideal to entertain in”
Do people over 30 “entertain” (beyond sexual partners) in studio apartments?
Mar-02+CPI = $224k
And the place is ~$40k nicer, finishes-wise, than then, too.
Nobody gets a studio apartment to “entertain in”. Its a couple notches above being homeless.
“Do people over 30 “entertain” (beyond sexual partners) in studio apartments?”
I was trying to be a little more positive. Yes it would suck ass and anyone that came over would be laughing behind your back
“Mar-02+CPI = $224k
And the place is ~$40k nicer, finishes-wise, than then, too.”
bUY NoW oR Be PrICeD ouT fOReVEr
“Yes it would suck ass”
Depends on one’s lifestyle/socializing preferences. If you love hosting dinner parties, it’s a problem.
“anyone that came over would be laughing behind your back”
It’s a way to sort the real friends from the not.
I wish we had some younger readers of this blog who also commented who could actually share their insights with what it’s like to be out there renting or trying to buy something in this market.
Because this studio is the same size, or even bigger, than most of the “convertible” 1-bedrooms in the new luxury apartment rentals which are just studios with a wall. There is no door to the bedroom but otherwise the same set up as this with the two windows in each room.
This is 675 square feet. Equivalent to many 1-bedrooms.
Those convertibles rent anywhere from $2100 to $3500 a month. And I’m not sure those even include the utility package which is your cable, electricity, Internet etc. That is included in the assessments here.
Just down the street at Chicago and LaSalle is the Sinclair.
The 625 square foot 1/1s are renting over $3000 a month. Yes, it has w/d in the unit. But it’s smaller than this unit.
https://www.sinclairapts.com/apartment-floor-plans/
This looks like a deal to me. WAY cheaper than renting something similar anywhere downtown or in this same neighborhood.
It has lovely new upscale floors and upscale appliances and a great kitchen renovation.
I love the clever wall with storage and the ability to just pivot the tv to each room.
“I was trying to be a little more positive. Yes it would suck ass and anyone that came over would be laughing behind your back”
Why would they be “laughing” when they are living down the street at DOUBLE the monthly cost for something even smaller?
This has a Liebherr refrigerator, for goodness sakes.
Many people on this blog are really out of touch with what is the product that is on the market both in condos and in apartments in Chicago. This isn’t the 1980s or 1990s. Rents have soared. The buildings are luxury and beautiful. But you’re getting a really small space for the price these days.
For condos to compete, they have to have the same, or similar, finishes. This seller did that by upgrading everything.
“Nobody gets a studio apartment to “entertain in”. Its a couple notches above being homeless.”
This is news to thousands of renters in Chicago paying over $3,000 a month for their “convertible” 1-bedrooms which is just a fancy way of saying “studio” but it has a wall.
“Why would they be “laughing” when they are living down the street at DOUBLE the monthly cost for something even smaller?”
Because they own this? The people I know with PAT’s are generally looking for a nice place to entertain (And to show off a bit). Why do you assume they’re living down the street?
“This has a Liebherr refrigerator, for goodness sakes”
Wow a $2k fridge, Im soooo impressed. The people that buy a $2k fridge in a sub $200k studio are idiots
“I wish we had some younger readers of this blog who also commented who could actually share their insights with what it’s like to be out there renting or trying to buy something in this market.”
You know may younger folks that are buying intowns?
“You know may younger folks that are buying intowns?”
It doesn’t have to be an intown. That’s my point. 25 year olds are renting small spaces for double the cost of this down the street. Why not buy instead if it’s so much cheaper?
Bigger space and nicer finishes than what’s in the rental (even though that is nice too, these days).
So, yeah, the 20-somethings living in all of these apartments ARE entertaining in them because all of their friends live in them too. Again, this isn’t 1985 where you have a cheap big 1-bedroom. That doesn’t exist anymore. Anywhere in the GreenZone. Or even outside of it, like Hyde Park.
This is a great price for what it is compared to any newer rental in the neighborhood.
“The 625 square foot 1/1s are renting over $3000 a month. Yes, it has w/d in the unit. But it’s smaller than this unit.
Way to be intellectually honest
There’s also a 785sf for under $3k
Do you think the amenities in these 2 buildings are compariable?
Also do you have a financial interest in this unit?
Your Shilling would make a realator blush
The poor sap owner of 705L
https://www.zillow.com/homedetails/88-W-Schiller-St-APT-1107L-Chicago-IL-60610/3854872_zpid/?
Ouch
“This is 675 square feet. Equivalent to many 1-bedrooms.”
I didnt think this looked like 675, especially after looking at the Sinclair. I’m calling bullshit on the “675sf” claimed by the shills (The Realator & Sabrina – likely connected)
Adding up the rooms listed and giving 70sf for the Bath, you get to 475sf. Please let me know where you’re getting another 200sf?
Also, here’s another 1BR w/ floor plan – https://real.vision/88-west-schiller-street-1407/floorplan?o=u and sez 592sf which seems even still aggressive as if you treat it as a 23 X 26 square you get to that sf, but theres a corner cut out so MAYBE 550sf (Me being generous)
Honestly you should leave the analysis to others, you just end up embarrassing your self
Nevermind the other floorplans, here’s the one from the association:
https://www.lowellhousechicago.com/picture/2floorplan_03__05___07.pdf
543 sf.
Thanks (tfo)
Going back to the ridiculous rent comp claims.
This one is rented for $1650 – https://www.zillow.com/homedetails/88-W-Schiller-St-APT-3005L-Chicago-IL-60610/3854834_zpid/?mmlb=g,8
There’s probably some give and take with personal preferences between a walled off Br & a Liebherr fridge. Call the subject property $1800/mo. Can you plug it into the official CC cap rate calculator?
“Can you plug it into the official CC cap rate calculator?”
12(1800-532)-2360 = 12,856/190,000 = 6.7%. (at $199, was 6.46; $183.5 cracks 7)
I’d say that’s about right JU. Obv requires that one like the aesthetic of the remodel, but if you do, that’s a fair price.
That’s it’s been on for 6 weeks, with 2 price drops, means it isn’t a widely loved aesthetic *in this size unit*.
I like the design of this place – very clean, modern, functional. Would be interested to know who did it.
“Honestly you should leave the analysis to others, you just end up embarrassing your self”
I only use the listing, JohnnyU. If it says 675 sq feet, then that’s what I use.
It’s bigger than most of the 1-bedrooms in new construction luxury apartment buildings which are in the 500s and low 600s these days (for their “convertibles” but even for their legit 1-bedrooms).
And to buy this, it’s about half the cost of living down the street in the Sinclair or other nearby new apartment buildings. If you really want to live in this neighborhood but can’t afford the rents, maybe it makes sense to buy something with the same, or nicer, finishes?
Eventually, as happens in every cycle, the renters will figure out that it makes more sense to buy. We aren’t there yet but as the rents continue to rise, the tide will shift back to condos.
The condo sellers will have to make their condos as updated as the apartments, however, to sell. This seller did just that. Smart.
“Also do you have a financial interest in this unit?”
Nope. Don’t own it. And, as all of you know, I’m not a realtor so I have no interest in the unit that way either. Heck, I’ve covered thousands of properties on this site over the last 14 years. You think I have a “financial interest” in those? Come on.
But, as usual, all you have to add to the conversation about a property from your perch in northern Indiana is hate, hate, hate, hate, hate.
You haven’t even lived in Chicago in decades. You really have no idea of the neighborhoods, the buildings, or what a 25 year old is looking at. Or those looking for in-towns either, apparently.
Again, this is a really cute unit that has been completely redone with a high level of finishes not normally found in a property listed under $200,000. It’s half the price of comparable rentals in the neighborhood with these finishes. Yes, a different building and missing the W/D but it’s HALF the cost.
They have done a lot with a studio and it’s livable as a 1-bedroom with the clever room divider. It’s no different than a loft.
If you were completely priced out of living here in a luxury rental, it might make some sense to consider buying.
“I like the design of this place – very clean, modern, functional. Would be interested to know who did it.”
Me too. Unique rehab. Someone with vision or they hired an interior designer with it.
You can do a lot with a studio space with a layout like this with an internal room divider/internal windows. They do this all the time in Paris apartments, which tend to be smaller than even 675 square feet. Americans put all their square footage in the kitchen and massive bathrooms when there is a lot of ways you can use it in the main living area, as they are here.
“It’s bigger than most of the 1-bedrooms in new construction luxury apartment buildings which are in the 500s and low 600s these days”
But it’s not. The realtor claimed it is, but the Association says it’s 543.
So it’s *smaller* than “most of the 1-bedrooms in new construction luxury apartment buildings”.
Does that change your view of it, at all??
“So it’s *smaller* than “most of the 1-bedrooms in new construction luxury apartment buildings”.”
Depends on what price I can get it for if it’s just 543 square feet. Could be why no one is willing to pay $200,000. But what’s the price wherein it’s a true deal? We’ll soon see.
Somebody’s going to get a nicely finished unit at the previous owners expense.
20 somethings don’t host dinner parties. Bars and restaurants.
“20 somethings don’t host dinner parties.”
And 30+ who live in studios (by choice or necessity) don’t, either.
“if it’s just 543”
Ain’t no “if”. The association’s condo plan shows it to be 543. Across the hall from the 3 studios are 2 1-beds at 822 sf: 1644/3 = 548, so that cross checks nicely. The corner 1-beds are also 822, but add a balcony.
Could it “really” be 575 or so? Guess so. But it ain’t 675 unless one of the closets leads to Narnia.
Looking at the Sinclair, it’s funny to me how few 2 bed apartments in Chicago are built for true roommate situations–there’s almost always a primary bedroom with 2x the closets and 2x the bathroom. I’ve always found that to be odd. Makes sense in condos, of course.
“I’ve always found that to be odd. Makes sense in condos, of course.”
Maybe they learned from the last cycle that some of these buildings will ultimately be converted to condos?
Some of the new buildings in River North and Streeterville do NOT have this design with their 2 bedrooms though. They have the 1100 2 bedrooms with both bedrooms the same size.
this place is amazing. Also curious who did the design.
This place is easily a unicorn for the person who could see themselves enjoying this kind of space. So many studios are rotten and old or just at too low of a price point to justify the investment of nice finishes. Even a small kitchen costs a lot. Bathroom too. This owner spent a ton and this is a GREAT deal.
Sinclair is new and nice amenities, but this unit’s location is far classier. Sinclair is in the middle of Division St nonsense. Also, parking here is valet @ $130/month.
“Some of the new buildings in River North and Streeterville do NOT have this design with their 2 bedrooms though. They have the 1100 2 bedrooms with both bedrooms the same size.”
I don’t look at a lot of apartments–which buildings?
I looked at the Onni buildings (all have floorplans for all units, not just those currently available) and 369 Grand has one of 6 2-bed fps (the largest one, w/ 2.5 baths) with roughly equal bedrooms (both en suite, but one’s still a bit larger). Hudson doesn’t, none of the three Old Town Park do.
One Chicago doesn’t. Nor One Bennett. Indeed, in both, the 2d bedrooms mainly impress as den/office space, not bona fide 365-day bedrooms.
“I don’t look at a lot of apartments–which buildings?”
anon(tfo): Look in River North at buildings like The Marlowe, not the super luxury buildings like One Chicago.
They have these basic 2/2s that are 1000 to 1100 square feet. The two bedrooms are the same size. “Primary” has the attached bath and WIC but still a perfect set up for roommates.
https://livemarlowe.com/floor-plans/floor-plan/b2/#/unit
That’s at least reasonable, but the 2 that they have virtual tours of, the 2d bath is basically right inside the front door, rather than directly across from the 2d bed. Makes it–again–a really 2d class 2d bedroom.
The one at 369 Grand is proper balanced ( https://s3.us-west-2.amazonaws.com/369grand/plans/_c1000w/tn-plan_dm.svg ) but looks to be ~$5500/month
Sold Sep-21 for $190k.