Vintage Lincoln Park 3-Flat is Still Around and is Listed at $975,000: 2509 N. Halsted
This 3-flat at 2509 N. Halsted in Lincoln Park came on the market in November 2023.
Built in 1886, this 3-flat is on a 25×125.75 lot and has a 2-car garage.
If it looks familiar, that’s because we have chattered about it two other times before: in 2010 and 2018.
In 2010, it was being marketed as a possible tear down for the lot location but instead it was saved and renovated and it is still standing 14 years later.
See our 2018 chatter here.
If you recall, it still has some of its vintage features including an ornate metal sliding wood burning fireplace, ceiling medallions, crown molding, French doors and hardwood floors throughout.
Yet it also has modern upgrades including stainless steel appliances in the kitchens.
Some units have wall air conditioning units and there is a shared laundry room in the lower level.
Here are the units:
Unit #1: 1 bedroom, 1 bath, mother-in-law unit
- No rent given in 2010
- Rented at $1400 a month in 2018
- Rented at $2100 a month in 2024
Unit #2: 1 bedroom, 1 bath
- Rented at $2000 a month in 2010
- Rented at $1750 a month in 2018
- No rent given in 2024
Unit #3: 2 bedrooms, 1 bath
- Rented at $1300 a month in 2010
- Rented at $2200 a month in 2018
- Rented at $2600 a month in 2024
This building is near DePaul University and the shops and restaurants of central Lincoln Park. There are several bus lines and the subway nearby.
Listed in November 2023 for $999,000, the price has been reduced, and raised, and now sits at $975,000.
It last sold in September 2021 for $740,000.
Will the seller get the premium just 3 years later?
Judi Weintraub at @Properties Christie’s has the listing again. See the pictures and floor plan here.
2509 N. Halsted: 4 bedrooms, 3 baths, no square footage listed, 3-flat
- Sold in January 1988 for $185,000
- Sold in July 1992 for $200,000
- Sold in April 1998 for $400,000
- Sold in November 2013 for $679,000
- Originally listed in October 2018 for $950,000
- Sold in September 2021 for $740,000
- Originally listed in November 2023 for $999,000
- Reduced (and raised)
- Currently listed at $975,000
- Taxes are now $26,121 (they were $16,072 in December 2018)
- No central air
- 2-car garage
- Tenants pay gas/electric/parking
- Washer/dryer in the basement
- Unit #1: rented at $2000 a month
- Unit #2: no rent listed
- Unit #3: rented at $2600 a month
LOL fuck no, especially as the wall units dont have sophisticated chips
Sub 5% cap
The only person I could see this working for are rich parents with a kid at DePaul and want to control her.
Drop #2 in the middle for rent for easy math @ $7k/month.
per Redfin: Est. $7,936/mo, after 20% down.
So it costs about $1,000/month (and another ~$650/mo @ 4% on the DP) to be a landlord, *before* maintenance, vacancy, etc.
Only works as a land bank play, and this one seems locked in by the neighbors. hard pass.
Built in 1886… woof. Needs to come down ~200K to be attractive for a landlord.
This is essentially a 2-flat, I highly doubt the zoning certificate will come back as a 3-unit unless you can prove the in-law was used as one pre-1957 via water records.
Even if you convert the in-law to an Airbnb to juice the gross rents, you will be hard pressed to reach a decent cap rate on this building. The location is great, even though it is off of Halsted… but the numbers just don’t work. Better to keep cash in a money market fund and make your guaranteed 5%.
I live in a pre-1900 frame house. Do not recommend. I’ll just leave it at that.
“I highly doubt the zoning certificate will come back as a 3-unit”
Zoning is B1-2, so one unit per 1,000 sf of is allowed–which it meets.
Of course, ground floor resi requires a special use permit, so that part is only via grandfathering.