Airbnb Allowed in Vintage 2/2 in Lincoln Park for $550,000: 2221 N. Lincoln
This 2-bedroom at 2221 N. Lincoln Avenue in Lincoln Park came on the market in April 2025.
Some of you may remember this building as we’ve chattered about it in 2020 and in 2022. In 2022, the chatterati complained about living above the taqueria and we had an extensive discussion about what kind of loan you could use to buy this unit.
You can see our 2022 chatter here.
Why the discussion about the loan? It has 5 units, with two commercial spaces and three residential.
The 2022 listing stated: “Financing restrictions with HOA, inquire with listing agent for details.”
It was converted into condos in 1999.
As you may recall, this unit has the only private garage for the building, which is down the side alley. That garage includes some additional storage.
The unit has many of its vintage features including original oak mill woodwork with custom, solid oak built-ins including a hutch in the dining room.
It also has ceiling medallions in several rooms and bay windows in the living and dining room.
The kitchen has white cabinets, stainless steel appliances and stone counter tops.
The primary bedroom has an en suite bathroom, which is rare in a vintage unit.
It has the features buyers look for including washer/dryer in the unit and central air, along with the garage parking.
The listing states that the following updates:
Updates include: New HVAC (2022), paint, plaster repair, wood hutch and trim restained (2022), new windows (2023), new kitchen faucet (2024), new tile flooring in kitchen and both baths(2025), added storage racks in garage (2022), new wireless garage door opener, garage keypad installed (2023), and EV charger installed (2024).
This listing also says that investors are welcome. Not only that but it is “one of the only associations in Lincoln Park that specifically allows short term Airbnb rentals.”
The building is professionally managed.
It’s close to Oz Park, the shops and restaurants on Lincoln and everything else that Lincoln Park has to offer.
In 2022 this unit went under contract quickly.
Inventory is even lower in 2025 than it was in 2022.
It has been listed at $550,000, which is $150,000 higher than the 2022 purchase price of $400,000.
Is the Airbnb possibility a selling point, or a negative, for a possible buyer?
Ted Kuhlmann and Mary Anne Divina at Compass now have the listing again. See the pictures and floor plan here.
Unit #1N: 2 bedrooms, 2 baths, 1500 square feet
- Sold in June 1999 for $129,000
- Sold in May 2001 for $250,000
- Sold in August 2014 for $268,000 (included garage parking)
- Sold in June 2015 after renovation for $395,000 (included garage parking)
- Sold in April 2022 for $400,000 (included garage parking)
- Currently listed for $550,000
- Assessments are now $374 a month (they were $295 a month in 2022)(includes exterior maintenance, scavenger)
- Taxes are now $8,028 (they were $6878 in 2022 and $6338 in 2020)
- Central Air
- Washer/dryer in the unit
- Private 1-car garage parking included
- Bedroom #1: 14×13
- Bedroom #2: 13×12
- Living room: 17×12
- Dining room: 15×14
- Kitchen: 13×11
Cash buyer only, still, right?
“Cash buyer only, still, right?”
You would think so, right?
Isn’t that why they are touting “investors” and airbnb. But I could also see a parent buying it for a child who is at DePaul.
Also, in the 2020 listing they touted the “recent” renovations, but now they’ve been done 10 years ago so you can’t really call it that.
Could be a solid longer term furnished rental. Month+ airbnb type thing.
Troublesome as an an owner-occupant for all the previously mentioned reasons, and that the reno is indeed a bit dated, even tho it appears well maintained in the pix.
1 – If the owner used it as a rental and is bailing with $400k basis, I’m not sure how they convinced themselves that bumping the basis up $150k is an investors dream
2 – Too nice for a college rental
3 – Anyone that’s lived above a bar/restaurant would never buy this
4 – Whos the target market for this to live? I don’t see this as a good downsize option.
This reeks of someone missing the market and trying to get out