Bank Owned 4-Bedroom Duplex for Under $400K: 400 E. Randolph in Lakeshore East
This unique 4-bedroom 4-bath duplex unit at 400 E. Randolph in Lakeshore East, or the Millennium Park neighborhood, just came on the market.
It is bank owned and the listing says “attention investors and rehabbers!”
Each floor has two bedrooms and two baths. It appears two 2/2 units were combined with a circular staircase.
There are, therefore, two balconies- but it appears from the pictures that the unit looks north (and does not have Millennium Park views.)
There is no central air and only leased parking.
I don’t see anything in the listing about an in-unit washer/dryer.
From the listing, there appears to be one picture of the kitchen (maybe?) but I can’t tell if the appliances and cabinets are intact.
There are also hardwood floors in the main living areas.
Could this be a deal for someone looking for a lot of space for little price in a Lakeshore East location?
Ayoub Rabah at Great Street Properties has the listing. See the pictures here.
For people looking up this property in the public records, there are two PIN numbers- one for each original unit.
Unit #920: 4 bedrooms, 4 baths, no square footage listed
- Sold in March 1997 for $294,000
- Sold in January 2006 for $785,000
- Lis pendens in May 2008
- Bank owned in March 2010
- Currently listed for $399,900
- Assessments are $1654 a month (includes heat)
- Taxes of $2764 (there might be a separate tax bill on the second PIN number, I don’t know)
- Bedroom #1: 12×18 (main floor)
- Bedroom #2: 10×14 (main floor)
- Bedroom #3: 12×18 (second floor)
- Bedroom #4: 10×14 (second floor)
If not a lot has been done to integrate the 2 units, might this make more sense to split back to 2 units? Assuming the bidding doesn’t go much higher than ask, I’d think that $200K for a 2/2 in this location would be a good deal, even assuming some $$ are needed to update kitchen, baths & decor!
I am not knowledgeable on lake shore east pricing, but 400k for a 4br rehab, or 200k for two 2br light rehab, is not that insane.
anyone know the costs for repairing the hole for the staircase?
also anyone know what the cost would be to put in a proper staircase?
Groove: Hopefully you’d have to put a kitchen back into one of the levels as well. The two PINs actually probably helps in the effort of splitting up though.
Sort of on-topic- shouldn’t the owners have combined the PINs when combining units to get taxing correct? I’ve ran across a combined unit like this in the past and had mortgaging probs – and that was in 2005.
$1650 assessments, no thanks.
How did this place ever sell for $785k?
wow, that pool is a blast from the past. Lake shore drive’s S curve used to go right by it before they straightened things out mid 80s. I remember seeing it when I was a kid whenever we went to see relatives on the s side. this place has my stamp of approval.
http://forgottenchicago.com/features/chicago-infrastructure/lake-shore-drive-redux/
“1650 assessments, no thanks”
but its only $825 per unit on a older building! But as i said I am not knowledgeable on lake shore east pricing so it may be higher in comparison.
is the pool part of this building?
yes, the pool is part of the building.
“but its only $825 per unit on a older building! But as i said I am not knowledgeable on lake shore east pricing so it may be higher in comparison.”
It’s probably “justifiable” in some way, I just wouldn’t want to pay it.
I really hope this place is revisited once/if it sells.
The assesments are insane for this building.
What are the assestments on a 2/2 in the really nice building west of this? They can’t be more than this.
NM.
I was thinking of 340 On The Park. Assesments on a real nice 2/2 there are only $615 a month.
Good luck to all involved selling this place.
i was in this unit last year. from my recollection, there is only one kitchen now so you will need to do work to split it up. lots of cigarette butts from the upper floors on the balcony. is the high assessment inclusive on the special on the pool area (lots of work being done/to be done)?
My Dad had an in-town 1 BR in this building for 10 years (specifically for its proximity to the yacht clubs). He sold it 5 or 6 years ago and was lucky to get out of it for like $240K. There was a lot of work done in the early 2000’s on the balconies and the brickwork (hefty special assessments but I don’t remember the numbers). The monthly assessments were pretty ridiculous back then as well… I think his parking place had like a $75 monthly assessment on it alone.
The building has had a lot of updates done with the most recent special assessment.The have replaced or updated most of the mechanicals,built a new health club,redid the pool area,and generally modernized the place.
The building requires all work to be permitted with architectural drawings,so the city may have some say in restoring the units back to the original way.
With that being said,as a previous owner,it seems top heavy with personnel and staff which account for the higher assessments.
Most of the 2/2’s currently listed are $400,000 plus.
I think if somebody was to buy this and put it back to 2 separate units,you could sell the units in the $350,000 range which would be a good deal for this part of the neighborhood.
“I was thinking of 340 On The Park. Assesments on a real nice 2/2 there are only $615 a month.”
You cannot compare assessments for a building built in the 1960s with new(er) construction. They will always be less in a new building. They haven’t had to replace the carpets or the exercise equipment yet.
the assessments seem about right for an older high rise with a pool. I think this was an investco building back in the day. seem to remember someone mentioning it as one of the few good places they converted. same commenter also said that a large # of the owners here are from out of town and the building is kind of empty most of the time.
i’ve owned here for 35 years. the building has had many upgrades and is in better condition than when we moved in. The assessments may seen high, but, here is what’s included: private shuffle bus to loop, michigan ave. and jewel, dominicks, treasure island food stores. heating, cooking gas and cooling system included in assessments, 24 hr security,24 hr. reception desk, cable, receiving and package room, condo maintenance, new health club and library, new laundry, hospitality room and outdoor plaza. The building also has a restaurant/bar, hair salon, grocery store, Childrens lakefront academy, segway rental, igo car rental, dry cleaners and much more. We have a great board and management company.
I think it’s a red flag if more than 1/3 of your monthly outlay is going to assessments. Value is low/dropping and assessments are high/rising = lots of risk and no upside – you’d be better off renting.
Its a fine building. This is not 10 E ontario or whatever building that is with 1br going for 100k. Most of the units are owned by stable owners without a lot of flippers from what I have gathered living in the building.
Lots of old people in this building. Which is probably one reason why the assessments are high, old people like high services.
My owner would want $350k for his 1br in this building with 900 sq feet and partial Millenium Park view. The unit is highly upgraded two years ago and I think he put 150k in upgrades into the unit so a basically 1 br would run around 200k.