A 1-Bedroom “City Dweller’s Paradise” at 5415 N. Sheridan in Edgewater
This 1-bedroom in Park Tower at 5415 N. Sheridan in Edgewater came on the market in November 2021.
I thought I had a picture of this building, but apparently I don’t. I’ll have to get one when the weather improves.
The Park Tower was built in 1973 and has 734 units and attached garage parking.
In the early 1970s, tall buildings with amenities were “in” as Park Tower has some commercial space on the low floors, a grocery store and dry cleaners, a garden on the second floor, a 2 stage gym with cardio and weights, an indoor pool, a racquetball court, party room, and sundeck.
It has 24-hour door staff.
This unit is on the 54th floor with north views which is high enough to clear all the other buildings and includes some lake views.
There are hardwood floors.
The kitchen, which has been opened to the living room space, has white cabinets, granite counter tops and stainless steel appliances.
There is a living/dining room combination.
The unit has a walk-in-closet and the listing says an “in-unit laundry is possible.”
The listing also says there is a “solid association, no special assessments.”
Garage parking is leased.
Heat and air conditioning is included in the assessment.
This building is across from Edgewater Beach and the listing says it is “steps to the Mariano’s and Jewel.” It calls the unit a “city dweller’s paradise.”
Thinking about buying it as an investment unit? The listing says that rentals are allowed after 2 years of residency.
Originally listed in November 2021 for $195,000, it has been reduced $20,000 to $175,000.
It sold in 2019 for $160,000.
If you love views, is this unit a deal?
Santiago Valdez and Elizabeth Pyle at Compass have the listing. See the pictures and floor plan here.
Unit #5409: 1 bedroom, 1 bath, no square footage listed
- Sold in August 1989 for $44,000
- Sold in January 2017 for $134,500
- Sold in February 2019 for $160,000
- Originally listed in November 2021 for $195,000
- Reduced
- Currently listed at $175,000
- Assessments of $580 a month (includes heat, a/c, doorman, cable, clubhouse, exercise room, pool, exterior maintenance, lawn care, scavenger, snow removal, Internet)
- Taxes of $2543
- Central Air
- No in-unit washer/dryer but listing said it’s “possible” – laundry room in the building
- Bedroom: 10×17
- Living/dining room: 12×21
- Kitchen: 7×10
- Walk-in-closet: 4×5
- Foyer: 4×10
Wtf is going on at the outlet next to the stove?
Love the photoshopped W/D.
Owner is getting bled out month by month
“Wtf is going on at the outlet next to the stove?”
Looks like something even the worst inspector wouldn’t miss, so maybe get it fixed before taking pix??
“Looks like something even the worst inspector wouldn’t miss, so maybe get it fixed before taking pix??”
If you look at the previous sale pics, they used a cutting board to cover it up.
The under cabinet lighting is atrocious as well. I “get” that this place doesnt warrant much in terms of upgrades but order some lights you can daisy chain from amazon
Nice gap between the tile back splash and the underside of the cabinets
Almost feel sorry for the owner, losing money in a HAWT ™ market should be impossible
“the underside of the cabinets”
Why did they take the pix from that angle? They look horrid.
The place does have a nice amount of storage for a 1br.
“losing money in a HAWT ™ market”
At least they haven’t owned it for 17+ years, and still going to lose money:
https://www.redfin.com/IL/Chicago/5415-N-Sheridan-Rd-60640/unit-4705/home/13401570
Which one of these two you picking, JU?
This building would be a poor place to buy if you’re looking to make money when you sell, but it does seem like a nice place to live. My wife and I checked out a 53rd floor 2 bedroom here a couple years ago and were very impressed with the building’s public spaces, the views, and the sense that it’s a well-run operation. If another high-floor 2 BR came on the market, we might be interested.
Location is kind of mixed. Kenmore/Winthrop corridor is still a bit sketchy, but Bryn Mawr has gotten better and you’re walking distance from Andersonville and Argyle. Easy bus or L downtown. And right on the lake.
“At least they haven’t owned it for 17+ years, and still going to lose money:
https://www.redfin.com/IL/Chicago/5415-N-Sheridan-Rd-60640/unit-4705/home/13401570
Which one of these two you picking, JU?”
LOL This would be a great use of the Jackie Chan meme. Nice use of the leftover plank CT. Was the trim carpenter drunk? WTF are they trying to hide with the popcorn walls? I guess theres a reason for closet doors not going to the floor, might as well go all in on the 1883 saloon look. Its like theres a resident contractor that gets deals on materials and throws whatever up as an improvement
Is this building all Studio/1BR?
At somepoint a developer is going to buy everyone out for $150/sf and redo
“My wife and I checked out a 53rd floor 2 bedroom here a couple years ago and were very impressed with the building’s public spaces, the views, and the sense that it’s a well-run operation. If another high-floor 2 BR came on the market, we might be interested.”
How many 2 bedrooms are there in the building Dan #2? Do you know?
Doesn’t seem like that many come on the market.
South views would be tremendous in this building.
Actually, Dan#2, the Winthrop/Kenmore corridor between Foster and Devon has become pretty nice since 2005 or so. I walk there frequently, and I’m neither armed nor young. It’s a lively, attractive neighborhood now, and becoming more so every day.
The pool in this building is wonderful. It’s all round a nice place to live, and while I’d try to get this unit at a lower price to justify the improvements it needs, it pencils out pretty well as a rental at that price. One bed units in nice, secure buildings like 5415 are at least $1300 a month around there.
Yes, there are 2 bedroom units in 5415, but not sure how many. There are about 12 units per floor. The one we saw was on the northwest corner of the building, but because of the way the building is positioned, we could see from Waukegan on the north to the Chicago downtown skyline on the south, plus west out to O’Hare. It’s a stunning panorama. Maybe one of the best in the city (and I say that despite currently living in the Hancock).
Glad to hear Kenmore/Winthrop is doing better. I’ve walked around there in the last few years and there are definitely signs of improvement. I’m guessing it’s not much more sketchy than Lakeview, and certainly an improvement on Uptown.
“there are 2 bedroom units in 5415, but not sure how many.”
Not counting combined units, it’s 3 per floor, all about 1250 sf:
https://www.ptcondo.com/building/
Looks like 52 (53?) floors of units, so 156 2 beds (plus any combined units). Some of the 2s have been combined with other, too, to make 3 and 4 bed places….
Like this one:
https://www.redfin.com/IL/Chicago/5415-N-Sheridan-Rd-60640/unit-2406/home/13401007
That sweep of glass feels a bit like a poor man’s LPT.
The finishes and the building look pretty bad but the price is really low so I guess it may be a good fit. Still don’t know why anyone would buy something like this when you could probably rent a studio for $600/month in this neighborhood.
“Still don’t know why anyone would buy something like this when you could probably rent a studio for $600/month in this neighborhood.”
First, this isn’t a studio so you can’t compare a studio to a 1-bedroom.
And second, you must have left town a LONG time ago, because there aren’t studios renting in Edgewater for $600 a month.
Ba ha ha ha ha. That’s funny.
A studio in this building is currently on the market for $1300 a month though.
https://www.zumper.com/address/5415-n-sheridan-rd-chicago-il-60640-usa
A studio for $600? That brings back memories for me of checking out real estate ads in The Reader back around 1990. At that point, some studios even went for as low as $400, if I recall.
Plus, even in the era when you could rent a studio in Edgewater for $600, it wouldn’t get you much. It certainly wouldn’t be in a full-service building, well maintained building like this one.
It’s an apples/oranges comparison.
Many of us who’ve owned for awhile are out of touch with the rental market, and little realize how rents have catapulted in the past few years.
You’re lucky if you can find a studio in ANY decently maintained building in Edgewater, Rogers Park, or West Ridge for less than $750, so I can’t imagine one renting for less than $1,000 in a glossy, amenity-stuffed, well-located building like 5415. The building is well-kept and secure, with a 24-hour doorman, and there’s a commissary on the premises for emergency purchases when you don’t feel like walking a block or so to the Mariano’s. One bedroom units in any of these three far north lake front nabes rent for $1100 minimum.
This building is a few doors away from the Mariano’s store, the 151, 147, and 136 buses stop almost at the door, and there are beaches, a Jewel Store and other retail, as well as the Berwyn el station (now closed for renovation)just a couple of blocks away, and all the retail and restaurants on Broadway as well.
While the unit is rather overpriced at $175,000, it would be a good deal at $145,000, even for an investor.