An Investor’s Dream? A Carriage House AND a Parking Lot: 2531 W. Augusta in West Town
I don’t have a picture for this 1-bedroom carriage house at 2531 W. Augusta in West Town but it’s so intriguing I felt we needed to chatter about it right away.
Built in 1911, the carriage house is on a standard 25×125 lot.
At 1160 square feet, it has some interesting features including exposed brick and beams.
According to the listing, there’s also an enclosed garden, a roof deck and a 1-car garage.
But you’ll have to take the listing’s word for it because there are no pictures of the interior of the property (and the listing is the same listing from when the property was first listed in 2008.)
There are, however, plenty of pictures of the outside of the property, including several of the street in front of the property.
And are those pictures of the back of the carriage house and the alley?
Yes, it is now a Fannie Mae Homepath property.
The bank took it in December 2013.
But the most intriguing part of this property is the “Attached income producing parking lot.”
There are pictures of that too.
The listing doesn’t say how many spots there are (we could guess though- looks like quite a few).
It also doesn’t say how much “income” is being produced.
But I have a few questions about the lot.
Who is parking there right now while the bank owns it? And who is collecting the money from those parkers?
If anyone goes to look at this (if they can get in- because clearly the photographer could not) PLEASE report back here and let us know what it looks like on the inside.
The old listing says it has central air and a washer/dryer in the house.
Could this be an investor’s dream in an up and coming neighborhood?
Richard Wolnik at Riklin Realty has the listing. See the exterior pictures here.
2531 W. Augusta: 1 bedroom, 1.5 baths, 1160 square feet
- Sold in May 1996 for $110,000
- Sold in July 1998 for $163,000
- Sold in June 2000 for $167,500
- Sold in March 2006 for $245,000
- Lis pendens foreclosure filed in April 2012
- Bank owned in December 2013
- Fannie Mae Homepath property
- Currently listed at $344,900
- Taxes of $4219
- Central Air
- Washer/dryer hook-ups
- Income producing attached parking lot
By the way- this seems to be listed really high.
Nearly every foreclosure property I’ve seen that has come back on the market in the last 6 months in the GreenZone has been overpriced.
“Nearly every foreclosure property I’ve seen that has come back on the market in the last 6 months in the GreenZone has been overpriced.”
Nearly every foreclosure I’ve seen for years now is overpriced. There’s jokes among realtors that the most expensive homes in neighborhoods ARE the foreclosures these days!
The banks think that they can price the property high and just lower the price until it sells, thereby achieving the highest maximum value for the sale. The banks, like some dumb realtors, believe that if a property sells too quickly it means that it was underpriced. When in realty, it probably just means taht it was priced appropriately. But these are the same banks that got us into this mess, and now we’re relying on them to get us out of it too!
“By the way- this seems to be listed really high.”
At 345k, this is an investors nightmare.
pretty sure parking west of western isn’t going to net you much money
Augusta, west of Milwaukee Ave (Kennedy off ramp, Polish Roman Catholic Union bldg.) has never gentrified. The subject is even very far west of even that intersection. Neighborhood blows.
I must comment, as the owner of an early 1900s Queen Anne that required substantial masonry work, that the parapet walls shown in the photos need to be rebuilt. Not tuck pointed….. rebuilt. That’s what it looks like, anyway. Best case scenario, it needs to be re-pointed in areas and rebuilt in areas.
The bank is playing the ‘greater fool’ game here.
For the out of touch old folk here (pretty much everyone), that area has become relatively desirable. Without pictures, it’s hard to say, but at 1,100 sqf, a nicer apartment could probably go for 1,500-1,600. The interior on this one could be high-end unique, or it could be atrocious unique. An uncovered parking spot down there is likely 75-100, though demand isn’t that high, so you’d probably dilute yourself.
Obviously no investor is going to take it at 350, but for a young guy who’s in the market for a condo type situation, and likes a more interesting building, the price isn’t insane considering ~400 parking income.
Your alternative: https://www.redfin.com/IL/Chicago/1034-N-Rockwell-St-60622/unit-3/home/52637098
I would take the weirdo first – I bet it goes for 290.
I agree with the Dr. Only a clueless observer would equate the streetscape he sees driving near Milwaukee & Augusta with what’s going on in neighborhoods between Kennedy Exway and subject like east and west Uk Village etc. Also smart investors have been buying up California Ave properties near Augusta (west of subject). Stop in Pierogi Street or Briciola on Damen to see how clueless it is to say Augusta west of Milwaukee never gentrified. Burbank blows but this area has a future so bright it’s gotta wear shades
“pretty sure parking west of western isn’t going to net you much money”
Get out of downtown Sonies. This is actually a pretty hot area. Could easily charge $75 a month to park there, right?
There are million dollar homes being built on the teardown lots.
“Burbank blows but this area has a future so bright it’s gotta wear shades”
Yes. Trendy restaurants stretching down Chicago west of Western now.
The people that buy west of western during this boom are going to get burned hard… million dollar new construction houses in SE Humbolt park? LMFAO! What a bunch of morons, this is Insane dragons territory and literally ON the border with the Spanish Cobras… have fun with all that noise http://www.wbez.org/node/102612#gangmap
“million dollar new construction houses in SE Humbolt park? LMFAO! What a bunch of morons”
This is similar to what people said about Lincoln Park in the 70s, Lake View in the 80s, Bucktown/Wicker Park in the 90s, and Logan Square/Ukrainian Village in the 00s.
except those houses in those neighborhoods didn’t cost a million bucks to begin with…
The crime in that area is on par with Wickerpark and Bucktown, slightly less due to the lack of a hotspot like Damen/Milwaukee.
If you are still thinking in go/no-go boundaries you are living in a past Chicago, and will consistently miss every good investment opportunity. It’s also a lame and prejudiced way to lead a life, and a gross hold-over from red-lining.
Whether gentrification is good or bad for that area, not only is it coming, but it’s already done. See Brendan Sodikoff’s two restaurants going in at augusta and california and shifting media incomes.
Want to test how far off your assumptions are?
http://www.census.gov/censusexplorer/censusexplorer.html
Median income in the area you’re so *poorly* misjudging has nearly doubled in the past 10 years. It’s now wealthier than most of Logan Square.
It’s crazy how far behind most readers here are. The early stage money moved to garfield park and bronzeville how long ago? And people here are still talking about the “greenzone.” Good god.
30k-42k over 14 years is doubling? that’s some strange math, are you a realtor by chance?
You’re right I was looking at the tract half a block to the left, but the overall point stands. the area is wealthier than Logan Square and essentially on par with east Lakeview.
The increase in median income is nearly identical to inflation from 1999-2013
Ok, real dollars. You can look at the tract half a block to the west which increased from 35k to 49k in real dollars. Or the census tract directly north which went from 35k to 54k in real dollars. Or you can look at the median income of the census tract the property is in, which, while it only increased 2k in real dollars, is, as I said, is at a median income higher than most of Logan Square and is on par with Lake View.
You can quibble over my use of “doubled,” which was a loose exaggeration, and my identification of the wrong tract, but there is no denying that you are really out of touch with the state of the area.
Augusta itself is a craphole street. That’s the main point. From Milwaukee westbound it’s all ungentrified 2-3 flats etc. There isn’t much retail along it, it’s not zoned like Division or Chicago Ave and it shows. Since it’s a well-trafficked street everyone chooses to live on the side streets, and Augusta itself is pretty miserable sight to behold. It will take more than 10 years to turn over that many shabby properties. Wells high school is really pretty piss poor also. Fatso’s hot dog stand was recently rated #1 in all Chicago, and their $22 per lb, shrimp is worth every penny.
Pending at 309:
https://www.redfin.com/IL/Chicago/2531-W-Augusta-Blvd-60622/home/13287257?utm_medium=email&utm_content=view_details&utm_campaign=instant_listings_update&utm_source=myredfin
I’m sticking with my call at 290.
The parking lot is not part of the coach house as their is a senior lien and second mortgage on it with the first right of refusal. The entire property seems to have been seized by Fannie May in a blatant hostile takeover. The coach house went into foreclosure, however the parking lot belongs to someone else and they have been collecting the parking revenue for approximately 15 yrs +. This one will end up in court so stay away from it. Too bad the contract is pending because they will have nothing but headaches.