Best Deal on the Mag Mile: 535 N. Michigan
They’re selling luxury one bedroom Ritz condos on Michigan Avenue for over $1 million. But you can live two blocks south, on the same street, the Magnificient Mile, for 80% less.
Located across from the Nordstrom’s Mall at the South end of Michigan Avenue is 535 N. Michigan. You’ve probably walked by it a thousand times and not even noticed. Built in 1962 as apartments and converted into condos during the last condo craze in the 1970s, it is a 460 unit building with studios, 1, and 2 bedroom units.
It has a rooftop swimming pool and exercise room with stunning city views. There is also a funky 1970s decor penthouse party room (with outdoor terrace) where you can see the fireworks on New Years Eve.
I love the green chairs!
Groovy.
The building is well run (for an older building) and prides itself on never having had a special assessment. Impressive.
The units can run at least 50% cheaper than what you’d get at any other building nearby. And you still get the Michigan Avenue address.
The cheapest one bedroom I can find for sale is listed for $229,000. It needs remodeling, but that’s an outstanding price for that location.
Or take this one bedroom that is slightly more expensive.
They’ve already done some renovations on it. Heck, all you’d need to do is install some hardwood floors and it would look like new construction.
Unit #3212: 1 bedroom, 1 bath, 755 square feet
- Currently listed for $259,000
- Assessments of $471 a month
- Parking is available for lease in the building
- Koenig & Strey has the listing
The two bedrooms are also a deal for the area. There is a two bedroom, two bath short sale currently listed for $369,900. It is not renovated. There is also this renovated two bedroom below.
Unit #1314: 2 bedrooms, 2 baths, 1200 square feet
- Currently listed for $449,000
- Property Consultants Realty has the listing
One of the negatives about the building is that there is no in-unit laundry and the building positively won’t allow it. But the location can’t be beat. If you are interested simply in a weekend in-town unit and being right on Michigan Avenue, what can be better?
The prices have been going up in this building in recent years. Perhaps the secret is out.
This is one of my favorite buildings in the area! The building recently remodeled the lobby and plans to do the hallways in the next year or so.
Great value for the location!!
Yes, it’s a hidden gem right there in the heart of the Mag Mile.
I live here on the weekends and love it! Once they redo the lobby it will be a windfall for those currently owner!