Buy a 2-Flat in Old Town with 2-Car Parking for $750,000: 304 W. Concord Place
This vintage 2-flat building at 304 W. Concord Place in Old Town came on the market in April 2022 but was also listed in 2021.
Built in 1881 on a smaller than standard Chicago lot of 24.1 x 94.22 lot, it still has room for 2-car parking.
The listing says it is one lot with 2 PINs and also says it “presents the opportunity to build an additional dwelling unit on rear portion of lot, please inquire for details.”
It’s also being marketed as being rented or rehabbed into a single family home.
Both units are 1 bedroom and 1 bath.
Unit 1 is a one bedroom with a loft with tall ceilings and hardwood floors. It’s kitchen has wood cabinets and stainless steel appliances.
Unit 2 is a junior one bedroom which has been “recently renovated” and is “generating an average of $2,333 a month.”
There’s no average rental price data given for Unit 1.
Laundry is in the rear of the building along with a sunroom.
The property has a “newer” fenced backyard with pavers and 2-car parking.
The listing says it’s in Lincoln Elementary and is near the shops and restaurants of Old Town.
Listed in January 2021 at $925,000, it was reduced to $799,000 by October 2021 before being removed. It has come back on the market at $750,000.
At this price, will someone take it on as a single family home conversion?
Katherine Waddell at Compass has the listing. See the pictures here.
304 W. Concord Place: 2 bedrooms, 2 baths, 2 unit building
- Sold in February 1999 for $150,000
- Sold in March 1999 for $199,000
- Sold in May 2004 for $455,000
- Sold in May 2005 for $407,500
- Sold in June 2015 for $445,000
- Sold in November 2016 for $589,000
- Second Pin: sold in March 2012 for $30,000 (?)
- Second Pin: sold in December 2016 for $191,000
- Listed in January 2021 for $925,000
- Reduced several times
- Was listed in October 2021 for $799,000
- Listing removed in 2021
- Currently listed at $750,000
- Taxes of $13,126 (not sure if there are taxes on the second PIN or if this includes both)
- Central Air
- 2-car outdoor parking
- Laundry room in the building
- Unit 1: 1 bedroom, 1 bath
- Unit 2: 1 bedroom, 1 bath generating “on average” of $2,333 a month
“ At this price, will someone take it on as a single family home conversion?”
LOL, no
“ Listed in January 2021 at $925,000, it was reduced to $799,000 by October 2021 before being removed. It has come back on the market at $750,000.”
Paid $780k for both parcels. Losing +$80k is the new HAWT(tm). This is turning into Wall St Bets, with the loss porn
The last 2 buyers of this place were delusional as to the value.
That loft space looks highly useable with a ladder to access. Main bath needs some work – grout failures
If they are really getting $2300/mo rent on the Garden apt, for the right buyer (O/O, really wants to be here, ok with tenants & a 1Br), not a terrible deal. But that’s a small pool, anyone else buying is going to lose money.
I have thought about buying something like this and live in both units as a more affordable single family alternative. Use the top floor as bedroom, living, and kitchen and the bottom unit as office and gym. I can’t afford any actual single families that are not being sold as tear downs, but multi-family is a bit more cheaper.
It’s in the OTT, so very limited ability to change the appearance from the street side.
It you could get $5k combined monthly gross rent (2 units + parking), it’s not crazy at $750k.
Are the neighboring buildings on North Park rentals or condos?
“Are the neighboring buildings on North Park rentals or condos?”
Rentals. I believe they are primarily (if not exclusively) one bedrooms and there are between 9 and 12 units that run the length of the east side of the property.
If I already owned the 3 buildings to the east, I’d be very interested in this at the right price–so there is definitely a floor here that the current ask is probably pretty close to hitting.
“I have thought about buying something like this and live in both units as a more affordable single family alternative.”
Right? Even if you have to put $250,000 to convert it into workable space, that still puts it on par with townhouses in the neighborhood and is still cheaper than newer duplex downs being built. And you get 2 parking spaces.
What bike ride event is being shown on the google street view?
IMHO as an Old Town bigot ( stay west all ye stinking bucktowners )
for owner occupiers
JohnU
“If they are really getting $2300/mo rent on the Garden apt, for the right buyer (O/O, really wants to be here, ok with tenants & a 1Br), not a terrible deal. But that’s a small pool, anyone else buying is going to lose money.”
Yeah – that is going to be one small small pool of buyers that are super hard up to want to be in the triangle and looking to make the compromise of having tenants on-site. I would suspect that those buyers would have purchased multi unit or two flats elsewhere and lived in a separate place maybe further north closer to Depaul.
Anon:
It’s in the OTT, so very limited ability to change the appearance from the street side.
It you could get $5k combined monthly gross rent (2 units + parking), it’s not crazy at $750k
yeah I can see it as investment only. Dealing with the big blue haired OTT district is such a gamble in terms of getting changes.
Anon: How much more sq footage could you actually get? can the rear part be more square shape like what people do with bungalows or that sq shape would be seen from the street and hence a no go.
Lastly OTT is what it is. If there wasn’t the association, then as anon pointed out on North Park. Look at North Park just two short blocks south. Tons of single family homes going on with two garage parking on the front of the street with curb cuts and older 2 flats being torn down.
“Lauren on April 19th, 2022 at 8:31 am
I have thought about buying something like this and live in both units as a more affordable single family alternative. Use the top floor as bedroom, living, and kitchen and the bottom unit as office and gym. I can’t afford any actual single families that are not being sold as tear downs, but multi-family is a bit more cheaper.”
This is what my wife & I eventually plan on doing with our 2-unit on the NW side when we feel like we want to upgrade from our 1 bedroom apartment and stop short-term renting the other unit. Only downside — unless you officially de-convert — is that your Chicago utility bill will be a bit higher since they charge by the number of dwelling units. Same goes with insurance & price gouging from Peoples Gas, which hits you with a ~$37 delivery charge per metered unit. Definitely not deal-breaking amounts though given the high cost of entry for SFH in the area.
This is a nice 2-flat but Chichow summed it up: There’s better value 2-4 unit homes elsewhere if you’re willing to make the sacrifice of dealing with tenants on site. If you’re looking to “househack” (hate that term but that’s what they call it) to just offset some of your PITI from a higher quality tenant you’d likely get in this area, then this is an acceptable purchase, especially for two DINKS with growing incomes who want the option of expanding later on without the hassle (and transaction costs) of moving.
“generating an average of $2,333 a month.” – Average? What was the last amount for which it was rented? Should be a simple answer. The weasel-y language makes me think the rental rate is less than advertised.
you can see 304 next door setup as a SFH
https://www.redfin.com/IL/Chicago/306-W-Concord-Pl-60614/home/13343228
how much does cc thinks this rents for?
https://www.redfin.com/IL/Chicago/1750-N-Wells-St-60614/unit-103/home/177868843
Looks like the $750 ask was the magic spot.
House is $400/mo more expensive after the cut & rate hike
Ouch
Why not punch a hole an put in a spiral staircase and make it a single dwelling? In Italy they have mini=kitchens in some larger homes’ upstairs. So it would be cool to have 2 kitchens on different levels. I’m surprised you don’t see that more often in 10,000 sf mansions in the USA.
“it would be cool to have 2 kitchens on different levels”
HH supporting the kosher kitchen layout!
“you can see 304 next door setup as a SFH”
We chattered about the house next door. Twice.
http://cribchatter.com/?p=27410
anon (tfo) on April 20th, 2022 at 5:15 pm
“HH supporting the kosher kitchen layout!”
HH has always been appreciative of many diverse cultures here!
…
Now I curious how the next owner will use the house. Full investment, live in half, live in both, convert to single family? Could they build a garage and roof deck?
This sold for 801K
“This sold for 801K”
Thanks for the update Bluestreak. Wow. Didn’t see that coming. But rents continue to rise so maybe that was in play.