Attention Developers: “Stalled” Development Awaits: 439 W. Webster in Lincoln Park
This 3-flat plus coach house at 439 W. Webster in Lincoln Park was purchased in 2006.
It has been on and off the market since 2008.
But now the listing says it is a “stalled development opportunity for experienced developers.” (checking out the pictures, that is an understatement).
The units are as follows:
- 2 bedrooms/1 bath
- 2 bedrooms/1 bath
- 3 bedrooms/3 bath duplex up
- 1 bedroom/1 bath (assuming this is the coach house
What is a price someone will be willing to pay for this property given the development costs?
It still has location, location, location.
Patrick Santry at Coldwell Banker has the listing. See the pictures here.
439 W. Webster: 3-flat and coach house, 1 car garage
- Sold in May 1996 for $460,000
- Sold in August 2006 for $850,000
- Several lis pendens filed
- Originally listed in December 2008
- Currently listed for $750,000
- Taxes of $13,670
- The listing says it’s in the Lincoln Park High School district
‘has been gutted’ – not so much. Still see a lot of walls, door, etc. When I hear gutted, I want new everything: mechanicals, walls, floors, ceiling, roof, etc.
As to the coach house. Can’t tell from the overhead but if the coach house is utilized then there is no parking.
An with the ‘Historical Distric’ can you ecen tear it down for a garage?
-I’m assuming that this would have to be a cash purchase due ot the condition. If that is the case then why would any developer buy it from this guy instead of waiting for the foreclosure auction. If your paying cash isnt that the better route?
Looks like they were gutting the place to turn it into generic 2/2s with the kitchen smack dab in the middle of each unit, open to the combo LR/DR. Whoever buys it could actually utilize some of the vintage elements that haven’t been destroyed! Unfortunately the vintage elements that remain aren’t too impressive. And the building is overpriced.
The location is excellent, though. I suppose you could turn it into a massive SFH.
Ouch someone call Mike Holmes. I second the thought on the foreclosure – why bother if it’s going to come back in a few months anyway?
how much do people think it would take to renovate these 4 units to surrounding standards? Take that amount and subtract it from what people think the units will sell for. Then make an offer 20-30% less than that. If you are a builder, this may be an opportunity.
Leave time for an extensive permit review, in addition to a probable cash sale requirement.
“stalled development” = “stuck turd”
Sage words from Architect re: permit efforts / times, in this hood. . .
But still. . . $750k for an opportunity to be a Chicago Jr. Landlord (and Chief Executive Rehabber) of a joint that would yield 2 2/2’s and a 1/1 for rentals? In Lincoln?
Totally agree w/Tom I’d like to see a little more work done on it already, but, on the foreclosure sales, how much lower do you think this will go?
Considering substantial land value, it has to be within 10% of a sale price. Even given the work needed.
(More I thinkaboutit, damn good thing this sucker wasn’t on the market early last year, or I might be sitting in unit 2 taping freaking drywall right now. . .)
One great thing about a place like this is that you have the opportunity to do it right. You can do things like build an enclosed kitchen and size the baths correctly and put in a zoned HVAC system and really heavy insulation.
It could become somebody’s dream SF house but it’s hard to see why anyone would bother, what with the glut of high-end SF homes in LP and Lakeview whose prices are dropping now. And Chicago surely doesn’t need more condos.
AAAAHHHHHHH
Welcome to my world. If I were to invest in it, I would go the SFH route with a nice in-law at the garden level. At this point, there is no chance to save any of the interior vintage details, so ultra contemporary would be the way to go. Don’t think the carriage would be able to be turned into parking as there doesn’t seem to be driving acccess…hard to tell from google.
For the lot in this area, I am sure the asking is . anon(tfo) land value?
I generally need to see the place BEFORE any demo starts to see what the original layout is, but it is doable. Hard to get into a gut tear out at this point and immediately have a vision…and the potential to get to that point.
Touch call.
i like it; for the potential