East Lincoln Park 2-Flat is Still Available for $1.285 Million: 1928 N. Lincoln
This 6-bedroom Italianate row house at 1928 N. Lincoln in East Lincoln Park originally came on the market in November 2022.
We have chattered about it twice, with the last chatter in January 2023. It was originally listed as a single family home but is now listed as a 2-flat.
You can see our chatter here.
Built in 1875, the listing says it was built by Andrew McNally with large blocks of Joliet limestone. The prior listing from last year says that they used limestone because of the Great Chicago Fire in 1871. It also said that just 3 families had lived in the house until the prior sale.
It’s on a corner lot measuring 25×100 and has a 1-car garage.
You may recall, the row house has some of its vintage features including the grand staircase with the original wood restored and 12 foot ceilings.
The main unit is a 4 bedroom, 2.5 bath duplex up and the second unit is a 2 bedroom, 1 bath in the lower level.
The duplex has plaster walls and picture moldings.
The main kitchen has gray cabinets and stainless steel appliances with a breakfast bar that opens into the dining room.
It appears there are two fireplaces in the living/dining room.
There are 4 bedrooms on the second floor floor plan. The primary bedroom has an en suite full bath.
There’s also a second bathroom on that level.
The lower level unit has 2 bedrooms and a full bath. The prior listing said it had been “rehabbed.”
It has a separate entrance, a full kitchen and laundry.
The row house has central air and a wood deck. A prior listing said it had a “California patio.”
Here’s the breakdown for each unit from a prior listing:
- Unit 1: 2 bedrooms, 1 bath, rents on Airbnb for $4,000 a month
- Unit 2: 4 bedrooms, 2.5 baths, rents on Airbnb for $8,000 a month
This row house is near Lincoln Park Zoo, the Green City Market and the shops and restaurants of Old Town.
Listed in November 2022 for $1.295 million, it has come back on the market, reduced $10,000, at $1.285 million.
It went under contract in January 2023 but was relisted at $1.285 million in April 2023.
The row house is still listed at $1.285 million.
What will it take to sell this property?
Matthew Liss and Blazena Bilic at Mark Allen Realty still have the listing. See the pictures and floor plan here.
1928 N. Lincoln: 6 bedrooms, 3.5 baths, no square footage listed but it had 3309 square feet in the first listing, multi-unit row house
- No prior sales price as prior listing said the same family owned it for 70 years
- Sold in January 2022 for $1.129 million
- Originally listed in November 2022 for $1.295 million
- Withdrawn
- Re-listed in January 2023 for $1.285 million
- Contingent in January 2023
- Re-listed in April 2023 for $1.285 million
- Currently listed for $1.285 million
- Taxes are still $17,943 (they were $21,631 in November 2022)
- Central Air
- 1 (or 2?) wood burning fireplaces
- 1 car garage
- 25×100 lot
- Unit #1: monthly Airbnb rent $4,000 (per prior listing)
- Unit #2: monthly Airbnb rent $8,000 (per prior listing)
- Bedroom #1: 13×12 (third floor)
- Bedroom #2: 14×10 (third floor)
- Bedroom #3: 10×10 (third floor)
- Bedroom #4: 13×11 (third floor)
- Living room: 18×13 (second floor)
- Dining room: 13×12 (second floor)
- Sunroom: 12×8 (second floor)
- Kitchen: 13×7 (second floor)
- LL Bedroom #1: 12×11
- LL Bedroom #2: 11×7
- LL Kitchen: 9×8
- LL Living room: 13×11
- Deck
“What will it take to sell this property?” – A really stupid buyer enamored with running an AirBnB
You can tell the quality of the reno by the care that they took getting the trim right in the living room. Nothing like having a turd as the focal point of the room
Glad to see were still shilling for AirbnB
Is LP not HAWT(tm)?
The ABB income is either overstated, or they aren’t asking enough.
Given that it is still listed, we probably have a conclusion to draw.
Let’s say they rent the basement for $250/night x 4 nights per week x 4 weeks = 16 days or $4000…but that is your gross. You have to pay to clean it, maintain it etc. So let’s say you net $3K a month on average throughout the year…why would you not just rent the unit to renters and not be on the constant hamsterwheel of having to clean etc.
@JohnnyU and @anon (tfo), I had the same though. If the current owners were really getting this income, no way they would be selling. Also, if the intent is the air bnb the whole building, no way you are paying to close attention to construction quality. I also wonder how it is even legal for both units to be air bnbs. I am too lazy to check…but do they have a license for both units? I encourage anyone in a multi unit condo to figure out quickly the max number of licenses in their building and grab at least one for themselves. I have a buddy who is living this hell right now. There was one unit available, he didn’t get it. Some realtor bought the unit as an air bnb and it is essentially a party house now. Just a nightmare of constant partiers…because let’s face it, Chicago has plenty of hotels. There isn’t that much of a need for air bnbs beyond folks who want to throw a rager but not be responsible for clean up.
“There isn’t that much of a need for air bnbs beyond folks who want to throw a rager”
Not a lot of hotels where you can get 4 beds, a living room and a kitchen for $500/night. Traveling with kids, for a city vacay, is a fantastic use case.
“The ABB income is either overstated, or they aren’t asking enough.”
No airbnb property is occupied 100% of the time. In most places it is seasonal. You will likely go weeks without a booking in Chicago. Who is coming in January and February, for instance.
I just saw a woman with an airbnb in California announce that she was likely ditching airbnb by 2025 to list it to full time renters because of all the taxes cities and states are adding onto short-term rentals and also because of the slow periods of the year where she doesn’t make any money.
“No airbnb property is occupied 100% of the time.”
Yet the sellers held it out as producing $12k income per month. Not “some months”; per month.
So, $12k per month is overstated, or they aren’t asking enough.
“Yet the sellers held it out as producing $12k income per month. Not “some months”; per month.”
Maybe they have some months with very low amounts and some with very high and this is the average.
People can go look on airbnb and see what it’s renting for.
People can go look on airbnb and see what it’s renting for.
Link?
What it’s renting for and the income it generates are 2 different things
Embarrassing
“Maybe they have some months with very low amounts and some with very high and this is the average.”
If it is the average, they are not asking enough for the property. The ask is a (gross) 10 cap $144k in annual (gross) income. Even in the current rate environment, that’s “cheap”.
“Maybe they have some months with very low amounts and some with very high and this is the average.”
Give the rationalization hamster a rest
Whoever buys this is a moron
“What it’s renting for and the income it generates are 2 different things”
I guess you’ve never been on airbnb JohnnyU. But you can usually see the calendar and what dates are available (or not). It would give you a good idea of how popular a property is and if it’s actually renting consistently.
“Give the rationalization hamster a rest”
Huh? I think airbnb should be banned in Chicago.
“I guess you’ve never been on airbnb JohnnyU. But you can usually see the calendar and what dates are available (or not). It would give you a good idea of how popular a property is and if it’s actually renting consistently.”
I guess you’re sauced Sabrina as your response did nothing to answer the question I posed.
1) The Unit is not on AirBnB
2) The unit wasnt on AirBnB last time
3) No one has any hard data that supports the income numbest reported
4) You make up imaginary scenarios as to how it might be possible and treat it like gospel, even in the face of conflicting information that would give a sober/intelligent person pause
5) You discount any counter arguments by a combo of Gaslighting, creating strawmans, moving the goal posts and flat out lying
I dont know what your fascination is with making bad faith arguments, but you are a master. If you’re like this in real life, I pity anyone forced to spend time with you. Seek help
“2) The unit wasnt on AirBnB last time”
Yeah- the unit was on airbnb. They even used the pictures from the listing. That might have been the first time they listed it. Had the towels folded on the beds. Lol.
But you can go look and see if you can find it. I don’t really care, but it was on there at some point. I’d check vrbo too. Usually if you list on one, you list on both.
“Yeah- the unit was on airbnb. They even used the pictures from the listing. That might have been the first time they listed it. Had the towels folded on the beds. Lol.”
Lie. Go look back at the discussion
“But you can go look and see if you can find it. I don’t really care, but it was on there at some point. I’d check vrbo too. Usually if you list on one, you list on both.”
You dont care, but yet still feel the need to lie for some unknown reason
Interesting
Sold in March at $1.25m. 75% mortgage.