East Lincoln Park Row House that is a 2-Unit Airbnb Relists: 1928 N. Lincoln
This 6-bedroom Italianate row house at 1928 N. Lincoln in East Lincoln Park came on the market in November 2022.
We last chattered about it in November, when it was first listed as a single family home.
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.
It’s being marketed as a multi-unit building now. 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 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.
The room in the front of the unit is now called a sunroom on the floor plan, but was a bedroom in November.
There are now 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 prior listing said the house was repainted, the bathrooms remodeled and the staircase restored since the prior sale.
It has central air and a wood deck. The prior listing said it had a “California patio.”
Here’s the breakdown for each unit:
- 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.
Will the spring season help move this property?
Matthew Liss and Blazena Bilic at Mark Allen Realty now 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 last 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
- Taxes are now $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
- Unit #2: monthly Airbnb rent $8,000
- 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
“ 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”
Link to these? Not seeing it on ABnB.
If the owner was able to actually rent these for anything close to whats posted, they’re undervaluing the property by a considerable amount. $4k for a garden 2/1 is a pipe dream
Don’t remember the old floor plan but I would have thought the market would be stronger for an aSFH Vs duplex at this location and price point
Like the 3rd Br TV placement
The bar seating is a complete waste
“$4k for a garden 2/1 is a pipe dream”
$200/night isn’t crazy, and could probably top 25 nights occupancy over the summer. But unlikely to get 10 in Jan/Feb, so I really doubt the implied year-long 65% occupancy at $200 average.
I’ll give it this: it’s certainly furnished like an airbnb.
^I assume they’ve taken it off ABnB to list it (as well as the potential of a sale disrupting future bookings). Right now, isn’t the “hot season” for Chicago ABnB….
As for the monthly rental amounts, I think those are totally reasonable for an ABnB BUT it’s a full-time gig. Most comparable properties in LP go for $200-$400/night. So, it all depends on how many nights/month it’s actually rented. I assume it’s pretty good in the summer, but pretty horrid in the winter. So, it’s not a steady monthly income stream like a rental and requires a lot more effort certainly. Clearly, the owner doesn’t think it’s worth it because they’re trying to sell it 9 months later!
I agree that a SFH is probably more desirable. I know someone who got a similar property in a similar area and built a staircase between the units. It’s usually doable if so desired.
Having garage parking is nice….the vintage features are nice but have been a neutered feel IMO given the paint/design choices around them to try to be “trendy.” The partitioned bedroom(s) are awkward, but clearly for ABnB.
I’m surprised this hasn’t been scooped up given location/size/vintage/price — there’s not much inventory like it. But the property itself doesn’t totally excite me (and apparently other potential buyers) either….I wouldn’t really want to be directly on Lincoln either.
“I wouldn’t really want to be directly on Lincoln”
With the nightlife to the north all gone, and no bus, it’s not so bad, but being right on the alley (without gaining any light from side windows) and right across from Ranalli’s is still less than ideal.
I do like the location and this could be a decent investment.
“$200/night isn’t crazy, and could probably top 25 nights occupancy over the summer. But unlikely to get 10 in Jan/Feb, so I really doubt the implied year-long 65% occupancy at $200 average.”
Could be the a’hole ABnBers that charge $250 cleaning fee + charge you for not doing the laundry
Looks like comps are in the $3’s for the 4Br in LP and guessing the occupancy rate is less vs the 2Br
I came to see the California patio but was sadly disappointed that its just an ordinary deck. Also, what happened to the millwork above and below the living room tv? Not a good indicator of a quality rennovation if they removed a wall, but didn’t spring for continuity of the base and crown. I’m sure it would be hard to match, but only a few hundred to have a new knife made so it could be custom milled.
Looks like owner has only had it for a year, but listing mentions 70yrs in the same family.
All things considered, for close to a mil it’s interesting especially with the option to lease one of the units and live in the other.
“Also, what happened to the millwork above and below the living room tv?”
Yep- removed the wall and didn’t replace the millwork. But those moldings could be hard to replace. Could be plaster.
“$200/night isn’t crazy, and could probably top 25 nights occupancy over the summer.”
Can it? Airbnb landlords really need to speak up. You are lucky if you’re getting 25 nights in Florida in February.
“Link to these? Not seeing it on ABnB.”
It’s in the listing. This house was on Airbnb when we discussed it in November. That’s when they used the Airbnb pictures in the listing. There were reviews etc.
Must have taken it down.
“Can it? Airbnb landlords really need to speak up.”
Have friends who are, and do hit 25+ in June, July, August. But rarely see 15 the other 9 months.
“Have friends who are, and do hit 25+ in June, July, August. But rarely see 15 the other 9 months.”
Interesting. Even big time vacation destinations like Florida and Playa del Carmen aren’t even doing numbers like that during peak winter season. But maybe more people want to come to Chicago in the summer than I thought or your friends have something fantastically located. Good for them.
“your friends have something fantastically located”
This is a better location than theirs. They underprice a little, so that helps.
To be clear–I really doubt this place could maintain 65%+ occupancy at weighter average $200/night downstairs and $400/night upstairs. But I do think that it would easily beat 65% in the (up to) 4.5 good months, with some weekends topping those rates.
“Even big time vacation destinations like Florida and Playa del Carmen aren’t even doing numbers like that during peak winter season.”
We stayed near Playa del Carmen a few weeks ago, but at a resort. During the same week, our neighbors across the street landed in Cancun, turned on their phones, and had received an email while in flight that the Airbnb they rented had been canceled. Bummer
“During the same week, our neighbors across the street landed in Cancun, turned on their phones, and had received an email while in flight that the Airbnb they rented had been canceled. Bummer”
Anonny: what’d they do? This was during the peak holiday season when most resorts were at 100%. Did they find an alternative and at what price?
What was the reason they gave for the cancellation? That’s the thing with using airbnb, you have some protection against that, but not 100%. This is why I don’t use airbnb. Hotels can overbook too, and some resorts did do that during the holidays this year (heard it was pretty much a nightmare in the Riveria Maya and Cancun because they weren’t ready for 100% occupancy after nearly 3 years of not seeing it. Were understaffed and, in some cases, resorts ran out of some foods and alcohol.) But at least you have some recourse if the big chain hotel does it.
This place is marked contingent.