“Fantastic Home or Investment” in the Heart of DePaul: A 3-Bedroom at 842 W. Fullerton
This 3-bedroom vintage unit at 842 W. Fullerton in the DePaul neighborhood of Lincoln Park came on the market in October 2022.
Built in 1905, the building has 3 units, a garage and a common garage roof deck. It also has a storage area.
The listing says this unit could be a “fantastic home or investment.”
It has some of its vintage features including door and window moldings and 2 fireplaces, including one in the living room and one in the primary bedroom.
There are hardwood floors throughout.
The kitchen has wood cabinets, an island, what looks like stone counter tops and a tile backsplash and stainless steel appliances.
It has a front facing balcony.
The unit has some of the features buyers look for including central air and side-by-side washer/dryer. There’s no parking but the listing says “parking options available.”
This building is directly across the street from DePaul University, is near the brown and red line stop at Fullerton, on the Fullerton bus line, and is near the shops and restaurants of DePaul and central Lincoln Park.
In the Zillow listing, it looks like it was on the rental market in 2021 for $3600 a month.
Listed at $564,000, the Redfin payment calculator tells us that with 20% down and a 30-year fixed mortgage at 6.7%, the monthly payment would be $4521 per month.
Given the location, would this apartment make a good investment property?
Victoria Jones at Berkshire Hathaway HomeServices has the listing. See the pictures here (sorry, no floor plan).
Unit #2: 3 bedrooms, 2 baths, no square footage listed
- Sold in April 1994 for $194,000
- Sold in July 2001 for $366,000
- Currently listed at $564,900
- Assessments of $300 a month (includes exterior maintenance)
- Taxes of $12,893
- Central Air
- Washer/dryer in the unit
- No parking- but parking available in the neighborhood
- 2 fireplaces (one in the living room and one in the primary bedroom)
- Bedroom #1: 14×14
- Bedroom #2: 12×12
- Bedroom #3: 12×9
- Living room: 19×12
- Dining room: 13×12
- Kitchen: 17×16
- Office: 12×8
- Sitting room: 12×9
- Balcony
It’s a sub 4 cap rate. Owners are fishing for a student with wealthy parents
Nice college housing, wouldn’t want to live here
When I was a leasing agent a few years ago, I rented out the condo upstairs. It had much more character like pocket doors, original built-in cabinets and a less dated kitchen and bathrooms and was leased for a steal compared to what it would cost to live in #2 here.
July 2001 for $366,000 + CPI = $610k
Assessor’s Value is higher than the asking price.
Finishes are all from 2000; appliances might be as well. Given no mention, wouldn’t doubt that the HVAC and water heater are too. Feels like a lot of deferred upgrades, other than the paint.
Some pretty bad pix of #3 ($625k in Jun-17) are here:
https://www.redfin.com/IL/Chicago/842-W-Fullerton-Ave-60614/unit-3/home/13361150
#1 is a more recent sale:
https://www.redfin.com/IL/Chicago/842-W-Fullerton-Ave-60614/home/13361151
Redfin sez May-22, but it did close in May-21.
That’s way more than $150k nicer than this place, before considering HMAM.
At this price I was expecting it to be in the exceptionally beautiful section of Fullerton between Halsted and Clark. This is just west of Halsted where it is not as charming.
This unit could benefit from one of those pre-listing renovation companies that do light remodeling. Paint the kitchen cabinets, upgrade the appliances, countertops replaces, new tile in the main bathroom. Maybe a fresh cost of paint and sanding the floors. They it would be “new”, appeal to a wider range of buyers, and sell or rent much quicker.
The only question is if it would merit a price high enough to justify that cost?
“This unit could benefit from one of those pre-listing renovation companies that do light remodeling.”
Renovation Sells.
Maybe they think they won’t get the money back out.
Would never live on this block of Fullerton. Buses go by constantly, interrupted only by the trains every five minutes. Plus, it’s always been ugly there.