Get a 1-Bedroom in the Hot West Loop for Just $175,000: 36 S. Ashland
This 1-bedroom at 36 S. Ashland in the West Loop came on the market in July 2021.
36 S. Ashland is a vintage building with 16 units on Ashland and Ogden.
It was converted into condos in 2004.
It has an elevator and storage in the basement but there’s no parking.
This unit has 10 foot ceilings with a wall of windows with northwest exposure that runs the length of the apartment.
There are Brazilian cherry hardwood floors and a fireplace in the living room with a full granite surround.
The unit has a “euro-style” kitchen with stainless steel appliances, a built-in oven and granite counter tops with a breakfast bar.
The listing says there is a marble bath.
The unit has features buyers look for including central air, washer/dryer in the unit and a private balcony overlooking Ogden.
It doesn’t have parking but it does have private storage in the basement.
The listing markets this as the following:
Investment or in-town condo in a popular, easy-to-rent West Loop location.
Originally listed in July 2021 at $195,000, it has been reduced to $175,000.
But there’s a catch.
The listing also says:
HOA has limited documentation, so no conventional financing. Cash only, sold as-is.
The West Loop is one of the hottest in the city. Would this unit make a good investment?
Rozilyn Dupiton at KellerWilliams OneChicago has the listing. See the pictures and floor plan here.
Unit #204: 1 bedroom, 1 bath, 883 square feet
- Sold in July 2004 for $228,000
- Originally listed in July 2021 for $195,000
- Reduced
- Currently listed at $175,000
- Assessments of $137 a month (includes scavenger and snow removal)
- Taxes of $1601
- Central Air
- Washer/dryer in the unit
- No parking
- Fireplace
- Bedroom: 13×12
- Living room: 16×16
- Dining room: 10×10
- Kitchen: 12×10
- Balcony: 12×5
Looks like this was listed pre Covid
“ The West Loop is one of the hottest in the city. Would this unit make a good investment?”
Maybe.
I’d really want to understand what is owned. Assuming that you own some portion of the physical property there’s some residual value in the land. Guessing a hefty special wipes out most of the owners
Don’t know if you could get the units cheap enough, but this could make a cool Conversion to an 8 unit building
The broker should be forced to wear that bath towel and bathmat to showings for a week.
“Cash only, sold as-is.”
unless you’re an investor, no one is paying cash to live here.
“unless you’re an investor, no one is paying cash to live here.”
Someone might want it as an in-town. While there’s no parking, if you were a sports fan and going to a lot of Bulls or Hawks games, you might want to live right here.
Took a look at the map to see what’s immediately nearby and saw “Billy Goat Tavern (near United Center)”…tell me you’re not a tourist trap without saying you’re not a tourist trap.
So I’m assuming the HOA is unable to get financing for any significant building problems as well. Seems like a pretty risky buy-in.
Unit 501 sold at auction back in 2014. Interior inspections not allowed.
https://www.realtor.com/realestateandhomes-detail/36-S-Ashland-Ave-Apt-501_Chicago_IL_60607_M78222-09009#photo4
Went for $157K in 2014 after selling at $252K in 2006. Ass backwards change in value considering how significantly this neighborhood improved during that period.
What does “limited documentation” mean? Is there no HOA doing anything beyond water, trash collection, and snow removal? Are they cleaning common areas? What about elevator and general maintenance? If the new cash buyer gets involved with the HOA, how long would it take to establish proper”documentation” to make the building financable? What would be the road map to make it financable? Fourteen unit owners should get together and sell the whole thing.
“Fourteen unit owners should get together and sell the whole thing”
16 residential units and 3 commercial in the original declaration.
Converted about 10 years too soon.
Looks like one person presently or in the last few years owned five of the units. Why hasn’t that person fixed whatever documentation problems exist? It doesn’t appear like they are acquiring any more units and therefore intentionally keeping values down.
The condos seem nice and in a rapidly improving neighborhood.
I looked at it last week and inquired on many of the questions from broker. Basically the original developer (or his kids after he died) still own a few units and my guess is perform what limited Management is required themselves (or through a mngt co). All units have Hvac and laundry so limited common area requirements. Most units aside from this one were either foreclosed or held by developer since original sale which I guess wiped out anyone to be on association. If You get it at 150K and rent for 1500-1600 it’s a 9-10 cap, pretty good even with the risks outlined. Obviously The idea would be to get an association back up and running but yeah not sure why no one else in the building has done so. Definitely some Surprises lurking for anyone brave enough to jump in.
Given “traditional financing” is what makes real estate values so lofty in the first place it’s laughable this place is only offered/available to investors at significantly lower prices than would be available if Joe & Jane Blow could borrow to the hilt with conventional financing limitations.
Joe & Jane Blow are never going to have 175k in cash to buy a place like this precisely because they love to borrow as much as they can with government subsidized financing.