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Get a 2/2 Steps Off Michigan Avenue for $300,000: 210 E. Pearson in Streeterville

This 2-bedroom vintage unit at 210 E. Pearson in Streeterville came on the market in March 2018.

Built in 1928, the building has 62 units but no parking or other amenities. It does have a doorman.

This unit has tree top views and an iron French balcony that faces Pearson.

There are hardwood floors throughout and bookshelves in the separate dining room.

The kitchen has white cabinets and appliances.

There’s central air, but no washer/dryer in the unit. However, the building now does allow in-unit washer/dryer if you want to install it.

Listed at $370,000 in March 2018, it has recently been reduced to just $300,000.

The listing also says the following:

SELLER IS OFFERING TO PAY A MONTHLY ASSESSMENT FOR ONE YEAR (1366 X 12 = $16,392) AT CLOSING AND SELLER WILL PAY ONE YEAR 2020 RE TAXES AT CLOSING ($7500).

This building is directly across from the MCA and Seneca Park, steps from Michigan Avenue and near Northwestern Medical Center.

Will paying the assessments for a year finally close this deal?

Terry Petit at Baird & Warner has the listing. See the pictures here.

Unit #2A: 2 bedrooms, 2 baths, 1400 square feet

  • I couldn’t find the previous sales price but it was prior to 1994
  • Originally listed in March 2018 for $370,000
  • Reduced several times
  • Currently listed at $300,000
  • Offer to pay assessments for a year and one year taxes
  • Assessments of $1366 a month (includes heat, gas, doorman, cable, Internet, exterior maintenance, lawn care, scavenger, snow removal)
  • Taxes of $7390
  • Central Air
  • No washer/dryer in the unit (coin laundry in the building)
  • No parking
  • Decorative fireplace
  • Bedroom #1: 15×11
  • Bedroom #2: 10×9
  • Living room: 18×15
  • Dining room: 15×12
  • Kitchen: 19×12

This entry was posted on Monday, January 13th, 2020 at 5:34 am and is filed under Streeterville. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

2 Responses to “Get a 2/2 Steps Off Michigan Avenue for $300,000: 210 E. Pearson in Streeterville”

  1. Am I crazy thinking this is a great deal at this price.

    Adjust price to 275k.

    At 4% costs of capital – around 1k a month
    Taxes – 600 a month
    Assessments – around 1k a month

    So actual costs about 2600 a month. 1400 sq ft in new luxury rental costs about 4400 a month. Granted you don’t get the amenities but that’s a lot cheaper.
    I’d guess a special assessment maybe coming?

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  2. A good deal at the price, given rents in that area, but it needs a lot of freshening up, beginning with that sad kitchen.

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