Looking for an Investment? A South Loop 2/2 with Parking for $400k at 1 E 8th
This corner 2-bedroom in One Place Condos at 1 E. 8th in the South Loop came on the market in January 2024.
Built in 2009, One Place Condos has 91 units and attached garage parking.
The building does not have door staff and no amenities except, apparently, a clubhouse (?). The listing says that residents can get a discount at the XSport Fitness in the building.
This unit is a “rarely available” corner unit that is being sold by the original owners.
The listing says it has been “lovingly maintained” as a second home and is “gently used.”
It has floor to ceiling west and north facing windows with a split floor plan.
There are hardwood floors in the living/dining rooms and kitchen with “fresh” carpet in both bedrooms.
The kitchen has wood cabinets, stainless steel appliances and is a “rare” unit which has a center island, with seating for two, which was, according to the listing, an original construction upgrade.
The primary bedroom faces west and has 2 closets with custom shelving and an en suite bathroom.
The second bedroom faces north and is also en suite.
This unit has the features that buyers look for including central air, washer/dryer in the unit and garage parking is available for $25,000 extra.
If you’re thinking that this would make a fantastic rental given its location near several universities/colleges, the listing says that there is no rental cap or restrictions except that airbnbs are NOT allowed.
The listing also says the building is 45% owner occupied.
The building is near plenty of South Loop and Printers Row amenities and transportation:
The location is superb-close to the Loop, Columbia College/DePaul & Roosevelt Universities, Trader Joe’s, Jewel, coffee shops, Eleven City Diner, and all the best museums, restaurants, nightlife, and entertainment the South Loop and Printer’s Row have to offer. Just around the corner is the Harrison Red Line Station and Grant Park. Get to I-90/94, 55, and 290 in minutes.
Listed at $375,000 plus $25,000 for the parking, is this unit a candidate to remain as a second home?
Alex Wolking at KW OneChicago has the listing. See the pictures, floor plan and 3D Walkthrough here.
Unit #908: 2 bedrooms, 2 baths, 1047 square feet
- Sold in March 2009 for $300,000 (included the parking)
- Currently listed at $375,000 (plus $25,000 for garage parking)
- Assessments of $720 a month ($668 for the unit and $51 for the parking) (includes heat, a/c, cable, clubhouse, exterior maintenance, lawn care, scavenger, snow removal, Internet)
- Taxes of $6392
- Central Air
- Washer/dryer in the unit
- Bedroom #1: 11×11
- Bedroom #2 12×10
- Living room: 13×11
- Kitchen/dining: 19×15
- Balcony
I think this is a risky investment opportunity, I’m going to stay fully fully subscribed to my blue chip portfolio of Worldcom, Enron, Lehman and a touch of Silicon Valley Bank but thanks for asking
I dont think you could get a lower grade of finishes if you tried. Nice fridge
Highlighting the building reserves at their current state is a questionable decision
(2) 2Brs for rent @ $2600/mo
$340k w/ parking (I assume) seems to be the high water mark for a 2Br – Crack pipe pricing
Owners are smoking crack
This is a nice unit, with lots of light.. I like the floor plan.
Recent comp, 9th floor, not corner, $340k w/ parking:
https://www.redfin.com/IL/Chicago/1-E-8th-St-60605/unit-906/home/39568106
Redfin thinks it’s worht $322, Zillow sez $297 (likely + parking, so ~$322).
This unit is absolutely an upgrade over 906, is it really +10%?
What ruins it for me is having to walk through a bedroom to access a bathroom – kind of a hassle for guests, the 9th floor unit handles that better.
“I dont think you could get a lower grade of finishes if you tried. Nice fridge”
This was a starter condo building which was marketed to parents of college students as an investment. They are small units although this one is one of the larger ones I’ve seen. The finishes weren’t meant to be luxury.
However, it does look like all the finishes are the original ones.
$300,000 in 2009 tells you just how crazy that bubble was.
Properties are still going under contract quickly. I was going to crib on this unit in Lincoln Park but it’s already under contract. 15 days on the market.
https://www.redfin.com/IL/Chicago/1005-W-Webster-Ave-60614/unit-4E/home/13352895
“$300,000 in 2009 tells you just how crazy that bubble was.”
$400k for an Low end, un-updated, small 2/2 in SLoop tells you how crazy the market is
“$300,000 in 2009”
Is $432k now.
The current ask isn’t that far off. And once you consider the 15 year old appliance, HVAC, finishes and building v brand-new in ’09, it’s really a wash.
This one is also contingent
Closed at $386k. 90% loan.