Get a 2-Bedroom West Loop Loft for Under $330,000: 1500 W. Monroe
This 2-bedroom loft in the Park 1500 Lofts at 1500 W. Monroe in the West Loop came on the market in August 2015.
It has all the features loft lovers look for including 14-foot high timber ceilings, industrial windows, and exposed brick.
It has a split floor plan and the bedrooms even have full size walls and both bedrooms appear to have windows.
The kitchen has maple cabinets, stainless steel appliances and granite counter tops.
It has central air, washer/dryer in the unit and garage parking is $25,000.
Listed at just $300,000, and at 1300 square feet, this seems like a deal for the hot West Loop.
Why isn’t this selling?
Paul Blackburn at @Properties has the listing. See the pictures here.
Unit #403: 2 bedrooms, 2 baths, 1300 square feet
- Sold in January 2002 for $241,500
- Sold in July 2004 for $293,000
- Sold in April 2006 for $334,000
- Originally listed in August 2015 for $335,000 (not sure if this included the parking or not)
- Reduced
- Currently listed for $300,000 plus $25,000 for parking
- Assessments of $452 a month (includes doorman, cable, exterior maintenance, snow removal, scavenger)
- Taxes of $3691
- Central Air
- Washer/Dryer in the unit
- Bedroom #1: 15×11
- Bedroom #2: 12×11
It’s directly across the street from some sort of community center for downtrodden people. I’m not sure exactly who they serve. When I was looking for my condo, my realtor steered me away from this location.
Hmm.. now is probably the time to buy in that building. I just read the community center will be closing: http://chicago.curbed.com/archives/2015/05/28/west-loop-salvation-army-for-sale.php
“Hmm.. now is probably the time to buy in that building. I just read the community center will be closing:”
Yep- even MORE apartments. This is great for renters though. It means rental prices will come down because they’ll overbuild again.
https://www.bisnow.com/chicago/news/multifamily/cedar-street-buying-former-salvation-army-campus-for-20m-49785
Iirc Salvation Army’s only selling part of near west side holdings & still will own/operate large res building one block north on Madison
If an astute investor bought this unit, how much would it rent for? My guess is $2300 per month.
“Iirc Salvation Army’s only selling part of near west side holdings & still will own/operate large res building one block north on Madison”
Thanks Southbound. In the articles I saw, they said they moved most of their operations to Humboldt Park. The land has probably become too valuable in the West Loop location now.
I don’t see what the big deal is. There’s a YMCA apartment high rise right in the middle of the Gold Coast on Chicago and no one blinks an eye.
“If an astute investor bought this unit, how much would it rent for? My guess is $2300 per month.”
If they are going to ask $2900 a month for 1-bedroom apartments in East Lakeview- on Sheridan Road, no less, then I would think you could get more than $2300 a month for this unit.
Who is paying these rents?
http://chicago.curbed.com/archives/2015/09/10/2950-n-sheridan-update.php
“There’s a YMCA apartment high rise right in the middle of the Gold Coast on Chicago and no one blinks an eye.”
At least the Salvation Army still tries to help people’s souls, asks them to seek God, not just hand out a ham sandwich so the volunteers can feel better… about themselves. The YMCA dropped the “C” out of it, or like today’s charities under Obama, was forced to drop it.
YMCA has been known as a fag hangout and abode of lunatic fringe liberalism for so long (70’s) that it’s basically comedy material for jokes.
Former Governor Ryan was housed at that “community center for downtrodden people”.
Keeping in mind that most loft buildings are former warehouses and due to their huge footprints with limited natural light they often have many “exterior walls”…some of which are inward-facing…I’m suspicious of the views. Why no pictures from the balcony or windows, while the lovely red laundry units get 2 photos?
I’m guessing that this unit faces an interior courtyard, ie: your balcony has a lovely view of the balcony across the way. Same with the windows.
@Sara
>> I’m guessing that this unit faces an interior courtyard, ie: your balcony has a lovely view of the balcony across the way. Same with the windows.
I saw this place las week. I wish it looked at courtyard. The windows face east and all you see is big black wall of next building 15 feet away. Very disappointed. Other down sides to this place.
– Parking is in basement of different building. You have to go outside to get to the garage.
– Kitchen and bathrooms need updating.
– The unit had been rented out and in general is worn out.
I recall seeing this exact tier on a lower floor a few years back. The living room area seemed pretty narrow to me. And yes those great big west facing windows face the wall of a building next door and the south facing balcony area faces a light well so there is no view. It’s a decent location but I prefer being a little more closer to West Loop proper.