Get a 5-Bedroom Victorian House in Lincoln Park for Just $499,000: 637 W. Schubert
This 5-bedroom Victorian house at 637 W. Schubert in Lincoln Park came on the market in May 2013.
Originally listed for $575,000, it has been reduced to just $499,000.
What’s the catch?
Built in 1876, it is on a smaller than average size lot of 27×52.75.
There’s no garage.
One side of the house is also on the unusual “street/alley” that is Geneva Terrace which leads to the enclave of million dollar homes that we have chattered about before (see that chatter here.)
It is being sold “as-is” as a teardown (in fact, it is listed both as a house and as a piece of land on the MLS.)
The listing says it has RT4 zoning.
Most of the listing pictures are of the exterior of the house although there are a couple of the interiors.
3 of the 5 bedrooms are on the main floor with two on the second floor.
How low will this go before a developer takes a chance?
Maribel Selva at Coldwell Banker has the listing. See the pictures here.
637 W. Schubert: 5 bedrooms, 2 baths, no garage
- Sold before 1987
- Originally listed in May 2013 for $575,000
- Reduced
- Currently listed “as-is” for $499,000
- Taxes of $7802
- No central air
- Bedroom #1: 10×10 (main level)
- Bedroom #2: 12×10 (main level)
- Bedroom #3: 10×10 (main level)
- Bedroom #4: 10×12 (second level)
- Bedroom #5: 10×10 (second level)
Oh wow, long, long ago I lived around the corner from this house. I always thought it looked so charming on the outside. I’m kind of sad that it might be torn down – the lot size though seems like it would be a huge deterrent to a developer.
Cute house in a nice neighborhood…I’m surprised it didn’t sell at $575k. Being on the alley isn’t ideal, but the price reflects that. I hope a family moves in here and it doesn’t get torn down for another ugly cinder block condo building.
RT-4 allows a 1.2 FAR, which amount to a little over 1700 sf (above-grade–so just under 2600 including a basement level) on this lot. I don’t see the teardown play here–say you could squeeze a $350 psf sale out of the new con–that’s ~$900k (likely still without parking) on hard costs of about $800k; just doesn’t seem like a good risk.
What would annoy me to no end about living here is all those garbage cans lined up against the house, particularly if they’re for the rich people on Geneva Terrace.
This might be interesting if you can split the floors and end up with 2 2-bed rental apartments. Should be clearing at least 3500 in rental income.
This is basically behind the Best Buy on Clark up by Diversey. Looks decent inside – completely livable. I also hope someone buys this to actually live in it and not tear it down.
Ace, we heard you the first time…….
I’m gonna go get the papers. Get the papers.
Jimmy!
Wow I love this place. It would be great for a small Family that didn’t own a car. My Mom lives right there in an assisted living facility(next to BestBuy) it is a great neighborhood, great price. Doesn’t make $$ sense as a teardown thank goodness. I’ll be shocked if someone doesn’t snap it up.
“It would be great for a small Family that didn’t own a car.”
In Chicago? Who’s that?