Get an East Lakeview 1-Bedroom with a Fireplace for $225,000: 630 W. Waveland
This 1-bedroom in 630 W. Waveland in East Lakeview came on the market in May 2023.
Built in 1926, this courtyard building has 50 units. It does not have parking or any amenities.
This unit has 9 foot ceilings, a foyer, hardwood floors throughout the living room and bedroom and a wood burning fireplace in the living room.
The listing says it is “freshly painted.”
It also has a built-in multi-shelved desk nook next to the fireplace in the living room for work-from-home or a beverage bar.
The 3 windows in the living room overlook the landscaped courtyard.
The kitchen has white cabinets that go to the ceiling, stainless steel appliances, a black and white checkerboard floor, and a euro-style washer/dryer combo unit. The listing says there is enough room for a breakfast table.
The listing also says the bedroom is big enough for a king sized bed. It has custom built-in white closets and vanity/desk.
The “timeless” bathroom was remodeled and has a built-in linen closet.
The unit has a walk-in-closet near the foyer and a 10×5 storage unit in the basement.
It does not have parking, although there is rental across the street, nor central air.
This unit is near the shops and restaurants of Broadway in East Lakeview as well as the lake front with its bike trail, golf course, and other park amenities.
Listed at $225,000, that’s $25,000 more than the 2020 sales price. The listing says there is no rental cap in the building.
Is this a good investment for someone who wants to be a landlord?
Mark Buckner at Compass has the listing. See the pictures and floor plan here.
Unit #1E: 1 bedroom, 1 bath, no square footage listed
- Sold in April 1997 for $86,000
- Sold in November 2002 for $155,000
- Sold in July 2012 for $115,000
- Sold in May 2019 for $189,000
- Sold in October 2020 for $200,000
- Currently listed at $225,000
- Assessments of $350 a month (includes cable, exterior maintenance, lawn care, scavenger, snow removal, Internet)
- Taxes of $2825
- No central air
- Euro-style washer/dryer combo in the unit
- No parking- rental available across the street
- Wood burning fireplace
- Bedroom: 13×10
- Living room: 17×12
- Kitchen: 10×11
- Walk-in-closet: 8×4
- Foyer: 7×4
- Balcony: 3×11
“Is this a good investment for someone who wants to be a landlord?”
LOL
Enclosing the combo W/D would make the kitchen look a lot better
“Is this a good investment for someone who wants to be a landlord?”
If you have a plan that involves capital appreciation that lags inflation, sure.
Reasonable thing to buy a recent grad child.
I don’t think we’ve seen many of these make their owners much money unless you happened to time it exactly right and buy at the bottom in 2011 or 2012. There were some foreclosures in this building back during the housing bust, as well.
I love the built-out custom closet. That’s such a good use of space in a small apartment. The more built-ins the better. And it looks wonderful.
It eliminates the need for a dresser as well.
Taking the kitchen cabinets to the ceilings is also really helpful in a smaller space. And I’m a fan of checkerboard floors, in general.
This unit is as nice as many of the apartment rentals that are out there.
Looks like the similarly nice 1 beds ask about $1700 for rent.
basic 6 cap, rounding the taxes up to $3k, is $220k. So it’s not an affirmatively bad investment, just meh.
The bulky family size fridge in the one person apartment looks ridiculous and is an awful use of space. Certainly could have gotten away with counter depth in this apartment.
I’m not sure why they installed a euro all in one washer / dryer when there is clearly room for a stackable. there is just have a big gap of useless space and an eyesore where the unit plugs in.
Off topic – got back to Chicago yesterday for the summer and going through the mail – 10+ unsolicited letters from realtors asking about listing our property. Every place on the block that has been listed is pending/under contract within a few days. Crazy.
On topic – this is a cute place, and I love this slice of Lakeview because you can live right on the lake and still be a 10 min walk from the red line.
” why they installed a euro all in one washer / dryer when there is clearly room for a stackable”
Would have to be a condensing dryer, anyway, as there’s nowhere to run an exhaust.
But yeah, that wall (firdge and washer and the cabinets that don’t coordinate with either) is clearly the worst looking thing in the unit.
3D is under contract, with list of $212,500:
https://www.redfin.com/IL/Chicago/630-W-Waveland-Ave-60613/unit-3D/home/13379212
This is the apartment I always picture in my head when somebody says their wife cleaned them out in a divorce and they have to move out of the house.
3D went under contract in 1 day in March. Wow.
I like the finishes, and bathroom, on this unit much more. Love that custom closet, as I said. Makes a big difference.
3D also doesn’t have the walk-in-closet near the foyer.
“Every place on the block that has been listed is pending/under contract within a few days. Crazy.”
Thanks for the info Madeline. It remains an active market with low inventory across most of the city. Units are even selling in the over supplied downtown market.
Just saw some data that Chicago was one of the top 10 markets that saw the largest home price increases month over month from March to April.
Here’s the list from Zillow:
1. Kansas City
2. Columbus
3. Detroit
4. Buffalo
5. Cincinnati
6. Cleveland
7. St. Louis
8. Milwaukee
9. Chicago
10. San Jose
“I’m not sure why they installed a euro all in one washer / dryer when there is clearly room for a stackable. there is just have a big gap of useless space and an eyesore where the unit plugs in.”
Unit 3D, which is under contract, has the stackable.
First floor. No parking. No amenities. How exciting!
We have a recent-grad child and we have no intention of buying him a place. Terrible Chicago housing market. Check appreciation of small apartments like this one. If you look at the 2002 price vs. what it’s likely to go for (under $200,000), it’s basically like having your cash tied up in a money market fund. In fact, with MMs today paying 4%, an MM would be a far better investment, plus no assessment or taxes. Our son rents, sharing a 2-bedroom in Fulton Market in a newer skyscraper with plenty of amenities and a view, and he pays less per month than we’d probably have to shell out (all told) for this tiny place with no amenities far from the exciting areas he wants to be in.
“he pays less per month”
$225k @ 4% (I’ll ignore taxes) = $9000 + re taxes rounded up = $1,000/mo
+ ass = $1,350/mo
There is a 2bed in Fulton, with amenities and a view, for less than $2,700/mo? How do they fit 2 bedrooms into ~800 sf?
“How do they fit 2 bedrooms into ~800 sf?”
There’s no hallways. And usually a small, pullman style kitchen that is open to the living room. Bathrooms are also small. No big soaking tub. Lol.
OK – maybe $1,350 a month is right. He and his roommate share a 2 BR for $3,300 a month, so $1,650 each. He definitely gets a lot more for the money.
Where do you get 4% as the interest rate? With a typical rate of 7%, the cost would be far higher per month. But maybe I misunderstood you on the 4%.
“Where do you get 4% as the interest rate?”
Paying cash. Forgone rate you cited.
This one dropped to $200k on May 24, and went contingent yesterday.
There are two target markets for this: not just recent grads but also cat ladies. Some cat lady will buy this for 200k.
“There are two target markets for this: not just recent grads but also cat ladies.”
If you’re going to be a sexist pig Bob, maybe you should be aware that most “cat ladies” nowadays have excellent jobs and can afford something much more expensive than this. But you know that which is why you’re attacking women. They clearly threaten you.
No, they really don’t. The lakefront cat ladies focus on soft skills “careers” like non-profits or other not well compensated work and so typically wind up in places like this by their mid-30s to mid-40s.
And newsflash to Sabrina who obviously has never had a high-pressure job or career the women that are successful in these realms don’t vote Democrat and don’t consume the MSM trash you do because they are too intelligent to be brought into a victim ideology.
They wind up with cats in places like this and their abodes smell like cat piss & SSRIs.
“If you’re going to be a sexist pig Bob, maybe you should be aware that most “cat ladies” nowadays have excellent jobs and can afford something much more expensive than this. But you know that which is why you’re attacking women. They clearly threaten you.”
” the women that are successful in these realms don’t vote Democrat ”
I know a lot of women succesful in “those realms” and none I know are voting for Rs (unless you count Vallas as an R).
I (unlike you) recognize the R voting “successful” (whatever that means to you) professional women are out there, but they aren’t the majority in the Chicago area.
I find Sabrina calling successful women Cat Ladies highly misogynistic
“The lakefront cat ladies focus on soft skills “careers” like non-profits or other not well compensated work and so typically wind up in places like this by their mid-30s to mid-40s.”
Wow. Bob is REALLY out of the loop. Mid-30s are Millennials. Get into this century Bob.
I don’t know many mid-30s “cat ladies” but maybe I’m missing something.
Back 20 years ago, someone who wasn’t earning big bucks (nonprofit etc) didn’t buy in Lakeview. They bought in Edgewater, Andersonville, Rogers Park, Albany Park, Logan Square. Usually bought big beautiful vintage 2/1s. I had a friend buy one with washer/dryer and a separate dining room. Lovely home. She lived there (without any cats) for 10 years.
“And newsflash to Sabrina who obviously has never had a high-pressure job or career the women that are successful in these realms don’t vote Democrat and don’t consume the MSM trash you do because they are too intelligent to be brought into a victim ideology.”
Well, the voting records would say this was wrong as 85% of the city voted for Biden over Trump and I believe most of those Trump voters were in neighborhoods on the south side which are more conservative.
That would mean that all those female lawyers, hedge fund managers, marketing heads, traders, doctors, CEOs were voting for the Democrats. Those in the suburbs too. Republicans lost the soccer moms over a decade ago.
So, THOSE women buy million dollar condos downtown Bob. But they may have cats, I don’t know. But also maybe a dog.