Is River North Still Popular? A Renovated 2-Bedroom at 400 N. LaSalle
This 2-bedroom in 400 N. LaSalle in River North just came on the market.
400 N. LaSalle was converted into condominiums during the condo boom in 2005. It has 448 units and an attached rental parking garage.
If you recall from our prior chatter, the sales of units in this building ran into difficulty in the Great Recession and developers bought chunks of the building.
The listing says this unit was completely renovated in 2017.
It has all the popular finishes including wide plank hardwood floors, custom lighting, solid core doors, crown and base moldings.
The kitchen is new and has the modern wood-ish looking cabinets along with quartz counter tops, glass tile backsplash and stainless steel appliances.
The listing says both bathrooms have been gutted and the master bath has porcelain tile.
It has central air and washer/dryer in the unit. You can rent a spot in the attached garage.
This unit is on the 9th floor and the listing says its the largest tier in the building at 1271 square feet.
It sold for the only time in August 2017 for $496,000 and is now listed for $39,000 more at $535,000.
The only other previous sale was one of the group sales of units to a developer for $18 million.
With the West Loop and Logan Square gaining in popularity, is River North still the preferred trendy neighborhood for buyers?
Scot Green at Berkshire Hathaway Koenig Rubloff has the listing. See the pictures here.
Unit #902: 2 bedrooms, 2 baths, 1271 square feet
- Sold in August 2017 for $496,000
- Currently listed at $535,000
- Assessments of $836 a month (includes heat, a/c, doorman, cable, Internet, clubhouse, exercise room, pool, exterior maintenance, lawn care, scavenger, snow removal)
- Rental parking extra (the listing doesn’t say but probably $200-$300 a month)
- Taxes of $6543
- Central Air
- Washer/dryer in the unit
- Bedroom #1: 17×12
- Bedroom #2: 14×12
Someone is loosing money here. Cant see this being a flip. Looks like it would make a decent short/medium term corporate housing, maybe thats what it was originally purchased as.
Anytime you need to access the balcony thru a bedroom, that space shouldnt be counted as a Br.
how does one loose money?
My co-worker lives in the building, and I go there often enough to know that you can rent parking for $250 a month from the garage corporate owner. You can also rent from individual owner’s within the “nest” portion of the parking garage for 275-300 a month. Nearly everyone in the building is 25-40, working professionals who love the walk to work location. It is very quiet, not your rental grade apartment walls. The outdoor landscaped pooldeck is great in the summer, and he says the gym is serviceable for when your hungover on Sunday and don’t want to go to your normal gym. As for the price, with no parking included, they’re going to be hard pressed to get more than 500k here. Too many new luxury apartments are for rent at the same monthly nut that requires no downpayment.
“Rental parking extra (the listing doesn’t say but probably $200-$300 a month)”
The parking is in Mart Park Wells (401 n wells). The monthly rate for Mart tenants is $360. The association may well have a slightly lower bulk rate, but I seriously doubt that it is as low as $200.
That $360 rate include ~$65 in Chicago Parking Tax. Yes, for real.
“how does one loose money?”
By the 1Ms and the 1MMs.
“The parking is in Mart Park Wells (401 n wells). The monthly rate for Mart tenants is $360. The association may well have a slightly lower bulk rate, but I seriously doubt that it is as low as $200.
That $360 rate include ~$65 in Chicago Parking Tax. Yes, for real.”
Just confirmed with coworker. All 400 N Lasalle residents were offered $250 a month to park in the non “nest” portions of the garage. He is not sure if that offer is still being offered, but he locked in with that deal. Nest parking spaces are 275-300 depending on the floor and location.
221 Hubbard, 311 Illinois, 630 N wells, Marlowe, AMLI River North, etc., are this unit’s competition.
$360 a month to park? 65 of that is taxes? ho lee fuk! I mean you don’t really need a car here but still… thats brutal
“All 400 N Lasalle residents were offered $250 a month to park in the non “nest” portions of the garage.”
You definitely have better info that I, and that price seems reasonable given the relation bt the building and the garage.
For the record, ~$45 of that $250 is Chicago Parking Tax.
“For the record, ~$45 of that $250 is Chicago Parking Tax.”
He was paying $300-$320 during the previous two years, so at $250 a month, he is “happier than a pig in shit”.
Wow, at $45 a month in tax per car downtown, how the hell is the city’s budget still at a structural deficit each year?
So blah. And too low for good views. Not worth $500,000 to me. Next!
Hold up, did you compare River North to Logan Square… LS has what 1 highrise building off Cali. RN is endless highrises and walking distance to the Loop where most of the professionals that live there work. In Logan one brushes their beard and goes to a bar to drink uber craft beers and play board games. In RN one goes to Tao til 5. Completely different types of people. West Loop I will compare to RN more these days. There’s actually a solid social scene there, some tech companies, and close to the Loop.
Anyways, the location is a bit tough unless you can deal with the noise of LaSalle and the crowd getting out of Old Crow, etc. Amenities are respectable (pool deck, cardio level gym, and lounge room). Parking seems expensive though (a few blocks away I have friends paying $200/mo).
The layout of the unit is odd imo. The TV is in a nook. I have a very similar table and chair set (but with 4, who uses just 3?). Kitchen is very cramped and cuts off the room as it’s not an island. Bathrooms and such look overdone. The price needs to drop to compete with other luxury options very close by.
“Hold up, did you compare River North to Logan Square… LS has what 1 highrise building off Cali. RN is endless highrises and walking distance to the Loop where most of the professionals that live there work. In Logan one brushes their beard and goes to a bar to drink uber craft beers and play board games. In RN one goes to Tao til 5.”
All of the hottest restaurants and bars are IN Logan Square.
Tao??? Ba ha ha ha! Yeah- if you’re a tourist. No one living in River North is going there until 5. They’re going there for dinner to “try it”, realize it’s overpriced, and that will be that.
I think the “club” aspect of Tao may do okay because, after all, Excalibur was there for a long time too. But the restaurant? Nah.
River North used to be one of the most popular neighborhoods, especially for first time condo buyers in their 20s and 30s. But is it in 2018? Seems like its “popularity” was 10 years ago and it hasn’t come close to that era again.
But times change. Neighborhoods change. Logan Square and the West Loop seem much more popular now.
And having tall buildings has nothing to do with whether or not a neighborhood is popular, as the West Loop proves.
oh Tao finally opened? Lmao I would think only Chicago’s biggest chode bags and tourists would go to that spot just like the old excalibur/vision days
“oh Tao finally opened? Lmao I would think only Chicago’s biggest chode bags and tourists would go to that spot just like the old excalibur/vision days”
It sure did. The landlord who owns the building/land is trying to now sell it.
I can’t believe the restaurant portion would do well here. The club part? Sure. It was a club for decades before.
https://www.chicagobusiness.com/commercial-real-estate/sterling-bay-puts-river-north-landmark-sale
“The overhaul culminated with the debut of Tao Chicago in September, an establishment that could ring up as much as $30 million in annual revenue, Menna projected. Even in a market loaded with upscale dining, that would make it the top-grossing independent restaurant in Chicago and the seventh-highest-grossing independent restaurant in the U.S., based on the 2018 rankings by trade publication Restaurant Business Magazine.
Tao Las Vegas has held the top spot on that list for five straight years, and Tao’s New York location ranked fourth in 2018.
“If Tao meets their projection, it’s a strong investment for an institutional buyer,” said Jeremy Kudan, president of Chicago restaurant brokerage Kudan Group. “We’ll see if they live up to their expectations.”
hahaha “If they meet their projection”
well if it was doing that well they wouldn’t be selling it…
“If Tao meets their projection, it’s a strong investment for an institutional buyer”
Doesn’t make sense. The marketing materials point out that it is a total NNN lease, with no responsibility on the Landlord for anything. So, highly unlikely there is any percentage rent involved.
“well if it was doing that well they wouldn’t be selling it…”
They’re just selling the building. Not uncommon as developers like to develop Vs a REIT like Duke, etc. The revenue projections reflect on their ability to pay rent.
“Doesn’t make sense. The marketing materials point out that it is a total NNN lease, with no responsibility on the Landlord for anything. So, highly unlikely there is any percentage rent involved.”
Why not? Buy it and make the Owner/operators of the club put up a substantial personal guarantee. they go tits-up, you’re partially covered. Not saying they’d go for it but you could structure a deal that provides protection for the new owner.
“Why not?”
I wasn’t clear–the “if they hit projections” part doesn’t make sense to me. It seems to me based on a poor assumption that there was a percentage rent upside involved; seems far more likely that the transfer from Four Corners to SB left all the upside with the Tao group, with a saleable, credit-tenant, lease in place (which is consistent with the publicly available marketing materials for the sale).
Agree 100% with your points.
Back up, guess it’s time to give me $.02 again…
I believe I am one of the youngest posters here based on what everyone thinks is ‘hip’ and I recognize that I have a unique opinion compared to others my age as well. Anyways, I’m not sure where everyone is getting their HOT lists from, but mine is from 30yo, six figure financial services professionals most of which live in RN, a few in WL / OT / GC. This year I will have been to over 50 concerts aside from standard bars & clubs, so it’s not like I sit around. Also, I am one of the more ‘open’ in my friend circles to traveling outside of the ‘bubble’ (aka walking distance from RN) and thus have still been to many hotspots across the broader city (including 50+ breweries, etc.)
Logan is popular with hipsters and can be appealing to those that chill. I enjoy breweries like Revolution & Hopewell, Emporium’s arcade is decent, Cole’s, and Slippery Sloppy or the Owl to get sauced. I used to go to Congress for big shows, but that’s not opening any time soon (and will be more of a traditional theater that venue for Tiesto) and Concord’s sound is terrible (and their ceiling is literally falling apart). Notice that these are on the blue line because transit kind of sucks there (oh and the long, very crowded commute on the blue must be fun compared to my 5 minute Loop walk). There is literally ONE luxury high rise here too…
As I noted, West Loop has gotten much hotter. If you are into restaurants (my tastes are not as ‘fine’ as most) I see the appeal. Moreover, if you work for a tech company there and rent a cool loft space, it totally works; however, the bar appeal still leaves much to be desired imho. Federales in the summer is fun, but throwing an ice shot glass at a bell gets tiring. Ballast Point’s new rooftop is legit. Punch Bowl Social is great for birthdays and events. Kaiser Tiger has funky winter options like curling. Emporium can be fun (not as good as the free games at HQ in RN), Palor’s patio is amazing for summer brunches (RN one opened last weekend), and the MID is closing (have had MANY great times there).
Back to RN. Love the Tao hate. Sure it might not make $30MM, but it will rack in lots of cash. The dining area is world class and the sound system blows away any in Logan or WL. It’s our only space that can compete with the superclubs of the coasts. I honestly could not care less about the food, I care that they had Deadmau5, Armin, & Afrojack in the first week. Very few venues in the world have the setup or funding to pull those names.
I can’t wait for all the hate of any spot I list as touristy, but I honestly couldn’t care less, let’s see… Starting easy, if I want coffee I can swing by Beatrix and also grab noms, or Cafe Integral and pickup some hostel gals, or perhaps Eataly and get some shopping in. Let’s see, as I noted I’m not a picky eater, I have also never ordered delivery because I’m not the standard fat, lazy American and walk / cycle everywhere… Star of Siam is legit (big portions too!), Cantina Lareado is great for fajita dates, Havana Grill for Cuban, Troquet for French, XOCO to-go, Ramen or Sushi-san, India House buffet when hungover, all the core Chicago pizza joints are walkable, River Roast for roasting on the river, Enolo for Wine, Pops (for Champange), Ema or Areballa for tapas, Portillo’s as a guilty pleasure, Fogo to get fat once or twice each winter, way too many expensive steak places, more hip places I rarely go to include Roka, Sunda, Tanta, Frontera, Slurping Turtle, etc.
Want to party, got that covered… Been to the rooftops of Apogee, IO, and Joy District? How about a country night at Bub or Old Crow or even a rock show at HoB (think I went to six last year)? Want to pretend you’re in Logan / feel nasty, go to Snickers, Rossi’s, and the basement of Henry’s. Want decent beer, check out Centennial, Clark St Ale, or the chain but decent Gino’s Brew Pub & Rock Bottom. Wildest brunch in the city… hands down Fremont in the summers. Feeling like some piano with a milf on the side, check out Howl or Redhead. More normal date night… Berkshire Room, Three Dots, Watershed, Untitled, or something more fun like SPIN or Point & Feather. Futball match time? Head to one of the Irish pubs like Fado, O’Callaghan’s, O’Leary’s, Pepper, Shamrock, or my favorite, the Kerryman (and stay to dance). Speaking of dancing, if you’re in the mood in the you’ve got Studio, Underground, Tunnel, Cuvee, Soundbar (Atmos speakers), Spybar (Funkiton One’s), or even the very douchey Bottled Blonde, etc. I can literally go out 3x a week for the whole year and barely double up on venues if I really wanted to (while still walking home).
More importantly RN is centrally & safely located. What’s the value of a 5 minute walk to work vs. a 45min train? How close are you to other fun hoods? Also, if you walk too far West of WL of Logan, how safe do you feel (might want to go to heyjackass and check their map out…)?
Whoa that went longer than expected. Anyways, my final point is regarding housing options. WL does have luxury rentals and a couple highrises off Halsted, but if you want a condo here, they’re mostly gutted / new constructions and very pricey. In Logan, as hinted, there’s almost nowhere at the ‘doorman level’ so that’s gonna be a no from me dog (I will not have kids for a long time / or ever, want my packages / dry cleaning ready, need a nice gym in the building, want a pool deck for summer socializing / networking, etc.)
Let the hate of other people’s opinions supported by evidence begin!
“I care that they had Deadmau5, Armin, & Afrojack in the first week”
Who? If they want to sell the place out they should sign Jan Terri to an exclusive like Britney/Planet Hollywood
” or perhaps Eataly and get some shopping in”
Parody perchance?
As a person formerly in the neighborhood and demographically similar to him, theres a lot of places on bobbo’s list there that I wouldn’t be caught dead in, but hey I’m not gonna judge, to each their own!
“demographically similar”
Yeah, you’re planning your 30th b-day blowout right now, aren’t you?
“formerly”
“formerly”
fair enough: “have been”
I work in RN and lived there a while back, so have been to most of the listed places. While it can be fun, at this older stage of my life I will take more space and the 45 minute train ride (with walking on a slow day) over hive living. I hated how few truly good, affordable restaurants there were, and practically every drink is at tourist prices. Fun, especially if cost no object, but it gets old. I also go to many shows but they tend to be at The Riv, The Vic or Park West so downtown is actually worse in that regard. As mentioned, different strokes…
“All of the hottest restaurants and bars are IN Logan Square.
Tao??? Ba ha ha ha! Yeah- if you’re a tourist. No one living in River North is going there until 5. They’re going there for dinner to “try it”, realize it’s overpriced, and that will be that.
I think the “club” aspect of Tao may do okay because, after all, Excalibur was there for a long time too. But the restaurant? Nah.
River North used to be one of the most popular neighborhoods, especially for first time condo buyers in their 20s and 30s. But is it in 2018? Seems like its “popularity” was 10 years ago and it hasn’t come close to that era again.
But times change. Neighborhoods change. Logan Square and the West Loop seem much more popular now.”
Hahahahahahahahahaha, omg Sabrina, YOU COULDN’T BE MORE OUT OF TOUCH WITH REALITY.
None of the city’s elite, younger tech, finance, law, or medical professionals are living in Logan Square. Either they’re renting at one of the luxury tower’s throughout the greater downtown area (River North, West Loop, Streeterville, Gold Coast, Old Town, Loop, South Loop, River West) if they have student loans or don’t know if they’ll move for their career, they bought a condo in the same neighborhoods if they know they’re sticking around for a while and have saved up the down payment nut, or they bought a huge loft, townhouse, or single family home in the aforementioned neighborhoods plus Lincoln Park, Lakeview, Ukie Village, Wicker Park, or Bucktown. Logan Square is where mid to late 30’s or older with families move if they can’t live in the swankier single family home neighborhoods. In fact, I’d rather live in Bridgeport or UIC area than Logan Square. Logan’s other demograpic is broke hipsters who are rapidly being gentrified out of the neighborhood by Big Ten college grads that can’t afford the greater downtown area. When it comes to non-hipsters 20 somethings, Logan is about as cool as a fat chick in a two piece.
When it comes to Old Norwood Park, Portage Park, or some other far flung northwest side neighborhood, I’ll hear your thoughts, because I believe you have quite a bit of knowledge with the market and demographics up there. But when it comes single, young folks and their preferences or tastes, you’re clueless.
“or they bought a huge loft, townhouse, or single family home in the aforementioned neighborhoods plus Lincoln Park, Lakeview, Ukie Village, Wicker Park, or Bucktown.”
They are building luxury rentals in all of these neighborhoods- as well as Logan Square. Someone is renting them. Wonder who it is?
River North hasn’t been “the” 20-something neighborhood since the Great Recession. That was 10 years ago now. All the 30-somethings who lived there in 2008 are now 40-somethings so that neighborhood is aging.
South Loop, Streeterville and Old Town have become more popular. West Loop too – if they can afford it.
Single, mid 30’s here… I don’t have one single friend who lives in / wants to live in River North. My friends are in Logan, Ukrainian, Pilsen, Humboldt – and yes, they are all professionals (consultants, attorneys, etc). River North was fun in our late 20s, but as a whole, folks I know prefer smaller condos in quieter neighborhoods with less large group restaurants and bars.