Lake Shore Drive Brick and Timber Loft Returns to the Market: 540 N. Lake Shore Drive
We last chattered about this 1-bedroom loft at 540 N. Lake Shore Drive in Streeterville in September 2009.
See our prior chatter and pictures here.
Since September, the unit was removed from the market after it rented but it has since come back on the market after the rental fell through.
It has also been reduced by $20,000.
The loft has 12 foot ceilings and a huge open layout.
It also has the authentic brick and timber ceilings that loft lovers like.
There is no washer/dryer in the unit (but the building does allow it to be added.) There is also no deeded parking but rental is available in the building.
Ryan D’Aprile at D’Aprile Realty has the listing. See more pictures here.
Unit #607: 1 bedroom, 1 bath, 1128 square feet
- Sold in April 1994 for $175,500
- Sold in December 2000 for $265,000
- Sold in July 2006 for $288,000
- Was listed in September 2009 for $319,000
- Withdrawn
- Re-listed and reduced
- Currently listed for $299,000
- OR available to rent for $1550 a month
- Assessments of $604 a month (includes heat, air conditioning, cable, doorman)
- Taxes of $3859
- Parking is rental
- Central Air
- No in-unit washer/dryer
The stop sign is trying to tell us something…
“Ryan D’Aprile at D’Aprile Realty”
I wonder if this guy sold any of those insane overpriced new builds on 2200-2400 W. Madison
A case study in knife catching:
http://chicago.blockshopper.com/news/story/500053569-Realtor_selling_4BD_in_Western_Springs,
I’m calling schinanigans on the 1128 sg-ft total. I just took a look at the floor plan link-in the previous chatter. Based on the stated room sizes on that floor plan I only get 928 sq-ftl thants including hallways, baths, closets ect. Width of 31′ based on 17′ (LIV)+ 14′(BED). Length of 32, based on 12′ (KIT)+ 14′ (BED) + 6′ (closet). 31′ x 32′ is 928. Even if you add in the internal wall you only get 1040 sq-ft (31.5 x 33). Closer but still short. Not as agregious as the guy who included the garage in his sq-ft numbers
Now if your using shady REALTOR math; add an extra few inches to each dimension, round up an extra foot, mulitple and round up again, add a 100 extra sq-ft, it possible to get 1128.
The rental price isn’t as absurd.
Yeah that rental price is pretty decent, it sure as hell isn’t covering the owners full nut.
“Yeah that rental price is pretty decent, it sure as hell isn’t covering the owners full nut.”
That’s why he’s still gonna be kicked in them.
Wow G you’re feeling a little unhinged lately, huh? A few days ago it was a joke about ‘any excuse to bump’ near two inconveniently placed sinks in the bathroom and today’s its a ‘kicked in the nuts’ joke?
A challenging thought for the owner is that the assessment and taxes will easily eat up $900 per month of the $1,550 per month. The person can only have around $100,000 on his/her mortgage to break even on a cash basis. Depreciation from renting will help lower the breakeven.
I agree that the rental price is not too crazy.
Has anyone been in this unit (or building)? Is it really as dark as the pictures appear? The light seems to be beaming in the windows in a few them — and it’s still pretty drab and dark throughout.
I’m a huge fan of lofts and this one looks ‘mediocre’ at best. Those assessments are a killer. Once you factor in closing costs, this person is definitely going to take a hit.
Keith Partridge is missing his stop sign.
I know the building but haven’t been inside.
This may be the only Loft building on Lake Shore Drive–at least close to downtown and on north side. The proximity to beach, jogging patch, Navy Pier, etc., makes this a pretty unique building, so it may not be fair to expect the unit to be priced like lofts on the near west side.
It definitely needs updating & the assessments aren’t cheap, but I think it sounds like it’s approaching the right price.
Well, the landlord business doesn’t seem to be working out for the owner. I’d hate to be bleeding on that one, especially on the assessment. But being the renter sounds great. Rent the unit, rent the parking, rent the lifestyle, and move on when the neighbors’ noise intrudes or your girlfriend moves in.
John 999 – I’ve been in the building, don’t remember it being dark.
You can see 5 year market trends / statistics for this building and all other buildings in Streeterville in this market report we just published in January:
http://www.streetervillehomes.com/market-report.html
Based on 2009 $ / sf data for the building, this listing is likely worth about 265k – $275k if the 1128 sq. ft. number is accurate.
I agree with JH that the listing is approaching the right price.
No Sabrina comment? We love lofts?
“You can see 5 year market trends / statistics for this building and all other buildings in Streeterville in this market report we just published in January:”
Thanks for the neighborhood info VW.
Fantastic report. WOW. Without auditing, don’t know about the underlying numbers, but on the surface…something really excellent and worthwhile.
Nicely done.
This is such a great report! Very, very useful!
Hey Sonies,
I bet you wish you had a report like that when you were looking.
From the pictures it looks to me like this place has poorly allocated space. If the place really is 1128sq ft, and a second bedroom could be allocated I would think it could really increase the value of the place with relatively small cost.
Is there ANY River North, Streeterville or Lincoln Park property that could be bought at today’s prices and cash-flow as a rental? From the listings I’ve seen, not by a long shot.
“Is there ANY River North, Streeterville or Lincoln Park property that could be bought at today’s prices and cash-flow as a rental? From the listings I’ve seen, not by a long shot.”
I have definitely started seeing some 1 beds and studios in these neighborhoods that can cash flow (not counting reductions to principal and tax breaks of course). This wasn’t the case 2 years ago, but it is happening more often at the lower end.
Rents and occupancy are declining. Especially so in studios/1BRs.
The Streeterville report is interesting. Sales are all in the toilet, but I’m not seeing any really dramatic reductions in price per square foot. They’re either down only a little, or flat.
so reading through this I estimate that a 893sqft unit should not be listed over 218k no matter what has been done to it, such as updated kitchen and bath. And yes the assessments are tough (not sure what’s going on there)
Is this pretty close?
This is a great building if you are looking for a loft and want to be close to the lake or Michigan Ave. Since most of the lofts are located in the West Loop, this is a unique property for the area.