Lincoln Park 2-Flat Comes on the Market for Just $250,000: 1828 N. Bissell
This 2-flat at 1828 N. Bissell in Lincoln Park just came on the market priced at only $250,000.
It’s so new I don’t even have a picture yet but Clio wanted to know:
- How many offers will it get?
- What will it sell for?
The listing calls it an “investor’s dream.”
Built in 1890 on a smaller than standard 24×75 lot, the 2-unit building is made up of the following:
- Unit #1: 2 bedrooms, 1 bath, no rental amount listed
- Unit #2: 2 bedrooms, 1 bath, rented for $700 a month through 8/13
What’s the catch?
The El runs directly behind the building.
But before you totally rule it out as a possible teardown because of the El, consider 1738 N. Bissell down the street.
See pictures of 1738 N. Bissell here.
It is a 4-bedroom new construction single family home listed at $679,000.
It’s also directly on the El and built on a 25×50 lot. The garage is stuck behind the property, where, according to the notes from the Redfin agent, you have to apparently drive under the El tracks to access it.
It’s new construction sister property next door (a bunch of these new homes were recently built on that black) is listed at $699,000 and is already under contract.
Given the nearby new construction, is this a deal for a developer?
Per Clio’s question- what WILL it sell for?
Sadie Buckner at Realty Services Consortium has the listing. See the listing here (no interior pics).
1828 N. Bissell: 2-flat, 4 bedrooms, 2 baths, no square footage listed
- Sold before 1985
- Currently listed for $250,000
- Taxes of $1415
- Unit #2 is rented for $700 a month
I don’t think this will attract an all out bidding war. If nothing else the seller simply listed it priced to sell. Example:
http://www.redfin.com/IL/Chicago/1870-N-Bissell-St-60614/home/13351408
I guess you have to plan on trying to buy out the tenant’s lease? Jeez, it’s been a while since I rented, but who has a lease through August 2013 at this point?
“Jeez, it’s been a while since I rented, but who has a lease through August 2013 at this point?”
Two year lease isn’t too extreme. Especially if you’re in a two year graduate program or something.
Much better being north of Willow, no?
1870 Bissell and the new construction homes make me think as well this won’t go much over list price if at all.
If you are a developer and buy this at $250k, have to buy the tenant out, tear down the place and build new to sell at $700k that doesn’t give you too much profit, does it?
“If you are a developer and buy this at $250k, have to buy the tenant out, tear down the place and build new to sell at $700k that doesn’t give you too much profit, does it?”
If there’s a small-lot version of the “modern bungalow substitute”, it would work out awesomely, as then appear to profit on $250k teardowns selling at $550k. So, even if the construction is a bit more expensive, they’s rock and roll with that competition.
True anon, but I think most of thier lots are empty to start with which eliminates the tear down and buyout costs here. Also, I am assuming build out in Lincoln Park will be nicer than in border GZ areas.
” I think most of thier lots are empty to start with”
Most, sure, but the Wabansia one (which was $250k to acquire) wasn’t. So the most expensive one they’ve built also included a teardown–tho admittedly probably not a renter, too, but the renter might allow for covering the carrying costs til the lease ends.
Is this not a better candidate for a simple and quick rehab as a two flat? Seems like the units could command $1200 to $1500 each. Hard to tell from one photo however the front photo had some curb appeal as a inexpensive rental property. If the taxes jump to 6K it still might work. Yes or no? I just don’t see a permanent buyer (aka SFH shopper) pool being that big for a home that backs up and is under the el tracks. Seems like a slightly bigger pool of renters that would tolerate it for a year or two.
CC landlord experts weigh in!
The tiny place next door, 1830 Bissell is supposedly 4 units under contract for $415k. Sure some interesting pricing on these few blocks!
I’ll bite from a landlord perspective – if rents only = $1500 its not attractive to me @ $250 as I can make more on a $250k bldg elsewhere on a full lot
I see the 75 ft Lot and EL location a major negative
I see it best fitting as a SF conversion for live in owner
The fact that one of the apartments is renting for 700 a month tells me that it isaPOS and wiould require significant improvements to fetch 1500. So you can’t just buy the building for 250k and place an ad on craigslist.
Is a P.O.S.
I am sure that it is a POS but don’t think that it goes for list and know that an inexpensive touch up might get the job done for a low cost rental. Say all in at 350K with $3k rent per month and $6K in taxes….does that work or at what price would it make sense?
I own a unit on the OTHER side of Bissell and would never do it again. It is a wonderful historic street, beautiful, tree-lined, good mix of homes… BUT there’s damn noisy train that doesn’t stop (red line runs all night). I get good rental income so it turned out great. It’s funny b/c my friends ask me all the time “why don’t you just live in your place.” The answer b/c the train noise would kill me (maybe literally!).
I’m doing a renovation loan on this transaction. The accepted offer was 225k FYI