Looking for a 1-Bedroom Duplex Loft With a Patio? 1632 S. Indiana in the South Loop
This 1-bedroom corner duplex loft in the Bicycle Station Lofts at 1632 S. Indiana in the South Loop just came on the market.
It has 22-foot timber ceilings and exposed brick along with large industrial windows.
The bedroom is on the second level. There is also a 10×8 den on the first level that is currently being used as a bar.
The kitchen has wood cabinets, granite counter tops and stainless steel appliances.
It’s on the first floor of the building and has a large patio.
The full bathroom is on the second level with a half bath on the main floor.
The listing says the building is 100% owner occupied and there are no rentals allowed.
The loft has the other features buyers look for including central air, washer/dryer in the unit and outdoor gated parking.
If it sells at full asking price, it will see 28% appreciation over the last sale 4 years ago.
How hot are 1-bedroom lofts in this market?
Brian Felder at @Properties has the listing. See the pictures here.
You can also go to one of the open houses on Sunday, Jan 17 at 12 pm and on Sunday, Jan 24 also at 12 pm.
Unit #101: 1 bedroom, 1.5 baths, 1300 square feet
- Sold in February 1998 for $172,000
- Sold in January 2004 for $230,000
- Sold in July 2009 for $262,000
- Sold in October 2012 for $253,500
- Currently listed for $324,900 (includes the parking)
- Assessments of $407 a month (includes cable, internet, exercise room, exterior maintenance, lawn care, scavenger, snow removal)
- Taxes of $4076
- Central Air
- Washer/Dryer in the unit
- Bedroom: 15×14 (second level)
- Den: 10×8 (main level)
Nice place but I think the owners confused as to where he’s at in the city
Somebodies very greedy.
Back in the day, I was going to make an offer on one of the first floor units in this building (similar to the property shown here). They accepted an offer right before I made mine though. Ultimately, the sale price was in the low $200,000s if I recall.
I really liked this building. The unit was gorgeous and the second bath was large enough that I could have converted it into a full bath somewhat easily.
I also love that this building doesn’t allow rentals. I wish my building could finagle a way to get rid of the renters.
Cool place. Perfect for kids and a fam.
Well, the ceiling is high enough for a trampoline…
“I also love that this building doesn’t allow rentals. I wish my building could finagle a way to get rid of the renters.”
careful what you wish for Jenny. Since you require that your potential mate either own a place or is saving for a home, that means you would likely have to sell your place. Not being able to use a place for rental income decreases your buyer pool.
“Not being able to use a place for rental income decreases your buyer pool.”
I agree. I prefer places with a reasonable rental cap (25%) than no rentals at all.
I would take the hit on property value to avoid having transients in my building. I would also prefer that the building require 20% down. It would decrease my property value, but it would be worth it.
A building should always allow rentals but have a reasonable cap that reflects the current underwriting standards that lenders are using as well as caps on how long a unit owner can rent their unit. You don’t ever want to put someone in a position where their only chance is destroy their credit and do a short sale or just hand the keys back to the bank and run – – that hurts your property value as well in addition to being bad karma. When it comes to stuff like this, you never know what tomorrow may bring! I know my former downstairs neighbor was super grateful when he found out his new wife and he were going to be having twins, that when he couldn’t sell his unit he was able to rent it. That ability to rent the unit out at a positive cash flow of a couple hundred a month was also what sold my property – – buyers were a young couple planning on starting a family at some point in the future and not wanting to be stuck with a unit they couldn’t sell (but could rent easily).
I will also add, that the condo association has to actively engage with the renters and enforce rules. While we were a small association, renters weren’t a problem largely due to the fact that the association required criminal and credit checks. Just telling an applicant that you are running those checks does amazing things for weeding out the bad apples.
I wouldn’t even consider a building without serious rental restrictions. Being lax on rentals decreases your buyer pool as well.
Seen this unit when it was listed a few years back. Nice, but low 1st floor, sidewalk is right up on your window which I was not a fan of. Otherwise cool building and like this quiet part of the S Loop.