Looking for a Vintage Logan Square 3-Flat? 2512 N. Spaulding
This 3-flat at 2512 N. Spaulding in Logan Square recently came on the market.
Built in 1896, it has all the features of construction of that era, including vintage trim and built-ins.
It is constructed on an extra wide 37.5×146 lot and has perennial gardens, a backyard patio and a 2-car garage.
The listing says it has a newer garage, roof and electric.
Here are the specifics on each unit:
- Unit #1: 2 bedrooms, 1 bath, rented for $1100 a month
- Unit #2: 3 bedrooms, 1 bath, rented for $900 a month
- Unit #3: 3 bedrooms, 1 bath, no rent listed
The listing says there is an unfinished basement.
The 3-flat is just a few blocks to the Logan Square blue line stop and is within the heart of the hot Logan Square neighborhood.
Is this a good investment property?
Bob Safranski at @Properties has the listing. See more pictures here.
2512 N. Spaulding: 8 bedrooms, 3 baths, 2 car garage, 3-flat
- Sold in September 1987 (no price listed)
- Currently listed for $599,000
- Taxes of $6687
- Doesn’t say anything about central air
- Doesn’t say anything about laundry
Though I’d never be in the market for a three-flat, this looks like an exceptionally nice property with a decent price. I haven’t done the math to figure out how long it would take to break even, though.
I have been running possibilities for this property since I first saw it, I think owner occupant would work quite well, leaving the door open to a future SFH conversion. The facade is attractive, exceptional location, lots of light, solid renter base in the area and of course the enormous lot.
You can do much better for $600K than this.
apologies for going off topic but this struck me as conversation worthy
http://www.chicagomag.com/Radar/Deal-Estate/November-2011/Lincoln-Park-Makes-Way-for-Another-Megamansion/
$2.55MM into a lot before you even begin construction. definitely can’t get your money back by building a $3MM house. they’re talking $7MM range in that article.
seems like a smart move by the collective condo owners as they definitely got more together then they would’ve received individually…will it be a smart move for the developer?
for sure this will be one worth keeping an eye on. could be a home run. could be one hell of a swing and miss.
The rents seem quite low to me, but even if they were 50% higher I don’t think that this makes sense as a rental building investment in the current state. Even if the third floor rents for $1500, you’re still getting less than $3000 per month in rent after taxes, and that’s before insurance, heat, upkeep, repairs, water, etc.
I like the exterior a lot. I’m not sure if the neighborhood warrants it, but it would be great to see it turned into a single family home and completely gut in the inside.
jeez, an extra-wide and extra-long lot. probably overpriced in this climate, but a great long-term investment.
old_hickory, that is interesting.
I’ll be curious to follow the progress on that project, along with the one near 2520 N. Lakeview Ave (where the founder of Morningstar plans to build a mansion on several lots that had been slated for TH’s at the 2520 development). I’m actually surprised that we haven’t seen more of this sort of thing in the very best locations, i.e., rather than buying true tear-downs out in, say, far west LP or even up in west LV or NC in order to build a $2-3 million house, why not buy all of the condos/TH’s (that are not tear-downs and could each fetch in the $400 – 600k range) in smaller developments in ELP in order to build either a $6-8 million SFH or 3-6 $1.5-2.5 million rowhouses?
I agree the rents seem low. Probably, as some say, a better idea to turn this into SF rather than rent. Conversion would cost at least $200,000, I suppose, including upgraded finishes. But for a $800,000 investment, you’d have a very nice SF. Just not sure if the neighborhood warrants that kind of $ for a SF.
I’ve rented around here for years. These rents are low. From what’s apparent in the pictures, the 3-bed apts could rent for $1300, more if you include parking in garage. Add in-unit W and D, and you could get more.
I know a lot of CCers think west of Kedzie is sketchy, but you’re all 10 years out of date. Next frontier of gentro action this far north is Central Park. This and surrounding blocks are pretty, and for sure are safe for yuppies and their yupspawn (with the possible exception of the last block of Spaulding before you get to Milwaukee, but there’s little reason to wander up there anyway). Logan L is less than 5 min walk from here, which might not matter to you but it does to your renters, who will be young college-educated ppl who work downtown.
Converting this to a SFH strikes me as a dimwitted thing to do. It would be a Frankenmansion. As much room for appreciation as there is in this hood, you’d never sell it for what you put in it.
BTW, not that I’m anything like an expert, but I think this would have a lot of interested suitors if seller lopped off 75-100k.
Can anyone help with the down payment requirements for an owner-occupied 3 flat to get the best rates. I think the best rates would be achieved with a down payment to get to the conforming limit, which looks like 25-30% down. Is that a reasonable approach, or is there a better strategy for a property like this?
Three flats are the toughest to finance. They want huge down payments. Not sure if you need 25%-30% if you are owner occupied, but you do if it is an investment.
FHA loan for o-o R flat is 3.5%.
Maybe, maybe not, I think you’d need a crystal ball to be sure, as if current gentrification continues this would be one hot ticket in 20 years. I had a fair number of friends in Lincoln Park in the 70s/80s whose parents converted similar brownstones to SFHs.
Pretty awesome. At least for we kids.
“Converting this to a SFH strikes me as a dimwitted thing to do. It would be a Frankenmansion. As much room for appreciation as there is in this hood, you’d never sell it for what you put in it. “
Fair enough, Skeptic. But how many buyers do you anticipate for a 4,200 sqft SFH on three levels that has the curb appeal … of a 3-flat? It could easily turn into a folly. (Don’t get me wrong: I love follies, when they’re somebody else’s.)
Actually, I suspect this building would be great to hold as rental apts — albeit maybe not at this price unless you’re an owner/occupier. I’d be interested to know if somebody crunches numbers on this.
Also, IMO this is the best area to live in LS, other than on the blvd itself west of Cali. If the bldg is in shape, I think you’d have no problem getting renters at 1,400 in current market, more with upgrades like AC or W/D in unit.
“I had a fair number of friends in Lincoln Park in the 70s/80s whose parents converted similar brownstones to SFHs.”
I could see a very successful artist, architect or musician taking this as a SFH, and using either the top floor (for the light) or the bottom (easier to isolate for soundproofing) as workspace.
This building looks to have very high ceilings. Converting to SFH would be madness. Simply too many stairs. I’ll agree with everyone else that the rents are too low here, and being north of Fullerton helps this unit quite a bit. I just wish the sprucing up of Milwaukee Avenue from Fullerton to Diversey gets on a roll. Hopefully when the Hairpin Lofts open?
“I know a lot of CCers think west of Kedzie is sketchy, but you’re all 10 years out of date. Next frontier of gentro action this far north is Central Park.”
I’ve been saying the same thing here for some time now.
The 2400 – 2700 blocks of streets west of Central Park through Pulaski (Monticello to Harding) have been the site of increasing gentrification for ~5 years. I laugh at those that have been programmed by fear and ignorance to think that anything west of {fill in the blank street} is dangerous.
Nice property and location. However in the current climate I am seeing deals at about 40% less than this price. I would rent the 2 bed/1baths for $1,250/mo and the 3bed/1bath for $1,300 (I bet it has small bedrooms), heat included. With new appliances and kitchen/bath floors you could get even higher prices.
Someone will buy this for around a $480 price, as a lot of the buyers don’t have the cash or patience to wait for a screaming deal and they just want to deal with a conventional sale. This is a perfect FHA candidate and it’s strategically priced just above the FHA 3 flat limit of $565.
I think the price is great, actually. I just bought in the area, something similar and paid much more. Yes, the market is tough right now…. but people also think they should be able to get way too much for a nickel, which is only making the market statement. Come on, folks, you could disassemble this place and sell the parts for more than this price.
It is in a great location too.
That was stoooooopid to pay too much.
Oh, Hi, homedelete. I actually didn’t say I paid too much, just paid more than this place, for something “similar”. Cribchatter has a reputation for people with lots of opinions on parts of the city they know nothing about but are “experts”. Oh well, makes for entertaining reading.
Sold for $570K
For HD it’s either Niles or Lincoln Park.
How many fingers are you missing?
Bob: we r on the same side, dipstick.
HD: I don’t care if some aspiring hipster or whoever pays what I think is a crazy amount to live in this part of logan square. It’s relevance to my life = 0. I’d guess they overpaid but to be honest, I’ve never driven down this street. Milwaukee or Kedzie, yes, but overall agree with Bryan.
“Next frontier of gentro action this far north is Central Park”
But this guy is the most hilarious of all. He’s talking about yuppies & central ave in the same paragraph. And also this..
“Logan L is less than 5 min walk from here, which might not matter to you but it does to your renters, who will be young college-educated ppl who work downtown. ”
Not enough of them to really pay high-ROI rents I would guess. College educated doesn’t correlate strongly with high rents as of late. Bike messengers who work downtown, maybe. But are you saying young people with office jobs, in quantity, live in Logan Square? Will these office workers downtown be moving to central avenue?
Nonchatterer takes the comedic gold as far as I’ve seen on CC this week with their gentrification Nostradamus skills of the future. The gentrifiers will come and turn everything around! haha
Central Central Park
Central *does not equal* Central Park
If it’s actually posssible to bump the total rent for the three units to $4k/mo, this is a better rental investment than most that we see. Even at $3600, it’s still pretty good, and the large lot makes it a better bet as a land bank.
Bob, you’re a jagbag with poor reading comprehension and an uncertain grasp of geography. You’re also not much of a sociologist. White-collar ex-hipsters are the buyers you’re thinking of here, but they are by no means the only ones. Plenty of vanilla FIRE yuppies with golden retrievers in LS. Probably even a few Bobs too (commonly saw one of those teabagger snake flags flying from a porch a while back; gone now). Aspiring hipsters may be the renters, but by no means the only ones. Bob, you might just have to trust me that you don’t know what you’re talking about.
The corridor of Wrightwood to Central Park is not what I would call gentrified. However, the process is in motion. I stand by Central Park as the “next frontier” in this area. Still a 10 minute walk to the Logan Blue Line stop. The area just west of Palmer Square is also gentrifying. Still some deals there, but it’s a bit too far from L and yuppie food/drink amenities.
Thank you “dude” for keeping us up to speed on this one. This interests me greatly since we also have a similar property in L.S. It sold fairly quickly and pretty close to ask. It makes me wonder why the owner would put it on the market in the worst time of the year. This buyer was in escrow during December, not many are – only the very serious. This buyer saw a great opportunity and jumped on it.this place was priced very reasonably or maybe slightly under sell in just 2 months in Winter.
“Plenty of vanilla FIRE yuppies with golden retrievers in LS.”
How are they coexisting with the mocha gangbangers with illegitimate kids AND pit bulls? I’ve seen the look of fear and dread on the faces of the vanilla hipsters when the mocha people show up at the dog parks with their totally untrained dogs. One time a mocha couple’s untrained dog was attacking a skinny hipster be because the hipster had dog treats in his coat pocket, and all hell almost broke loose until the owner subdued his canine violently. Spike Lee was the first to portray this stuff in the movie Do the Right Thing when the white jogger accidently steps on the black dude’s brand new white sneakers.
What dog park? Where exactly are they? The only dog park I know of in L. S. is one under construction on Artesian under the expressway.
“Logan Square” is a big neighborhood. As we’ve chattered about a lot of times, it all depends on which part of the neighborhood you’re in, right?
“One time a mocha couple’s untrained dog was attacking a skinny hipster be because the hipster had dog treats in his coat pocket, and all hell almost broke loose until the owner subdued his canine violently.”
Who woulda guessed Logan Square could be so entertaining? 😀
“How are they coexisting with the mocha gangbangers with illegitimate kids AND pit bulls?”
LOLZ. Eighty percent of the pitbulls in LS (or, pace Sabrina, the part of LS where CCers would ever venture) belong to art directors with tribal tattoos and/or mujahideen beards.
Helmethopper, mocha gangbangers mostly care about other mocha gangbangers. There are notable and unfortunate exceptions, to be sure. As for the illegitimate children terrorizing the neighborhood, you’ve put your finger on the shameful secret of Logan Square. Bastards are simply everywhere.
the truth about logan sq. is somewhere in between the hipster utopia described by nonchatter and the culture clash described by helmethofer aka Dan. No doubts that Logan is rough around the edges; and there are most assuredly culture clashes on a near daily basis, the schools are abysmal and the neighborhood is dicey from one block to the next. However, the gentrification is slowly working it’s way up milwaukee avenue and it’s only a matter of time before the milwaukee corridor from the C&NW station all the way to Harvard is gentrified. The changes in teh type of people exiting the logan stop over the last 7 years of taking the blue line has definitely geared towards ‘gentrification’. If Logan is changed, Avondale will be a piece of cake; Old Irving has already gentrified, Jefferson Park will be easy too – given that the schools are far superior the further northwest you go. Imagine the hipsters moving out from the apartment/condo in Logan to the SFH on a double lot in Jefferson – complete with Beaubein school. Commuting time increases 15 minutes each way and mom gets a minivan with a driveway.
“Next frontier of gentro action this far north is Central Park”
getting closer and closer to Lawndale and Altgeld, which is the locale of a great read about the 1980’s: “Lords of Lawndale: My Life in a Chicago White Street Gang” (Gaylords) The author kept bemoaning the decline of the neighborhood due to unchecked immigration, and then hoped that gentrification would one day force the newcomers to move, the same way the old-timers had to. Looks like it’ll take another 20 years, if ever. The drive from the Kennedy, west to Central Park along Diversey is nothing to brag about, mostly dumpy. White LaRaza newpaper boxes on almost every major corner.
My god is Logan Sq commentary rich these days. What is actually driving the current buzz is one Mike Sula of the Reader, who apparently has decided any restaurant opening in his hood is automatically groundbreaking and a must-visit. As for the scaredy-pants factor, balancing the dereasing number of loser teen gangbangers losing their mom’s basement apartments when mom moves to the burbs is the swarm of thrill-seekers who think that dive bars are architectural treasures in need of preservation instead of pine sol in liberal quantities.
Ten or 15 years ago there a was an aging Gaylord living on Wrightwood west of Kimball. He would occasionally flash his gang signs at passing white dudes, perhaps in hopes of reconnecting with his long lost droogs. Maybe you should stroll by, Heimathuffer, and see if he’s still there (bring Bob). Seriously, you could help him revive teh Gaylords and reclaim some lebensraum from the mocha people on Diversey.
Cicero is the new Western.