Looking to Be a Real Estate Investor? A 1-Bedroom at 2660 N. Halsted in Lincoln Park
This 1-bedroom at 2660 N. Halsted in Lincoln Park recently came on the market.
We’ve chattered about this complex in the past.
Converted into condos in 2005, there are 6 residential units and 2 commercial units with parking.
This unit is a duplex with vaulted timber ceilings and the bedroom on the second level.
There are exposed brick walls and a wood burning fireplace.
The kitchen has maple cabinets, granite counter tops, and stainless steel appliances. According to old listing pictures, these were in place at least as far back as 2011.
There is wall air conditioning, an in-unit washer/dryer and a parking space is included with the price.
The listing says it can be an “investment (great monthly return!)”.
In the MLS agent notes, it says the unit is rented for $1800 a month through September 2018.
However, there is also a note that says this building is all cash.
Currently listed for $175,000, is this property a good use of your cash if you’re a real estate investor?
Maggie Ahern at Dream Town Realty has the listing. See the pictures here.
Unit #6: 1 bedroom, 1 bath, duplex up, no square footage listed
- Sold in April 2005 for $250,000
- Sold in July 2008 for $250,000
- Sold in August 2011 for $120,000
- Sold in August 2017 for $173,000
- Currently listed at $175,000
- Assessments of $274 a month (includes exterior maintenance, scavenger, snow removal)
- Taxes of $2845
- Currently rented for $1800 a month
- Wall unit air conditioning
- Washer/dryer in the unit
- Parking included
- Bedroom: 14×13 (second floor)
- Living room: 20×15
- Kitchen: 7×7
I thought a developer was buying this out this complex for a tear down?
The interior is not bad, but the exterior is terrible. However, you do have a lovely view of the Home Depot!
Would you and all of your possessions smell like curry 24/7? Wouldn’t doubt it.
Yeah I can imagine that indian restaurant being a bit of a detractor, I mean i love the smell of indian food once in a great while but 24/7 would probably really suck
That place is one of the best Indian restaurants outside Devon Ave. If I lived here, I would get so fat…
In the late 1980s, this was a business called “Jazz-Er-cize,” part of the trend started by Jane Fonda in which middle-aged women would dance to get into shape.
What a dump it is, then and now.
“That place is one of the best Indian restaurants outside Devon Ave. If I lived here, I would get so fat…”
What’s that? Do tell.
I wonder why the current owner is selling after only a year?
For any owner, that’s never good. With selling costs, you’ll lose money.
“That place is one of the best Indian restaurants outside Devon Ave.”
meh, I don’t think it’s even the best Indian restaurant on that block.
Sabrina – it is, or was, Raj Darbar. Haven’t eaten there in a while, but the Chicken Tikki was crazy good.
Lol, for $1,800-2,000/month you could do a lot worse.
“Sabrina – it is, or was, Raj Darbar. Haven’t eaten there in a while, but the Chicken Tikki was crazy good.”
Thanks Matt. I will have to check it out on your recommendation.
You buy this to rent out as a landlord not to live in.
Raj Darbar is okay but far from the best Indian place in LP or LV. Okay with a Groupon on occasion otherwise better options abound. I guess the pizza place next door didn’t make it. It’s also near bars and late night jazz bars and on Halsted: crappy spot to sleep but again it’s for younger tenants willing to spent that disposable income and not a place to sleep yourself.
At 175k & $1,800/mo rent with only $511 in current carrying costs this is a cash-flow positive rental property not just in the GZ but in Lincoln Park–a rarity indeed! There must be something wrong with it we aren’t seeing as CF+ GZ places like this for entry level landlording are pretty much unheard of.
“There must be something wrong with it we aren’t seeing as CF+ GZ places like this for entry level landlording are pretty much unheard of.”
Looking at the notes it was a non-warrantable condo before as there was a majority owner, may also have to do with 2 out of the 8 units being commercial spaces and the square footage requirement isn’t there. So you’re looking for cash buyers.
Closed at $190k on 10-1.