Love Brick? A 2-Bedroom Loft for Only $365,000 at 420 S. Clinton in the West Loop
This 2-bedroom in the Gotham Lofts at 420 S. Clinton in the West Loop just came on the market.
This is an old General Electric factory that was converted into lofts during the loft craze in 1999. It has a garage as well as a side parking lot.
There’s no doorman but there is an exercise room.
This loft is a corner unit that appears to face Clinton.
If you’re a lover of exposed brick, look no further as this loft has exposed brick in nearly every room of the loft, including in the bathrooms and closets.
The second bedroom even has exposed brick on every single wall.
Both bedrooms are fully enclosed and have windows, a rarity for a Chicago loft.
The master bath has marble and porcelain tile.
There is a walk-in shower in the second bathroom.
This loft has a drywall ceiling. Some units in the building have timber but in some places the timber was too badly damaged so the developer dry walled over it.
The kitchen has maple cabinets, stainless steel appliances and granite counter tops.
It also has a large, secret, back deck.
There’s central air, washer/dryer in the unit and the listing says there is assigned parking, which I take to mean it has a spot in the open air lot attached to the building.
At $365,000, including the parking space, is this a deal for this location?
Laurie Jacobs at Re/Max Vision212 has the listing. See the pictures here.
Unit #106-A: 2 bedrooms, 2 baths, no square footage listed
- Sold in July 1999 for $179,500
- Sold in August 2001 for $256,000
- Currently listed at $365,000 (includes assigned parking)
- Assessments of $390 a month (includes exercise room, exterior maintenance, lawn care, scavenger, snow removal)
- Taxes of $3830
- Central Air
- Washer/Dryer in the unit
- Bedroom #1: 13×13
- Bedroom #2: 14×10
Not a big fan of this location but this seems like the most bang for the buck on here for a while. Finishes are so-so but doable for a while. Nice low taxes. I think it will sell quickly.
Is this *really* west loop though? I thought the Kennedy expy was the eastern boundary. The area doesn’t feel like west loop at all. It’s far from much of the hot hot action west loop has to offer.
Unit is livable and would make a great place for a bachelor wanting to walk to work.
“Is this *really* west loop though?”
West Loop Gate.
“It’s far from much of the hot hot action west loop has to offer.”
Far? WTF!!!!!
The windows in the living room look out at I-290… literally right outside every day thousands of cars and trucks passing by
PASS
and this is the loop… not the west loop! East of 94=LOOP
I worked near here (Clinton and Adams) and this building is in a horrible location. You are right at the Clinton El stop, which attracts street people, and across from the Eisenhower. Almost everything around here is closed on the weekends. It is far from the west loop bars and restaurants. Unless you’re working a 60 hour+ week at Huron, TT or DRW, I can’t see living here. Even then just going a couple of blocks north and/or west gives you a better spot.
“East of 94=LOOP”
nah.
West Loop Gate
Also, this is a very good deal and will sell quickly. With the renovation of the post office and new construction eventually coming to Union station, this will be a big winner to whoever buys it.
Agree this isn’t West Loop. But close enough for buyers. I think this will go quickly. I am impressed the shower tiling goes all the way to the ceiling. You never see that in condos at this price point.
Proximity to the interstate is unfortunate but this it completely a deal in this market. Not for me – – I couldn’t’ take seeing / hearing traffic 24/7, but at this price there is most definitely a buyer out there. I agree – -it will sell quickly.
Where does the little hatch on the deck go?Is that your fire escape access?
My loft overlooks I290 at UIC. After 3 months, it became white noise or as I liked to call it ‘the urban river’
“It’s far from much of the hot hot action west loop has to offer.”
once a year you get the Old St Pat’s block party down the street
“Kevin on June 22nd, 2017 at 12:32 pm
My loft overlooks I290 at UIC. After 3 months, it became white noise or as I liked to call it ‘the urban river’”
http://www.lung.org/our-initiatives/healthy-air/outdoor/air-pollution/highways.html
That being said, I live directly next to the I-94 on ramp at Irving Park road. I’ve come to enjoy the sound of reggaeton. The beats lull me to sleep.
Sabrina, in case you missed it the IAR sales release came out yesterday.
“East of 94=LOOP”
Every time I have cribbed about a property west of the Chicago River, all of you on this site have told me that it’s NOT the loop because the loop is only east of the River. So, therefore, that must make it the West Loop.
The West Loop is west of the highway. This is no-man’s-land.
“Sabrina, in case you missed it the IAR sales release came out yesterday.”
Thanks for the reminder Gary. Yeah- I wasn’t paying any attention. There’s too much going on this summer. 🙂
Not only do the living room windows look directly onto the Eisenhower at highway level, but so do the master bedroom windows and the deck. You couldn’t pay me $365k to live in this unit.
“You couldn’t pay me $365k to live in this unit.”
How long would I have to live there to get $365k? Is is LTCG, or OI? Is that in addition to proceeds on sale, or more like reverse rent?
Depending on the timeframe, heck ya.
“How long would I have to live there to get $365k? Is is LTCG, or OI? Is that in addition to proceeds on sale, or more like reverse rent?”
The only sensible implementation of this is that you get to live here “for free”, so you are effectively being given the $345k that you would otherwise have to pay to live here (at the ask). So you’re still on the hook for taxes and other expenses (don’t make me decide if you have to pay for upkeep). And you don’t get any proceeds when you stop living there (bc the $345k is, by dean, a function of living in the unit).
I’m going out on a limb and will say the answer is no.
The more interesting question is what is the least expensive home for sale that you would live in for free. Need a link!
“by dean”
by defn, damn you mpb w your autocorrect on web pages (I thought we were getting an edit fn)
“only sensible implementation of this”
If I do not get the proceeds on the sale, then I am certainly NOT getting “paid” in any sense of the word. You are suggesting a “free” scenario that is not actually free, bc of the T+A that must be paid.
Another ‘sensible’ scenario that would be much closer to being paid would be to have it deeded for free, subject to a put and a call at $365k, with the counterparty responsible for all transaction costs at the execution. That set up takes out the risk of falling values and prevents a windfall from rising values while still ensuring the $365k payday for living there, and also allows for the minimum period to be baked in.
“If I do not get the proceeds on the sale, then I am certainly NOT getting “paid” in any sense of the word.”
If your employer let you live somewhere and you only had to pay RE taxes, would the IRS consider the value of that housing, net of RE taxes and whatev, getting “paid” in the sense of the word that they want you to pay income taxes?
And what’s the cheapest place I could pay you to live in, under my defn?
And, really, I could even kick in the RE taxes and upkeep and your answer would still be no. And all that “put” and “call” mumbo jumbo, I’d really have to hire sonies (which autocorrects to ponies and I may call him such from now on) to explain to me. And you know neither of us can afford his services.
” I could even kick in the RE taxes and upkeep”
Ok, so you’re basically positing $3k/month in “free” rent = “paid $365k to live in it”. So you are suggesting a 10 year earn out.
Then the answer is: No, I would not live here for 10 years to be “paid” $365k.
Could I get the $365k in 370 days, and claim it as LTCG, even if I have to pay $3k/month to live here? Then, yes, I would live here for 54 weeks to get paid an after-tax net of about $275k. That’s roughly equal to a $450k OI bonus! No brainer!
” I would not live here for 10 years to be “paid” $365k.”
Oh, and that’s no “paid”, unless I am allowed to sublet it for that 10 years.