Love Lofts? A Rare Mergenthaler 1-Bedroom at 531 S. Plymouth in Printers Row
This 1-bedroom loft in the Mergenthaler building at 531 S. Plymouth in Printers Row came on the market in May 2019.
Built in 1886, this building has 20 units and a side parking lot which has only a few spots.
It was among the first batch of loft buildings to be converted in this neighborhood as it was converted in the 1980s.
At 1,417 square feet, it has many authentic loft features including exposed brick and 12 foot timber ceilings.
It faces west (although the listing says south. However, the 2007 listing, and unit pictures, indicate it is west facing.)
It has hardwood floors throughout.
The loft has a unique open concept kitchen with white lower level cabinets (and no upper cabinets) along with 20 feet of counter space.
It looks like it has white appliances.
The bedroom doesn’t have a full wall, as was common in the older lofts, but it does have a full wall of closets.
There’s also a 6×16 den with windows.
This loft has features buyers look for including central air and washer/dryer in the unit (although there is also a laundry room in the building.)
It doesn’t have parking. That is rental in the neighborhood.
Since 1987, this loft has only changed hands two times. This would be the third sale.
Are truly open, authentic lofts, still in vogue with buyers?
Craig Easly at @Properties has the listing. See the pictures here.
Unit #201: 1 bedroom, 1.5 baths, 1417 square feet
- Sold in April 1987 (no price listed)
- Sold in September 1990 for $159,500
- Sold in May 2007 for $315,000
- Currently listed for $350,000
- Assessments of $783 a month (includes heat, cable, exterior maintenance, scavenger, snow removal and Internet)
- Taxes of $6172
- Central Air
- Washer/dryer in the unit
- No parking but rental in the neighborhood from $150 to $250 a month
- Bedroom: 15×20
- Den: 6×16
- Living room: 19×23
This building is one of the great loft buildings of Printers Row.
I’m not sure I could live with that kitchen though.
What an odd layout. Looks like they made a little reading nook in that ‘hallway’. For the right couple this is definitely priced right imo. Interesting style, but it will sync with someone for $350K
Price is high considering the finishes are low. That washer dryer looks to be original. No hood vent. Kitchen is altogether fairly awful for anyone who cooks regularly and has an electric range (barf).
If they lower it to $275k – $295K people will climb over each other to buy this but as it stands, it is a bit pricey considering it is a 1br with very dated finishes, some original appliances, possible noise between floors given the wood, no parking, and high assessments relative to few amenities. The May 2007 price was peak hysteria pricing. Since then this has only aged while the nearby competition has increased. Looks like they replaced the fridge and that was their one contribution/upgrade? The profit here was mainly in the tax benefits afforded to the owner.
This could be a great pied a terre or air bnb if that is allowed in this building.