Much Cheaper Than New Construction: 400 E. Ohio in Streeterville
A lot of buyers just want new- but what if you could get more space for less money in the same neighborhood for buying in a building that has been around awhile?
400 E. Ohio in Streeterville is a 181-unit high rise built in 1982.
This 3-bedroom duplex, Unit #4804, is on the market for a much lower price than what you’d find per square footage than any of the nearby new construction buildings.
Is this unit a deal?
Here’s the listing:
Wow! Priced to sell, one can only imagine this incredible opportunity. Duplex penthouse with unobstructed views, custom steel staircase that blends with modern or traditional decor. Kitchen has table area with gorgeous windows.
Master bedroom has two walk-in closets. Parking additional. Plenty of guests parking available. Located in the center of River East with every amenity at your doorstep or just enjoy the pool/exercise rooms.
Anton Ursini at Rubloff has the listing. See more pictures here. (Including a great picture of the indoor pool.)
See the property website here.
Unit #4804: 3 bedrooms, 2.5 baths, 2100 square feet
- Sold in July 1998 for $566,000
- Sold in August 2001 for $795,000
- Currently listed for $699,000 (parking extra)
- Assessments of $1285 a month
- Taxes of $10,721
- Central Air
- W/D in-unit
- Open House, Sunday Dec 7: 12 – 2pm
I think it is a good deal if you can deal with not new…
Ugly building, assessments are a bit high and no balcony, but I could see paying $625K parking included. Any scuttlebutt on the building?
“assessments are a bit high”
Assessments plus taxes are ~$2200/month. Could you rent this place for $3200/month (w/o parking)? Makes it “worth” maybe $200k. It’s going to be a *really* tough sale above conforming limits, unless that assessment amount is a temporary thing.
I like the unit. no comment on price. i can’t afford it anyways. I thought River East was on the S. side of the river though?
Anon, I’m pretty sure a 3BR duplex penthouse around there is going to rent for more than $3200/month. I’ve been looking in that area and south of the river and currently nice 2BRs are in the $3000/month range, with dozens asking more than $3500. I bet this might be worth $3750/month or so. Yes, it still makes the asking price too high (in my opinion).
The taxes on the property website are listed at $9,406, not a huge decrease from above, but almost $110/month.
Ask seems a little high if those assessments are right. Still, much better than some of the crazy prices we see around. Might need a little work to make it “like new” but seems nice.
Hard to tell from the kitchen shot but it looks like the appliances are pretty new. Maybe just new doors and hardware on the cabinets and new counters if the counter height is good enough. Is that an electric stove? I hate them but I bet whoever buys this isn’t really going to cook much. Ditto for the lack of a double oven. Might need to redo some of the bathrooms as well although the one on the website looks pretty good.
Does this building have a four pipe central system or is it going to have the crappy old “central” air where you only get hot or cold depending on the time of the year. That would be a dealbreaker for me.
Tipster, I don’t know where you are looking but you should be able to find brand new 2BR condos to rent in Streeterville for ~$2500 (w/out parking). To use the prices at the Streeter as market is crazy with the current situation around there.
Use the (optimistic?) numbers suggested, and you get $2100 in costs and rent of $3750–still you’d be stretching to say it’s “worth” half of what they are asking, unless there is something funky with the assessments.
Seems much more realistic than the crazy cost of the 3br posted yesterday. And I think realtors are trying to rebrand “Streeterville” as “River East” but I could be wrong on that.
Rubloff, are you here? Your website sucks. The pictures take forever to load on every listing I’ve seen.
I actually think that Rubloff’s site tends to be a lot better than most other brick and mortar realtors’ sites (of course nothing as good as Redfin).
This is an old post, but I thought I would post for future reference that parking (including free guest parking) is ALWAYS part of the price in this building. You can’t sell them separately. I’m not sure where the seller was claiming an additional price for the parking, as it just can’t be done.