Own a 2-Bedroom Airbnb with Parking in Lincoln Park for $399K: 2204 N. Clybourn
This 2-bedroom at 2204 N. Clybourn in the Clybourn Corridor of West Lincoln Park came on the market in February 2022.
Built in 1918, this building has 6 units and gated parking.
This unit doesn’t have many of its vintage features other than a wood burning fireplace and 10 foot ceilings.
It has hardwood floors.
The eat-in kitchen has white cabinets, stainless steel appliances, and a checkerboard tile backsplash.
The primary bedroom is en suite.
There is a dining room.
The unit has features buyers look for including central air, washer/dryer in the unit and gated parking is included.
But if you don’t want to move in, the listing says it is an Airbnb short-term rental property with a City of Chicago license.
From the listing:
“Condo rules are silent about short term rental and board has approved that use as long as it is done with the community in mind. Unit can be sold with furniture and housewares to continue to run. Management services available from current owner if desired. AirBnb listing and reservation summary can be provided upon request.”
This unit is close to DePaul, Mariano’s, Pequod, the North and Clybourn shops and restaurants and those on Armitage. This property last sold in July 2021 for $315,000. At that time, it was also listed as an Airbnb property.
It has come back on the market for $84,000 more at $399,000.
This unit was already under contract once since its February 2022 listing.
Does it being an Airbnb get it the premium over last year’s sales price?
Stacy Karel at @Properties has the listing. See the pictures and floor plan here.
Unit #2: 2 bedrooms, 2 baths, 1200 square feet
- Sold in June 1999 for $230,000
- Sold in March 2005 for $298,000
- Sold in August 2008 for $306,000
- Sold in July 2021 for $315,000
- Originally listed in February 2022 for $399,000
- Under contract
- Back on the market at $399,000
- Assessments of $300 a month (includes scavenger, snow removal)
- Taxes of $6279
- Central Air
- Washer/dryer in the unit
- Gated parking space included
- Wood burning fireplace
- Bedroom #1: no measurements listed
- Bedroom #2: no measurements listed
- Dining room
- Living room
- Kitchen
A cramped city apartment on an exceptionally busy street sandwiched between a tourist destination (Pequod’s) and a strip mall that belongs in the suburbs. Hard pass.
Nice enough place and location
Would be shocked if this appraises for anything near $400k when the seller hasnt done anything to the property
Airbnb pricing is $480/night, At that price its gonna attract large groups using it as a crash pad post party, hence the comments wrt to the assoc.
The kitchen cabinets, backsplash and floor tile are eerily similar to those in the “newly rehabbed” apartment that I lived in when I first moved to Chicago. In 1989.
All it needs is a cheap knockoff aurora pendant in the dining room.
Listing says “the trendy Clybourn Corridor”, so maybe we have been time warped back to the 80s.
This unit in the same building sold for $345 two weeks ago. Top floor recently remodeled kitchen with granite countertops and bath with hardwood floors throughout. Little funky layout in some of the rooms given the turret shape. Was also advertised as “investor BnB friendly”.
The unit being cribbed about should be at least a 5% discount
https://www.redfin.com/IL/Chicago/2200-N-Clybourn-Ave-60614/unit-3/home/12794113
“also advertised as “investor BnB friendly””
Doesn’t matter what the condo dec sez, it’s a violation to have more than 1 unit in a 6 unit building be a licensed ‘Short Term Residential Rental’–see 4-6-300(b)(10):
“no more than … one quarter of the total dwelling units in the building … are or will be used as vacation rentals or shared housing units, in any combination”
So, if there are two in the building, and anyone cares to complain, then you have a fight between owners over who gets to be the one.
*TERRRIBLE* thing to invest in reliance on.
“Doesn’t matter what the condo dec sez, it’s a violation to have more than 1 unit in a 6 unit building be a licensed ‘Short Term Residential Rental’–see 4-6-300(b)(10):”
I forgot about this. The city recently passed or updated this ordinance during the pandemic correct to make it more restrictive?
Not sure who the alderman is at this location (too lazy to Google and don’t care) but I imagine even if you/your unit qualifies for an AirBnB license doesn’t mean the alderman will approve.
Seems like the association is encouraging short term rentals, and that’s reason enough not to touch the place, even were it a decent apt, which it isn’t.
No good condo association permits short term or Airbnb rentals.
doubtful, sounds more like the association is about to crack down on short term rentals, otherwise why would they be selling?
“A cramped city apartment on an exceptionally busy street sandwiched between a tourist destination (Pequod’s) and a strip mall that belongs in the suburbs. Hard pass.”
They will build on that strip mall. Already discussions of what may happen with that property. Could be rezoned. Could get an apartment or condo building in addition to retail.
Only tourists go to Pequod’s? That’s news.