Own a Piece of History on Terra-Cotta Row: 1059 W. Oakdale in Lakeview
This 3-flat at 1059 W. Oakdale in Lakeview makes up a small collection of homes and flats in the Terra-Cotta Row historic district.
It stretches only from 1048 W. Oakdale to 1059 W. Oakdale.
The homes were built for the executives of Northwestern Terra Cotta Company and, obviously, their products were used throughout.
Perhaps the most striking component of the short historic district is the distinctive terra cotta fencing in front of several of the buildings.
1059 W. Oakdale is otherwise known as the Gustav Hottinger flat.
Built in 1901 by architect Theodore Andresen on a 25.5×136.9 size lot, it incorporates many of the elements of the executive mansions across the street.
According to the listing, this 3-flat has been modernized with newer kitchens and baths.
Yet it still has some of its vintage features with hardwood floors and wood trim.
The vintage-looking fireplaces are apparently non-working.
The three units are as follows:
- Unit #1: 3 bedrooms, 1 bath, window A/C, rents at $1800 a month including one parking space
- Unit #2: 3 bedrooms, 1 bath, owners unit (can’t tell if it has c/a or not)
- Unit #3: 2 bedrooms, 1 bath (could be converted back to a 3-bedroom), central air, washer/dryer hook-up, rented for $1990 a month
The listing says there is a partially finished basement with 1-bedroom of living space.
The listing says the building could generate income of up to $80,000.
The building is just a few blocks from several El stations.
It is currently priced $50,000 under the 2006 purchase price.
Would this 3-flat make a good investment?
Caryn Hoeft at Baird & Warner has the listing. See the pictures here.
1059 W. Oakdale: 3-flat, 8 bedrooms, 4 baths, 3484 square feet, 2 car garage
- Sold before 1986
- Sold in April 2006 for $1.2 million
- Currently listed for $1.15 million
- Taxes of $15488
- Expenses of $6950
- Gross Income: $48630
- Not sure where the 4th bathroom is located- possibly the basement.
this would be a sweet azz place if i was moving to chicago from utah.
I don’t want to buy it – but I wouldn’t mind renting one of the units!!!
I looked at all the 3 flats in lakeview for sale the other night, and remember this one being one of the most expensive. However, most of the others were siding flats, not too much brick on the market. There are better deals to be had, and better ones to come on the markets soon. Upkeep on this place looks expensive too.
Utah? People from Utah don’t move to flat, midwestern Chicago. There’s a reason Brigham Young stopped where he did, Utah is remarkable, it has 6 national parks.
Brigham Young also believed in magical underpants and that dinosaur bones were planted by the devil to confuse believers.
I like this place but the space seems way too tight to be livable as is – and it’s way to pricey to convert to a SFH. Maybe two duplex conversion?
You’d be better off buying EQR than buying this for sub 3% returns. As priced, this property is not a money maker and one would have to expect “appreciation” and not income to make the IRR on this a homerun. I don’t get it.
“Would this 3-flat make a good investment?”
I might be convinced to pay $700k for it as a rental investment. Assuming that the $1990 rent is realistic for all three units (or as an average rent). And assuming there are no meaningful repair/deferred maintenance issues.
Nothing against the place, but I grew up in the neighborhood and I’ve always felt this part of Lakeview was a little dull. Not too many interesting shops and not much street life. The side streets are attractive, though, and it’s not too far from the lively areas. I guess it’s quiet, which is good.
The numbers on this one don’t make sense as an investment. It will probably be purchased by and owner occupant looking to rent out the other two units. I would imagine that an owner occupant purchased owns it currently. It would make a great single family.
“The numbers on this one don’t make sense as an investment.”
they never do! the water is not getting, and never gets warmer either, just plunge in….clio do tell us again how you did it?
clio: to buy the “next” property in your progression, didn’t you have to refinance the others to get the new downpayment? That would leave the older properties encumbered with debt right? which hurts cash flow? which current value-losses would wipe out equity? If all the properties were purchased in “good areas” then the cash flows must have been minimial, therefore the high-leveraged and the minimally cash flowing properties must have most of their equity wiped out in this 25% correction???
went to a sleepover there in the early 80s, interesting history of the building I didn’t know, thanks Sabrina.
I used to live around the corner from this property a couple months ago and also thought it was an incredibly interesting place. It sticks out a bit in the neighborhood but in a cool impressive way.
It just doesnt make any sense as a investment property. There is probably little chance of the seller doing a price drop anything near what would get it sold.
The nice thing about getting a 3 unit is a bumps up the amount you can borrow without doing a jumbo mortgage
realtors site says it’s under contract. Looks really charming.