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Own the Whole Church: 2242 N. Leavitt in Bucktown

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Finally, I close the tour of church homes with this church in Bucktown at 2242 N. Leavitt which is now an apartment building. The church has three units.

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2242 N. Leavitt: 10 bedrooms, 6 baths, 2 car garage

  • Currently listed for $1.2 million

The listing states:

CORNER LOT BRICK CHURCH CONVERTED TO APARTMENTS IN 2000. TOTAL RENTS $6585/MONTH. #1 IS DRAMATIC DUPLEX DOWN 3BD/2BTH W/NEW BTHS & NEWER KTCH & 2 STORY LR. #2F IS 4BD/2BTH DUPLEX UP. #2R IS 3BD/2BTH DUPLEX UP.

ALL 3 UNITS ARE CURRENTLY RENTED. EACH W/OWN CENTRAL HEAT/AIR & W/D. 2C GARAGE. GREAT INVESTMENT IN GREAT BUCKTOWN LOCATION CLOSE TO BLUE LINE! CONVERT TO CONDOS NOW OR LATER (ALREADY SET UP FOR CONVER…

@Properties has the listing.

This entry was posted on Friday, February 22nd, 2008 at 2:30 pm and is filed under Bucktown. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

One Response to “Own the Whole Church: 2242 N. Leavitt in Bucktown”

  1. After taxes (over $800/month) and a healthy maintenance reserve, you have, what, about $5000/month to service the debt? Or, in other words, not quite enough to pay an I/O loan after you put $200k down. Terrible, terrible investent at that price.

    The current owners (12/05 closing) paid $962,500, and have managed to accumulate about $100k in equity after financing 100% (re-fi on record). If they were willing to sell for what they paid, then it might be an okay investment property. Probaly even better if you would want to live in one of the units.

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