Portage Park 2-Flat Is Now a Short Sale and Reduced $100K: 5341 W. Berteau
We’ve chattered about this Portage Park 2-flat at 5341 W. Berteau several times over the last year.
See our September 2011 chatter here.
Back then, it was listed for $450,000 which all of you thought was too high to cash flow.
Someone guessed that it would be more attractive around $350,000.
Since then, the property has become a short sale and has been reduced to $364,900.
If you recall, it was built in 1918 and has some of its vintage features intact including hardwood floors, stained glass, crown molding and dining room built-ins.
According to the prior listing, it has also had updates, including skylights, new copper plumbing, new electric and windows.
The units consist of the following:
- Unit #1: 3 bedrooms/1 bath
- Unit #2: 4 or 5 bedrooms/2 baths duplex up – owners unit with third floor with vaulted ceilings
The old listing said the first floor rental unit has a new kitchen and bath.
Full unfinished basement (the old listing said it had 7.5 foot ceilings).
Built on a 33×125 lot, it does not have a garage but the old listing said one can be added.
The property is just a few houses east of Portage Park and is across from Portage Park school.
Is this finally priced to sell?
Mark Cahan at Mark Cahan Realty now has the listing. There are fewer pictures with this latest listing and most of the top floor owner’s duplex pictures are no longer listed (see the old chatter for discussion on those pictures).
But you can still see the original pictures here.
5341 W. Berteau: 2-flat, 7 bedrooms, 3 baths, 3000 square feet, no garage
- Sold in November 1991 for $135,000
- Originally listed in March 2011 for $469,000
- Reduced in May 2011 to $450,000
- Was listed in September 2011 at $450,000
- Reduced
- Was listed in October 2011 at $399,000
- Reduced
- Currently listed as a “short sale” at $364,900
- Taxes of $5274
- Central Air
- 2 sets of W/D
- No garage- but apparently one could be built
- 1st floor 3/1
- 2nd floor duplex up 5/2
Nice place
Really glad no one is holding me to this statement yet
“if this goes REO or short sale, I’ll put in an offer of $200k just to see if I get laughed at.”
It looks nice. Too bad it’s the middle of nowhere.
Of course it will sell in the $200’s as an REO. That’s all rents in the area command. It is not the middle of nowhere. Dolton IL is in the middle of nowhere. This is portage park.
“Of course it will sell in the $200?s as an REO. That’s all rents in the area command.”
As discussed last time, if it were to go in the twos–and assuming no significant defects/repairs required–it would be a very good rental proeprty.
The 2nd floor front porch needs to be fixed/repaired/replaced. Property also needs a garage or parking pad. Didn’t get to see the basement. Other than that, it’s really just a matter of how much do you want to upgrade the kitchens and bathroom?
“assuming no significant defects/repairs required–it would be a very good rental proeprty.”
Or, Icarus, it could be gradually rehabbed into a single-family-with-home-office property.
Great curb appeal, though a close look at the photo shows work that needs to be done.
I know nothing about Portage Park but it looks to be a great candidate for a SFH conversion. Turn the 3rd floor back into a proper attic and gain energy efficiency.
sold on 5/11/2012 for $330,000. More than I wanted to risk on it, but a good price me thinks.
sweet. I have a 2flat in my stable real similar to this in PP except Im on a Double Lot. . Gives me hope I haven’t completely lost my shirt on it.