Rare East Lincoln Park New Construction With Parking: 445 W. Arlington
This 3-bedroom duplex down at 445 W. Arlington in East Lincoln Park came on the market in October 2018.
This is a new construction building designed by Booth Hansen Architects to mimic the look of vintage row homes even though it’s really 8 units.
There are 2 units per floor and 2 of them, including this unit, are duplexes.
It’s an elevator building.
This unit is one of two units with its own private entrance.
The living room, dining room and kitchen are on the main level.
The kitchen has white cabinets, what look like stone counter tops and luxury stainless steel appliances.
All 3 bedrooms are on the lower level along with a den.
There’s no outdoor space but there is garage parking, which is rare for the historic blocks east of Clark.
Listed at $1.39 million, this is actually cheaper than the others which have already sold from between $2 million to a 4-bedroom that sold at $2.295 million.
Several of those had outdoor space.
Is this a deal for the location?
Erin Mandel at @Properties has the listing. See the pictures and floor plan here.
Unit #1W: 3 bedrooms, 2.5 baths, 2492 square feet, duplex down
- “New” construction
- Originally listed in October 2018
- Currently listed at $1.39 million
- Assessments of $586 a month (includes lawn care, exterior maintenance, scavenger, snow removal)
- Taxes are “new”
- Central Air
- Washer/dryer in the unit
- Garage parking included
- Bedroom #1: 17×12 (lower level)
- Bedroom #2: 12×10 (lower level)
- Bedroom #3: 14×11 (lower level)
- Laundry room: 4×5 (lower level)
- Den: 16×19 (lower level)
$1.4 for a master bedroom in basement? Nope….
I walked through several of the units prior to their sales. The layouts are definitely in demand but there are issues with cheap materials on the exterior. The units have standard finishes. Units are very dark (north facing) with the only south facing room being the master bed. Arlington, east of Clark, is very transient. It’s in Lincoln Elem for now, but any boundary adj would eliminate north of Fullerton first.
Taxes will be $45k on these places in a year or two.
Take 30% off for resale as the new car smell wears off. Pass and run on this disaster unless living next to Wing Stop is a priority.
Back in the early 80’s, my 20-something uncle rented a basement apartment just south of Lincoln Village on Kimball.
It was a lot cheaper than this place, but the vibe was similar. Windows high up and narrow, with little light getting in.
This place is a better location, but on the other hand, my uncle could walk to What’s Cooking.
“Taxes will be $45k on these places in a year or two.”
Are you predicting a 4% effective rate??
If there is a 4% effective rate, values will tank, making it more like a 5%+ effective rate, further tanking values.
I think that it is extremely unlikely that effective tax rates go above about 2.5%–so perhaps a $35k tax bill for this, which is STILL way too high. Think it is more likely that we’ll get ~2-2.1% effective rates.
Where do the 3d bedrooms windows look out? the plan shows them facing west, but the west side of the unit is the driveway to the parking.
What am I missing??
I was referring to the upper units that sold just above $2 million. Taxes will be $45k for 3,000 sq ft of very average finishes. They marketed this place as “true luxury” when it is anything but.
High taxes and high assessments for a very average location and finishes. I hope these buyers at least got free wings for life as part of their contracts.
“a very average location”
A C+ location in an A+* neighborhood is not “very average”.
Not arguing that these are good value, or particularly desirable, tho.
Floorplan for biggest unit:
https://static1.squarespace.com/static/58a75f96414fb535f7060b50/t/58ebf2e9ebbd1ad98d3286f1/1491858154803/3W.jpg
A little hard to tell, but seems lie a lot of hallway, and cut up spaces. If the finishes aren’t *super* nice, then seems goofy to me.
*whether or not you personally like East Lincoln Park, it is an A+ location. I would not choose to live east of Clark, for many reasons, but that’s immaterial.
Anon,
You said it correctly the first time that this is a “C+ area of a A+ neighborhood”. I’m not saying it’s an average location as compared to other neighborhoods. I’m simply saying it’s a very average part of Lincoln Park. $600+ Per sq ft is way too high for the product offered.