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South Loop 2/2 Timber Loft is an Excellent Investment Opportunity: 1503 S. State

This 2-bedroom loft in the 15th Street Lofts at 1503 S. State in the South Loop came on the market  in October 2024. I don’t have a good picture of this building. Sorry. Enjoy the fall leaves in Millennial Park instead.

Built in 1895, 15th Street Lofts has 78 units and attached heated garage parking. The building was converted during the housing boom in 2005-2007.

The listing says this is a “rare corner unit” and the “only 2-bedroom available in the building.”

This is a timber loft with some exposed brick and 12 foot beamed ceilings.

It also has a unique curved architectural window in the living room which leads out to a balcony with west and downtown views.

There are hardwood floors throughout.

The “modern kitchen” has wood Merillat cabinets with a built in pantry, a large island with seating for 2, granite counter tops, custom lighting and stainless steel Frigidaire appliances.

Both bedrooms have full height walls and windows.

The primary suite has an en suite bathroom with a double vanity and walk-in-shower.

The second bathroom is in the hallway and has an oversized tub.

The loft has the features that buyers look for including central air, washer/dryer in the unit and 1 heated garage parking space is included. The listing says it would normally cost $30,000 extra.

This building is near the shops and restaurants of the South Loop and several bus lines.

Listed at $345,000, that is just $2,000 above the 2020 sales price of $343,000.

It is also $60,000 below the 2007 sales price of $405,000, which was at the peak of the housing bubble.

The listing says this loft is an “excellent investment opportunity.”

Is it?

Patrick Shino and Dani Sorrou at Fulton Grace Realty have the listing. See the pictures and floor plan here.

Unit #601: 2 bedrooms, 2 baths, 1101 square feet, loft

  • Sold in March 2007 for $405,000
  • Lis pendens foreclosure in February 2008
  • Sold from the bank in May 2008 for $305,000
  • Sold in December 2020 for $343,000
  • Originally listed in October 2024 for $345,000 (includes one garage parking space that normally sells for $30,000)
  • Currently still listed at $345,000 (parking included)
  • Assessments of $593 a month (includes heat, gas, parking, cable, exterior maintenance, scavenger, snow removal)
  • Taxes of $6350 
  • Central Air
  • Washer/dryer in the unit
  • Bedroom #1: 12×10
  • Bedroom #2: 10×10
  • Living/dining combo: 17×18
  • Kitchen: 15×7
  • Laundry: 6×5
  • Balcony

This entry was posted on Tuesday, November 19th, 2024 at 5:45 am and is filed under Lofts, South Loop. 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.

2 Responses to “South Loop 2/2 Timber Loft is an Excellent Investment Opportunity: 1503 S. State”

  1. Probably rents for $3k/mo, use your favorite metric for ROI

    These 2Br are really 1+Den

    Think its a decent deal for a WFH and wants to like in SL

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  2. “$3k/mo, use your favorite metric for ROI”

    Steve-o’s napkin method (ex DP, which was always going to overvalue):

    12*(3000-593)-6350/.06 = $375k.

    So, yeah, decent deal.

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