That 1500 Sq Ft 2/2 in Central Lincoln Park Will Cost You $585,000: 1122 West Armitage
This 2-bedroom at 1122 W. Armitage in Lincoln Park just came on the market.
This building was constructed in 1995 and has 8 units.
It has an attached heated garage, which is rare for buildings in this area, many of which are vintage.
The Armitage corridor is popular due to the shops, restaurants and brown line El stop nearby.
This unit has two outdoor spaces, including a front and back terrace.
The kitchen has white cabinets, quartz counter tops, gray subway tiles and stainless steel appliances.
It also has an enormous master bedroom at 22×17.
This unit has the features buyers look for including central air, washer/dryer in the unit and garage parking, which is included in the price.
At 1500 square feet, it is larger than your typical 1200 square foot 2/2.
Priced at $585,000, is this the new price point for generous 2/2s in central Lincoln Park?
Michael Kelly at Dream Town has the listing. See the pictures here.
Unit #202: 2 bedrooms, 2 baths, 1500 square feet
- Sold in December 1994 for $371,250
- Sold in April 1999 for $345,000
- Sold in December 2002 for $479,000
- Sold in August 2007 for $507,500
- Currently listed for $585,000
- Assessments of $359 a month (includes exterior maintenance, scavenger)
- Taxes of $8385
- Central Air
- Washer/Dryer in the unit
- Heated garage parking included
- Bedroom #1: 22×17
- Bedroom #2: 12×10
Not bad for the money-great outdoor space, good location, decent sq footage. Could use some updating but the fundamentals are good as long as you don’t get stuck replacing the elevator.
Unit 102 closed in December for $535,000. Went under contract in a week. Appears to be somewhat more updated. If we believe the listing the master bedroom was smaller. I assume the terrace was bigger. http://lucidrealty.com/homes-for-sale/Chicago_Lincoln_Park/condos_townhomes/1122-W-Armitage-AVE-unit-102/
And by the way unit 102 is a good example of just how “hot” the market is. Purchased for $478K in October 2012 and they clearly did a lot of work to it in between. The old photos are online.
pretty boring place but at least its not a 1000 sqft shoebox
I bet it sells for around 550k
I wonder if the 16X15 balcony is included in the sq. footage. There is no way this unit is 1,500.
I also wonder if it makes any financial sense to buy this place. You PITI is $3,500 a month. I wonder if you could rent for less without forking $120K down.
In doing a rent vs. buy analysis I would not include the principal repayment unless you are really cash constrained. However, I would include the round trip transaction costs.
“There is no way this unit is 1,500.”
There is a floorplan at the virtual tour link. If you add up the depths of all the rooms shown, you get about 85′ which, with a 19′ unit with, makes 1500 seem about right.
Unfortunately for that interpretation, the overall building length (measured using google earth) is only about 72′ (not counting the bay in front).
585K for a 3-sided split-faced block building? No thanks.
THIS PLACE MAKE JAN SOOO LOOK SAD!!! 🙁
“I also wonder if it makes any financial sense to buy this place. You PITI is $3,500 a month. I wonder if you could rent for less without forking $120K down.”
Good question.
Rents keep going up. Downtown 2/2s that are smaller than this one are definitely renting for $3,000 to $4,500. But what’s going on in Lincoln Park? Does anyone know?
I try to stay away from rentals but you probably can’t touch something like this for less than $3000/ month. Someone got a decent looking 3 bed 1800 SF unit for $3150 and a nice looking 4 (tiny) bed 1600 Sf unit for $3200. Then I saw a nice 2 bed 1400 SF unit rent for $3200. To give you some idea.
One of my units is similar to this place. I’m currently renting it out at 3400. I could probably get 3500 but my current tenants have been great so I only raised the rent $50/mo this year (7/1/2016). My taxes have increased significantly because of assessed value so we’ll see what happens next year.