This Is The Dream Loft House: 2605 W. Armitage In Logan Square
If you ever wanted to live in a cool warehouse loft house, now is your chance.
This 3-bedroom house on a double lot at 2605 W. Armitage in Logan Square recently came on the market.
From the outside, it looks like every other industrial building around Chicago.
But the inside reveals an open loft layout with exposed brick, 26 foot high ceilings with timber beams and a massive skylight.
It has 5307 square feet on two levels and a 1200 square foot deck.
The house also has a 3-car carport.
Gentrification has slowly been moving further west.
Has the neighborhood changed enough for this property to nearly double in value since 2003?
Shannon Fassett at Coldwell Banker has the listing. See the pictures here.
2605 W. Armitage: 3 bedrooms, 2.5 baths, 5307 square feet, 3 car parking
- Sold in August 1992 for $115,000
- Sold in August 2003 for $725,000
- Currently listed for $1.3 million
- Taxes of $8,000
- Central Air
- Bedroom #1: 36×26 (main floor)
- Bedroom #2: 25×17 (second floor)
- Bedroom #3: 24×20 (second floor)
Yeah… At that price, give me that penthouse on LSD 10 times out of 10… this place looks like a dump on the outside, and I was expecting the interior to you know… look like an interior? Looks like it hasn’t been updated in a very very long time, some staging would really help this place, and the fact that its West of Western on Armitage… ewwww no thanks for 1.3mildo
Also another listing fail, they put in “unbelieveable original smokestack staircase” as the main point of the listing and then didn’t put a picture of it in there?
” and the fact that its West of Western on Armitage… ewwww no thanks for 1.3mildo”
Think the location is fine, and dig the space, even with dated, and underbuilt, interior, but the ask is whackadoo. Need to snadblast the facade and use the full original windowspace–even if only for larger glassblock space. Aerial looks like three car parking may be trible tandem, which sucks.
Sabrina,
Surely your enthusiasm is sacasim?!?
A property like this is my unicorn, but this one fails in a few material respects. It would not be for me at anything above the 2003 price, and not even sure about that.
1) Location is not that great. It would be acceptable for a better property, but the preferred location for a place like this is within Bucktown, Wicker Park, near West Side or similar neighborhoods. Part of Logan Square and Avondale are acceptable, but the area is not that great around where this one is.
2) I haven’t looked closed at these kind of properties in several years, but the $ / sqft here seems pretty high. It’s unclear if much of the interior is new, but it appears likely that someone is trying to much too high of a premium over the 2003 price. I’m not sure what the market might be for these kind of properties but I suspect it is not that great over the last several years. Maintenance and heating/cooling costs are high for a property like this as well, especially when used as a residence.
3) Unclear how this is zoned, and that may matter.
4) Preferred buildout is nearly nothing or very nicely done. I’d like to choose my own finishes and get things the way that I want them in a property like this. What is there in this property seems haphazard and disjointed. Kitchen is ok and maybe can be used, the rest looks like it would have to go.
5) Exterior sucks on this one.
I think you’d have to pay me to live here, rather than the other way around. Yikes!
My dream is to get one of these old barrel truss buildings and convert to a home… however, for $1.3 million this one is underwhelming. The choice of kitchen style is odd and there was no effort to try and make the space less expansive. Personally. I’d have chopped the ceiling from the front 1/4-1/3 of the building behind the front wall to create a courtyard and a wall of windows one can actually see out. The stove and bathroom look dated. It’s be better to just find a building still in original state for much cheaper and start from scratch.
This looks like a teardown to me.
Anon the expert what do you put the land value at?
As a commercial building I like it. This would make for an excellent restaurant-bar-brewery. I don’t think the zoning would ever change to allow such a thing here and at this point the Milwaukee-California area has this areas clientele covered.
As a residence this place is a joke, but there are buyers for strange places like this.
“Anon the expert what do you put the land value at?”
This 79′ corner lot sold for only $525 this summer:
http://www.redfin.com/IL/Chicago/2952-W-Armitage-Ave-60647/home/21636796
so I don’t see how you can justify more than $400k for the dirt here.
This:
http://www.redfin.com/IL/Chicago/3434-N-Ravenswood-Ave-60657/home/40475698
is also currently on the market. Tough spot with the el, but the $600k diff pays for a lot of soundproofing. Does appear to *not* have barrel roof.
400k sound about right to me. It appears that the 2003 buyer paid to much for this property.
Does any think it is worth 750k today?
Anon…you bring up that $525 price a little further west. That was purely for dirt and a super tiny restaurant space (think hot dog stand) that a Longman and Eagle guy (and Logan Theater guy) are building out into a larger restaurant with patio areas.
If that spot sold for $525, with that small building that needed a lot of work…what do you think this warehouse home should go for? I wouldn’t know what to guess, but I’d have to guess higher than $525. $600ish?
It’s only a double lot, I’d be surprised if the land was worth more than $500k or so.
“If that spot sold for $525, with that small building that needed a lot of work…what do you think this warehouse home should go for?”
That was pretty clearly a dirt-only price. And a commercial price–for a over-50% bigger lot, on a (nice, with the blvd) corner. oilc asked about the dirst value here, and I’d stick with ~$400k, unless part of aggregating with neighboring props.
Do I thnk that what’s there for improvements is worth more than ~$50 psf? Nah. There is a bit of rarity premium, so I could see something close to the ’03 price–for the “one” buyer, and assuming that everything that is there is in good (10 year old) shape–which isn’t true, at least wrt the deck, so who knows hwat else might be lurking w/o going to see in person.
I’d love to see the heating bills on this one.
Although I knew a guy with this kind of space and he blocked off an area to live/heat unless he was having a big party or something.
I’m with ChiBuilder. Somebody buy this place and open a kick-ass brewpub like God intended.
I third that motion. Bust open the front of that baby and let the beer flow!
Anon-
I’ve had my eye on that Ravenswood place. I’d love to do a conversion there. The only real issue is the EL is particularly loud at this juncture it’s on a tight curve and screeches like crazy.
I also had a friend look at this for a live/work situation, but ultimately she really only wanted to pay 550 for it, since reno would be about 400….
This is a property of character for people who are characters. I personally love it. Very rough curb appeal, but I like that’s its understated. The average person wouldn’t even think there’s a cool residential space inside.
If I had the money, I would take this over any stuffy pseudo luxury co-op run condo with white walls and “espresso” floors. I understand why people wouldn’t like this location, but there are definitely urbanites out there who realize that life is too short to live in a void, concrete crap box, and who will take the dramatic increase in quality of living space versus quality of location.
If you can’t already tell, I’m not married and I don’t have kids.
If you can’t already tell, I’m not married and I don’t have kids.
Elliott that is absolutely the line of the month. For me there is no doubt that it is actually the line of the year on Cribchatter.
This space is awesome! I would love to be friends with whoever purchases it… So I can go to all the kick ass parties there…
As a photo studio, maybe, but at $600K.
I have always been partial to this place:
http://www.zillow.com/homedetails/2436-W-Bloomingdale-Ave-Chicago-IL-60647/2145566455_zpid/
I am pretty sure that it has been on the market in past few years, but I am not sure what it ended up going for. I think it was quite a bit more expensive.
It is very similar though to the Armitage property.
“I am pretty sure that it has been on the market in past few years, but I am not sure what it ended up going for. I think it was quite a bit more expensive.”
Good memory Kevin. I forgot about that property. It was on Crib Chatter in 2008/2009.
http://cribchatter.com/?p=5362
I did find a sales price this time. It last sold in March 2000 for $630,000.
Was listed in October 2008 for $2.25 million. I don’t see that it ever sold. But yes, very similar to this armitage property including the massive skylight in the middle of the building.
I’d much prefer the Bloomingdale house over this one. It isn’t on a busy street and it clearly is already finished. If the Bloomingdale place didn’t sell for the 2.25M ask, I have a feeling this place is asking too much as well. Remember, everyone wants NEW not a place they have to put so much work into.
That is what allows some of us who are willing to do some work to be able to purchase deals these days….
Cool space but not worth anywhere near that price. It would have to list for under $1 million to attract a buyer.
Speaking of cool spaces in the area. Over the past year I’ve watched someone (out my living room window) convert 2528 N. Willetts Ct. (pull it up on google maps) into a extremely cool single family. Anyone have any idea who did it/lives there?
Beckola, that’s funny, that garage used to be notorious for the ne’er-do-wells who hung out in it. Talking like 10 years ago.
“400k sound about right to me. It appears that the 2003 buyer paid to much for this property.
Does any think it is worth 750k today?”
Looks like we shall soon find out.
Big cut.
Now being marketed as a leased commercial space:
http://www.loopnet.com/xNet/MainSite/Listing/Profile/Profile.aspx?LID=18515121&SRID=4099163997&StepID=101
h/t Curbed.
thoughts on this place?
http://www.redfin.com/IL/Chicago/3108-S-Lituanica-Ave-60608/unit-1/home/40380003
Isn’t old town social a bar made from a building like that?
Too lazy to look
“Isn’t old town social a bar made from a building like that?”
Yeah, pretty close. Think the OTS building might be a little bigger, and doesn’t have the chimney.
Piece in Bucktown is also in a very similar space.
How dead is the market right now? I thought it was supposed to pick up after the superbowl but it seems slower than molasses right now; barely any new listings and nothing seems to be going under contract. Was this cold winter the final nail in the coffin for this moribund economy?
“How dead is the market right now? I thought it was supposed to pick up after the superbowl but it seems slower than molasses right now; barely any new listings and nothing seems to be going under contract.”
Listings definitely seem slow. Weather has to have something to do with it. Places that seem priced at market (IMO) do seem to move quickly.
HD, what’s the best 2-3 blocks of OIP?
“what’s the best 2-3 blocks of OIP?”
and do they include a viable cps elem?