You Can Get A 2/2 In River North For Under $300,000: 630 N. Franklin
This 2-bedroom at 630 N. Franklin in River North just came on the market listed at $299,900.
It appears to include a parking space (though I can’t tell 100% for sure.)
The unit has 1200 square feet with sunny south facing views.
It has concrete walls and ceilings as well as new hardwood floors.
I appears that only one of the bedrooms has windows.
The kitchen has stainless steel appliances, granite counter tops and maple cabinets.
This unit also has a 10×5 office.
It has central air and a washer/dryer in the unit.
If you don’t want to buy it, it looks like you can also rent it for $2250 a month (including the parking).
You can see the rental ad here.
With some 1-bedrooms selling for around $300,000 in River North, is this a great deal for a 2/2?
Ted Guarnero at Baird & Warner has the listing. See the pictures here.
Unit #805: 2 bedrooms, 2 baths, 1200 square feet
- Sold in November 2005 for $314,000
- It was listed in May 2012 for $334,900
- Withdrawn
- Currently listed for $299,900
- Assessments of $351 a month (includes heat)
- Taxes of $4727
- Or you can rent it for $2250 a month (includes parking)
- Central Air
- Washer/Dryer in the unit
- Parking included???
- Bedroom #1: 14×11
- Bedroom #2: 12×11
- Office: 10×5
“With some 1-bedrooms selling for around $300,000 in River North, is this a great deal for a 2/2?”
The 1 br in this building that you had featured sold for 113k.
The building isn’t in great shape, I don’t think it’s a safe buy. They don’t have a rental cap, last I checked, and the rental vs owner was way off. Unless it’s changed recently, I’d be surprised if you can get financing here.
How can you realistically use this as a 2 bedroom without some type of noise prevention for the second bedroom. You would never be able to sleep with a roommate or people over in the living room. Throw in some double-panned glass and some sound curtains and then you can use it as a bedroom.
How do you hang artwork on cement walls?
“How do you hang artwork on cement walls?”
Same as any other highrise condo…concrete drill and screws.
I wonder if there is something not quite right about this unit since it sold for only $314k during the boom. The rent also seems a little on the low side two for a 2 bedroom with den.
“The 1 br in this building that you had featured sold for 113k.”
I said “some”- NOT necessarily in this building. Yes- even with the bust- some 1-bedrooms right down the street are STILL selling for nearly $300,000 (those with larger square footage.)
To me, that would make this 2/2 a deal comparatively. You get the second full bath, an office area and a second bedroom with another closet.
Jenny: This building was never marketed as a “luxury” building- even during the boom.
I’m with Jenny… something seems a little fishy about this place. Only 2/2s in bad buildings (eg 600 N Kingsbury) sell for <$300k in this area.
According to Trulia, there are 5 2/2’s for sale for <$300k in 60654. 3 are Lis Pendens, 1 is up for auction, and the other is this property. That's not good company to be in.
This is either a smokin hot deal, or its toxic.
“To me, that would make this 2/2 a deal comparatively.”
Apples/Oranges. You can’t compare a 1 bedroom in a higher end building to a 2 bedroom in a CMK building.
“How do you hang artwork on cement walls?”
Fun-Tak ™
Real estate is not commoditized.
the best thing about this place is the location and low assessments, why pay for a crummy in building gym where only creeps work out when you can take the money you save on that and a doorman and join the fancy gym a stones throw from here.
worst things: no roof deck, sonies
Building is fine, no issues except that since we have 51% renters, no FHA financing, so you’ll need to bring 20% down, thats whats killing the prices here. They are actively working on getting FHA approval and the rental rate has actually gone DOWN if you can believe it.
“The rent also seems a little on the low side two for a 2 bedroom with den.”
“the rental rate has actually gone DOWN”
Even the renters are rejecting the building?
no, you’re reading it wrong, there are more owners now than a year ago, therefore rental % rate = down
The number of renters is too damn high!
“Apples/Oranges. You can’t compare a 1 bedroom in a higher end building to a 2 bedroom in a CMK building.”
Chuk- you’re right. But I wasn’t thinking of a high end building. There is a big 1-bedroom under contract in 333 W. Hubbard. It is a bit bigger square footage wise than this unit. But it is also listed for about $50,000 more if you throw in the parking. So, to me, this is a deal for the neighborhood because you’re getting a second bathroom, another closet, another bedroom and an office.
They upgraded the listing to add parking +$33k, and also mentioned 50% occupied… the power of cribchatter!
I’m wondering if this isn’t a stealth REO or something, I’m too lazy to check the ownership history but something doesn’t seem right