You Can Still Get a 3/3 in Streeterville for Under $800,000: 400 E. Ohio
This 3-bedroom in 400 E. Ohio in Streeterville came on the market in May 2018.
400 E. Ohio was built in 1983 and has 185 units.
It’s a full service building with an indoor pool and sauna.
It has an attached parking garage where residents get parking, which is included in the purchase price, and guests can also park for free.
The listing says this unit has city and lake views.
It has dark hardwood floors in the main living areas.
The kitchen has light solid wood cabinetry, stone counters and stainless steel appliances.
All three bedrooms have generous square footage.
It’s also a rare 3-bedroom that also has 3 full baths.
The unit has the features buyers are looking for including central air, washer/dryer in the unit and parking is included.
For those looking for more bang for their buck in Streeterville, are the older buildings the way to go?
Lucas Blahnik at @Properties has the listing. See the pictures and the floor plan here.
Unit #2603: 3 bedrooms, 3 baths, no square footage listed
- Sold in October 1995 for $451,500
- Sold in February 1997 for $465,000
- Sold in August 2000 for $650,000
- Originally listed in May 2018 for $760,000
- Still listed at $760,000
- Assessments of $1,632 a month (includes a/c, cable, Internet, doorman, exercise room, indoor pool, sauna, exterior maintenance, scavenger, snow removal)
- Taxes of $10,968
- Central Air
- Washer/dryer in the unit
- Parking included (and free guest parking)
- Bedroom #1: 18×12
- Bedroom #2: 14×11
- Bedroom #3: 15×11
- Dining room: 13×9
- Foyer: 11×5
older building, older finishes and older maintenance issues with possibilities of special assessments, this place needs a rehab, unless you don’t care about that sort of thing then yeah its such a deal at like 6k a month
I wonder how long it will be before this building and many others gets an offer to become a rental building?
“The listing says this unit has city and lake views.” – I enjoy a good city view, but I really don’t want the “city” to be a couple hundred feet away.
The photos mostly show a view of nearby buildings. And I think “peeks of the lake” would have been a more honest description.
Listing says “Eat-in kitchen…”. I see a galley kitchen with no eating area in the kitchen.
It looked to me like the views were decent, but obviously you’d have to be in there — the photos could be misleading me. But I considered comparing it to a 2008 property with a similar price point (https://www.redfin.com/IL/Chicago/550-N-St-Clair-St-60611/unit-1408/home/45508352), and that one seemed to have a much worse view.
I think “eat-in kitchen” means they have a small breakfast table at the end of the kitchen in addition to the regular dining area. Always seems a waste of space to me to have two small tables near each other like that, not a plus, and I just dislike that narrow galley kitchen.
“I wonder how long it will be before this building and many others gets an offer to become a rental building?”
Why?
Just because there are like 5 other larger buildings that are de-converting?
Decent looking place and a good floor plan. Too bad about the blocked views.
You have to ask yourself “Is this a $1.2MM home?” and when you conclude “Heck No!” then you have to wonder why on earth you would pay this asking price plus another $1632/mo in assessments.
Assessment charge INCLUDES one self-park assigned parking space and unlimited free always available guest parking. Lots of Streeterville residential buildings charge $350+/month for unassigned parking. Only four units per floor. Allows big dogs. This is a “sleeper” building.
We lived in that building for 15 years in the two BDR right above this unit before we moved to the West Loop “Gate” neighborhood for the relative bargain on available SF for a 3 BDR. 400 has had issues with garage infrastructure and boards that are obsessed with redecorating the lobby and more recently financing building maintenance through special assessments. Look carefully at the financials before buying here.
It’s the former Bancroft, a condo-turned-apartment-turned condo building, and the finishes and amenities are dated compared to more modern buildings (e.g. no dog run, no party room). 400 is also known as a place to steer empty nesters from the suburbs looking for city living near major medical care (NWH and the Rehab Institute); not particularly a building for young families or first time home buyers looking for socializing. Maybe more for a snowbird crowd, if anything.
The primary reason to live here is location, the guest parking, and the relatively large units compared to newer construction. And by today’s standards, 400 is now a “value” building compared to a 600 N. Fairbanks or a 530 LSD, so there is that. But I agree that apartment conversion is this building’s long-term future as the owners age. Watch for estate sales if you really want to bargain hunt here – when we sold in 2015 we found that these really drag the unit value down relative to the neighborhood.
Re our old building (following up on my earliest post): I will say that you have a decent panorama view of Monroe Harbor when it’s not blocked by construction north of the river, and on a clear day you can see south almost to Indiana. Used to be much better back before River East and the new building on the corner of McClurg and Ohio went up a few years back. Used to able to see the Hancock out of one bedroom before RIC went up a block from here.
All in all I’d say this is worth maybe $675K to $700K at most rather than $760K, but this building has a hard time appreciating at the level of the newer hi-rises in the neighborhood as it ages.
The occupant mix at 400 E Ohio has changed dramatically since West Loop Gater left. Many long term residents are gone, replaced by millenials and some younger Gen-Xers. More infants and small children in building. I have seen thirty 20-35 years olds having a party on the deck w/ its beautiful flora and fauna this time of year. People now living here to be close to Medical Facilities are younger doctors and medical professionals. So now there are all age groups in the building. Outdoor sun bathing area, pool, Sauna, and gym help meet the needs of many age groups.
@400 Easter, but are they owners, a trust fund/college student crowd, or occupied by rental sublets? These have different implications…
Hope they redid the flora and fauna since we moved out. When we were trying to sell, one prospective buyer said the look reminded them of a Catholic cemetery.