Wednesday, December 02, 2015

$2 million dollars to build a three unit in Bucktown? That's what the permit says reported on a construction permit for a three unit building at 2008 West Webster, Chicago IL 60647 estimated at over $1.9 million.  The building deed changed hands earlier this year to an LLC but no sales price data is recorded. The building was last listed for sale on the MLS in 2010 for $599,000 (a low point in the market).

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Project Description
New 5,744 sq.ft. 3 story mixed use development with 2 residential units, office space, and trash enclosure

Project estimates on permits for many new construction and major rehab projects seem low.  At almost two million this particular project estimate is expensive for the size/ type of building.  It sits on a rather pedestrian 24x110 lot... smaller than a standard lot. And it's close to route 94 highway.  Condos near this Bucktown location can achieve over $1 million for a top floor "penthouse" unit. But those units are usually built on 38 foot or wider lots.

Curiously, some of the same parties were involved in the sale this year of the brick two-flat (and coach house) next door at 2010 West Webster this year for $740,000. The LLC that owns 2008 West Webster was the seller of 2010 West Webster.  That building has four units rented with leases on three units running until spring 2016. 

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