Rented! North Center three beds, one bath apartment with huge deck! $2,550/ month

 

The living room at 4022 N Western, Unit 2, Chicago IL 60618 All photos and exclusively listed by
Eric Rojas, Broker, Kale Realty 

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We recently helped our client lease a North Center three bedrooms apartment to great tenants. The two-flat building features a restaurant on the main level and an apartment on the second floor. We advised on needed updates and repairs to receive top monthly rent and arranged contractors to do the work. We found a perfect fit for the property owner through local advertising on our social media channels and our tenant application process.

North Center rental prices over the last twelve months

The median price of a one bedroom rental in North Center is about $1,700 per month. A unique 1,800 sq/ft loft with garage parking rented for as high as $3,600 / month.

Two bedroom rental apartments have a median price of $2,200 / month. 

Three bedrooms or more units have a median rent price of about $3,600 a month (this includes single family homes). The lowest priced single family home rental over the past twelve months is $3,800 / month.

Chicago Real Estate Broker with Kale Realty

Over $100M sold! Have a question... ask Eric!

Kale Realty 2447 N Ashland, Chicago IL 60614 in Lincoln Park

Illinois Licensed Real Estate Broker No. 475.126105

Fair Housing Opportunity

erojas@kalerealty.com

PH: 773-510-1597

Lincoln Park vintage buildings on the 800 block of West Altgeld sell for $3,700,000, survive demolition

838-846 West Altgeld yesterday. These interesting vintage apartment buildings were purchased in 2018 for $3,700,000 and are in the process of gut renovation. 

Early this year we noticed work on these Lincoln Park vintage rental buildings at 838-846 West Altgeld.  Great clients of ours lived here about 12 years ago! The two building property sold in 2018 for $3,700,000 (according to public records, not on the MLS).  The facades are preserved. Interior renovation permits were issued to rehab and add duplex-down to the basement for a couple units. We're not clear if they will be converted to condos or remain rental apartments.

The cul du sac block is just west of North Halsted Street. This makes it a somewhat peaceful location right off a multitude of restaurant, bars, shopping and everyday services Lincoln Park delivers in spades.

The median price of a sold condo on the block is over $650,000 over the past two years.  A small three unit building needing rehab on a 59' x 83' sold for $745,000. Three condos are currently under contract on the block and three are actively for sale.

Lakeview Treasure Island site cleared for 208 rental apartments

The former Treasure Island grocery store at 3460 N Broadway has been cleared to make way for a large rental apartment complex. Photo taken last week - Eric Rojas, Broker, Kale Realty.

I passed the site of the Optima Lakeview apartment development at 3460 N Lakeview, Chicago IL 60657. The former Lakeview Treasure Island property was sold for about $12,850,000 according to public records (I looked it up).  Anybody miss the Treasure Island?  A Jewel-Osco and Whole Foods are also nearby in this heavy grocery store area. 

The development is approved for 208 units and 97 parking spaces.

Optima Lakeview rendering via 44th Ward https://www.44thward.org/wp-content/uploads/2020/01/Revised-Optima-Picture-1.9.2020.jpg

Massive "Logan Apartments" development taking shape

Paulie Gee's may have some new regulars soon!

I'm in Logan Square a lot these days. On Tuesday I passed by the biggest of many surrounding developments to check on the construction progress. Logan Apartments development is taking full shape. The massive 220 unit mixed-use development has taken on it's form and we can now see the aesthetic impact to the surrounding area. The 2500 block of North Milwaukee has a bit more cavernous feel.

The same viewpoint when construction began (below) and this week (above)

Update! Land sold for $4.4M... 80 units at 450 West Belmont in Lakeview near completion

A busy strip of Lakeview near fantastic lakefront amenities gets a new shiny building. The glassy 450 West Belmont rises in the left of the photo. All photos Eric Rojas, Broker, Kale Realty

Our Lakeview condo search for a client brought us past a new construction building taking full shape. 450 West Belmont is stepping out among the vintage buildings in East Lakeview. The 80 unit rental apartment development adds highly demanded new construction units among the 60s built high-rise buildings the area is known for. We reported the original vintage buildings and lots (450-454 West Belmont) were sold for $4.4M. 

On a related note I often wonder how long those 60s high-rise building along Lake Shore Drive will last.  They are not necessarily cheap to maintain! Will they last 100 years like the vintage mid-rise buildings we often revere?  

Would you buy a two-flat subject to tenancy?

This Edgewater two-flat is a great price and condition for our client. BUT it comes with a catch. All photos Eric Rojas, Broker, Kale Realty

We looked at a few newly listed small multi-unit buildings with our client on Sunday in Edgewater, Addison Mall and North Park neighborhoods. We jumped on the best priced building in Edgewater (preferred location). We found out quickly that the purchase was subject to tenancy.  This generally means the buyer will have to adhere to the current tenant lease agreements upon closing. Whatever that may be.

In this case the property has month to month tenants in both units and the "in-law" unit situation. We wanted the tenants vacated prior to a closing. The seller's agent has told us the owner won't do that... the tenants will be the buyer's responsibility.  Basically the tenants aren't going anywhere.

Even though the asking price is great this is too much risk for our buyer. This will be her primary home and she will rent the other unit out. No stomach for squatters or an eviction process should it come to that.  A professional investor who has dealt with tenant issues may be wise to scoop this up. Understanding local ordinances and a state's specific tenant law is key when buying multi-unit buildings.

We're there for you... when you can't be there!

Everything must go! 1224 W Van Buren #624

We spent several hours Sunday coordinating a furniture move for one of our listings in West Loop. To get the unit leased quickly the furniture had to go. Our clients are out of state.  We were able to get several groups in to remove the furniture and lease the unit over the weekend.

1224 West Van Buren Chicago IL 60607

Prior to the move out we coordinated the painting and repairs of the condo rental.  We are there to help out clients with all sorts of situations.  We can make the market preparation, sale, rental or buying of property easy even when you can't be there. Call or email us today.

Eric Rojas, Broker, Kale Realty
erojas@kalerealty.com
773-510-1597

De-conversion? Investor buys Lincoln Square condo building for over $2 million

A 12 unit condo building association located at 2335-2343 West Ainslie sold out to a developer in entirety. The building is getting a major remodel and will likely come back as rental apartments.

The entire corner condo building of West Ainslie and North Claremont in Lincoln Square was sold for about $2,000,000 early this year.  The building was not listed on the open market.  Rather an investor purchased each and every condo unit individually for $168,500 according to the Cook County Recorder of Deeds. Either the association sought out a buyer or the investor approached the building after noticing individual owner's difficulty selling.  In either event it takes a 75% owner vote to make an entire condo building sale happen.

I had shown these one bedroom condo units in the past.  They are good size with a deck but I did notice the values were not coming back to what many owners had paid originally. However some owners made a good $75,000 on the investor sale due to buying the distressed properties in the building after the crash. The building is in the process of a gut renovation and the apartments will likely be rented out.

The de-conversion trend of condos back to apartments is old news to many. Often an investor/ developer will purchase all the condos in a building at a higher per/unit rate than if owners sold their condos in the open market individually.  The investor then renovates and rents out the units.  However, many owners struggling to sell their condos have not looked at this option with their condo association.

The former condo building has addresses from 2335 West Ainslie to 2343 West Ainslie. It is a great location with an easy walk to the heart of Lincoln Square and the Western Avenue CTA Brown Line.  This was a great buy for the investor, slam dunk rentals.

If you are having trouble selling your condo for a value you bought it for feel free to contact us to discuss your options.  

The building sits across from St Matthias School.  Living across from a school could be a minus for some home owners while others may like the quiet neighbor in summer months.

Progress at 59 unit Surpless Dunn development in Lincoln Square

The Surpless Dunn building development will add 59 residential rental units (I believe rental) to this growing stretch of Lawrence Avenue in Lincoln Square. The top photo was taken before work started.  The lower photo is from last week.

Two stories are being added.  From another angle belkow you can see the extended elevator shaft rise from the center of the building.  A new construction building will be built as part of this development adjacent to the east.

This large residential project will replace an old industrial loft and parking lot.  

Check out the drawings here at the 47th Ward web site.

Property sold for $1,136,000 next to CTA Damen Brown Line in Lincoln Square, now 24 unit development

4646 and 4650 North Damen were sold in two separate transactions closing in 2017.  The total cost of the properties was $1,136,000 according to MREDLLC.com and Cook County Recorder of Deeds records. All photos Eric Rojas, Broker Kale Realty

Two adjacent properties directly north of the Damen Brown Line stop sold for a combined $1,136,000 in 2017.  4646 N Damen (40'x125' lot) next to the tracks was a frame house under contract for quite some time by a local developer. According to the MLS the contract was entered into back in 2015 and it closed for $436,000 in early 2017.  The next property over next at 4650 N Damen closed at the end of 2017 for $700,000 according to public records (this was not openly listed on MLS). Sounds like a nice hold-out for $700K!

Mixed use residential buildings will now run from the Damen stop to Leland on both the east and west side of Damen Avenue. City living at it's best... shops and apartments on the way to the train!

A 24 unit new construction rental building with eight parking spots has been approved for the site. The project next to the "L" of course qualifies as a transit-orientated development (TOD).

Check out the rendering HERE

Patty Wetli has more coverage of the development here.
 

New 221 Hubbard rental apartments in River North offer one month free

The newly finished 221 Hubbard caught our eye squeezed behind the CTA track curves (all photos Eric Rojas, Broker, Kale Realty).

221 Hubbard rental apartments in River North offers a sharp modern existence along the gritty looking "L" tracks. Check out  a detailed preview at YoChicago.com  

When in River North you etch out any square foot you can develop! The tracks are a small price to pay for great location at the Merchandise Mart CTA station and the whole of the River North / downtown scene at your feet.

Apartment manager Bozzuto has a robust Apartments.com ad with dozens of apartments listed and rental incentives (one month free etc...).  Studio apartments start over $1,800 and three bedroom penthouses are offered for January 2018 at about $7,800. 

Mega landlord Invitation Homes goes public, owns Chicago houses

Our clients rented a home offered by then newcomer landlord Invitation Homes in 2013 in Portage Park.  Around that time we saw many homes in the Chicagoland area bought, fixed up and rented out by the large firm established in 2012.

I watched an interview with the CEO of single family home rental company Invitation Homes on CNBC today.  The company raised over $1.5 billion in Tuesday's Initial Public Offering. Large private equity groups bought up real estate including single family homes after the mortgage and financial crash of 2008.  Typically single family homes were rented by former owners or small private landlords in smaller town areas (think college towns).  

Large private and now public companies buy thousands of single family homes and manage them much like multi-unit buildings.  As a tenant you often face the choice of renting from a private owner who often may live nearby or increasingly from a large corporation. Either can have pros and cons but you can bet that corporation will jack that rent up to the max every year (which in our client's case they have)!

Demo time! Infamous Lincoln Park condos to be replaced by... apartments.

Demo staging at Lincoln Centre Condos yesterday at North Lincoln and West Altgeld, Lincoln Park. CTA Brown Line riders know the building for the tennis courts easily viewed from the train.  All photos Eric Rojas, Bob DePalma, Brokers Kale Realty

It looks like time has finally run out for Lincoln Centre condos at 2518-2540 N Lincoln Avenue in Lincoln Park.  On a rare occasion for a top city location the entire existing condo association sold out to a developer. New "luxury apartments" boasting 191 units will take it's place. Look for slower traffic around the Lincoln/ Fullerton intersection soon as this relatively massive development begins.

These units were always on the showing list for an affordable buyer option in the neighborhood.  But, it came with caveats... the design and condition of the building were less than great. Kind of had a party feel if you know what I mean.  Show of hands: Anybody party on those tennis courts?

Check out the Baker Development Corporation web site for updates on the Elevate luxury apartment project set to deliver units in Summer 2017. Lincoln park is getting a shot of density with the recent large developments of Lincoln Park 2550, Webster Square apartments and condos and the pending re-development of Children's Memorial Hospital site.  Three of the four developments I mention are on North Lincoln Avenue.

There are a variety of condo and apartment rental prices along Lincoln Avenue surrounding these new developments. One bedroom condos can start in the $200s with large town houses selling well over $1 million.  A renovated three bedrooms, two baths rental apartment (no parking included) on the 2300 block of north Lincoln Ave recently caught $3,200 a month.

Please contact us when buying, selling or renting in Lincoln Park!

New construction rental building proposed for 2150 West Lawrence Avenue, Lincoln Square's Surpless Dunn building

There is a development proposal for 2150 West Lawrence that would add 59 rental units, commercial space and 50 parking spaces to this booming strip of Lawrence next to popular Roots Pizza.

The latest 47th Ward Zoning Advisory Committee update shows another significant Lincoln Square rental development proposal.  We pointed out last November the Surpless and Dunn building was for sale.  Check out the renderings of the proposed 59 unit rental development at 2105 W Lawrence that would add to the existing structure and build a second new building with 50 parking spaces...  Wow!

The parking lot at Surpless, Dunn and Company would be replaced by a new building. All photos Eric Rojas, Broker, Kale Realty

#ANewLawrence keeps on trucking.  As a long time resident near this building I've really enjoyed all the foot traffic Roots and The Sixth have brought to Lawrence.

Viewing North Center rentals, median rent prices

We're helping a client find a rental and viewed a two bedroom rental listing at 3721 North Damen in North Center with a rent price of $1,200 a month.  It was a low price for the size and location so we set the expectation condition would be rough!

Securing a nice rental unit on the North Side has been become more competitive and expensive year after year. The median price of a one bedroom rental in the North Center Community Area is $1,400. At around  $1,400 you will typically have vintage elements and no parking... however, some smaller recently gut renovated condo unit rentals are available from time to time. A huge one bedroom loft with garage parking rented for $2,200 on the high-end.  

3721 N Damen has a bright living room, dining room, good sized kitchen and two small bedrooms. Attractive to me is the small two unit building. It has a large covered porch for storage and bikes with a really nice paved back patio.  The condition is rough but two people could live cheap in a great location. Reminds me of all the apartments I lived in in my early 20s!

About 186 two bedrooms units were recorded as rented on the MLS with a median rented price of $1,750.   A charming two bedroom + den house rented for $3,200 in Audubon school district on the high-end.  82 three bedroom units have rented for a median monthly price of $2,395.

This one bedroom unit featured a back deck area over looking a huge yard and garden. Outdoor space is a deal maker for me.

It's a little more of the "Wild West" when trying to track down rentals off the MLS. There are of course a large percentage of rentals that are not listed in the MLS.  Much more than for sale units.  Units for rent are offered in many ways; Third party rental sites, by leasing and management companies and directly by owners with a sign out in front of the property. 

Some owners/ managers are very professional and use the proper rental leases and forms in accordance with the Chicago Residential Lanlord and Tenant Ordinance.  Some situations offer terrible communication, use "bait and switch" rental listings or do not provide proper documentation.  When helping clients find a rental we treat it the same as buying or selling units.

We explain all the options and show any available unit we can access for our clients. We have a network of landlords that privately own buildings and don't list on the MLS (we don't get paid on many of these referrals).   Professionally listed units typically offer a co-commission to the broker bringing a qualified tenant (how we get paid).

Leaving Lincoln Park for larger confines

Views last night from a rental unit at Lincoln Park Plaza, 600 W Diversey, Chicago IL 60614

We visited clients at their current rental at 600 W Diversey last evening to write a purchase offer.  A growing family means time to upgrade their small Lincoln Park rental with broken A/C to a larger  newer construction condo in the Lincoln Square/ Andersonville area.

We'll find a definite upgrade well within their budget but we not not be able to upgrade that view!

It's the views, stupid: Renting the penthouse at SoNo condos

The private terrace at unit 2806. I didn't get too close to the railing (all photos Eric Rojas, Broker, Kale Realty)

 We recently represented clients leasing a top floor (penthouse) condo at SoNo (860 W Blackhawk) in the Near North area adjacent to the Lincoln Park and Old Town neighborhoods. The views of the 28th floor east facing unit are fantastic.
YoChicago.com filmed a short panoramic video from basically the same angle on the 23rd floor in 2011.


SoNo condo building sales and rentals:
14 units have sold over the last 12 months at SoNo condos with a median price about $360,000.  The closed prices range from $329,000 for a 905 sq/ft one bedroom condo with garage parking to $660,000 for a highly upgraded two bedrooms, two baths unit with two garage spots.  

SoNo condo tower at 860 W Blackhawk

12 units have been recorded rented in the MLS over the 12 months with monthly leasing prices ranging from $2,200 a month to $3,900 a month. 

Objects are closer than they appear in this photo... it's better in person!

The Whole Foods is downstairs

The building is tucked away off a small commercial area with lots of conveniences. Taverns, yoga, pet day care, The British School and... PUMP IT UP!

The mega New City development is a couple blocks away... along with all the Lincoln Park Clybourn corridor stores.

Yoga across the street

The very important doggie daycare around the corner at Unleashed!

All sales and rental stats gathered from MREDLLC.com... all opinions and photos mine!

Photos! Construction begins on new Lakeview apartments on former Sappanos Paint site

The new apartment construction site at 2940 N Halsted just south of the expanding Illinois Masonic Hospital. The location is steps to great everyday shopping and dining around Clark and Halsted (all photos Eric Rojas, Broker, Kale Realty).

I stopped in at Illinois Masonic last week to get an injury checked out (I'm fine) and noticed the construction progress at 2940 N Halsted in Lakeview.  The former Sappanos Paint store site will become a 25 unit rental apartment building with 25 parking spots.

As YoChicago.com has pointed out (along with us on our blog) this is yet another new construction rental apartment development that joins many, many small and even large new apartment developments throughout the North Side.  In my day you could almost exclusively rent in vintage buildings around Lakeview, Lincoln Park, Lincoln Square and North Center.  New construction apartments are now an option in each popular neighborhood.

Nothing to see here! (yet).  The site is dug out and cleaned up. 

What a great spot to rent! Just steps from Binny's, Marshall's, DSW, hardware stores, grocery (the new city Walmart) restaurants, bars (duh!), and services.