A million dollars is a lot of money no matter how you look at it. However, what $1 million buys you varies dramatically between neighborhoods and the type of residence purchased. It’s not uncommon to see newly constructed homes around Logan Square asking this amount—for example, $1 million can get you this newly constructed house near Western Avenue, this brand new four-bedroom near the Congress Theater, or even a blinged out rehab and deconversion of a classic greystone near Logan Boulevard.
But for $1.095 million, you could claim this stately North Avenue greystone and the gorgeous Victorian coach house that stands behind it. Between both properties, the total number of bedrooms comes to 11 with five and a half bathrooms. The listing agent suggests that the property could be “perfect for armchair investor,” but also notes that it’s also an equally excellent opportunity for an owner occupant who’s looking to become a live-in landlord.
The properties both appear to be nicely refinished and the deal looks to be a true turnkey situation where very little—if any—work needs to be done to get these properties leased. In the listing description, the broker representing the seller states that the two buildings are currently generating annual revenues over $86,000. An expired rental listing for the coach house shows that the owner had been seeking $2,800 for the building.
For anyone looking for a steady longterm investment situation, spending this kind of money on a pair of classic Chicago properties across the street from Humboldt Park may end up being a safer bet than the bubbly new construction market in other neighborhoods.