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player ready...When the price seems right and the location’s OK, the luxuries of space and deluxe amenities can quickly drop from top to secondary priorities.
That could be the case at 6030 North Sheridan, a 22-story rental building on the far North Side that’s being converted to 261 condominiums.
The studios and one-bedroom, one-bathroom units are small, from 400 to 775 square feet–and the latter number includes the units’ balcony space. With prices ranging from $89,900 to $179,900, that translates to approximately $225 to $232 per square foot. That’s not exactly a bargain-basement price and it’s not over the top–but it’s enough to make a buyer think.
For comparison’s sake, rental-to-condo conversions in a quite desirable neighborhood such as Lake View are averaging from around $200 to $300 per square foot, according to Gail Lissner vice president of Appraisal Research Counselors in Chicago.
“But, there is a big market for compacts,” said Lissner, referring to small units. “They’re especially popular with first-time buyers.”
So, although a $230ish per-square-foot figure might seem on the high side for a 50-year-old building in Edgewater, it’s not really pricey relative to location, pulse of the market, high rentals and myriad other stuff, including the building’s improvements.
The 6030 building is between Thorndale and Glenlake on the west side of Sheridan Road and a half-block from Thorndale Beach.
So owners of some lake-facing units can see Lake Michigan, between two condo towers across Sheridan; others facing south get some beach, lake and city views, while units (including all studios) facing west take in the sprawl of the city to the horizon and some glorious sunsets.
The building’s on the CTA’s 147 Express and 151 bus routes and a few blocks from the Thorndale rapid transit stop.
As the appraisal group’s Lissner noted, small units are popular with first-time buyers, especially those who are leaving the rental market because of increasingly high rents and amazingly low mortgage rates.
And as many renters and potential condo buyers flee Lincoln Park and Lake View for the more economically slanted Andersonville, Uptown, Edgewater and Rogers Park neighborhoods, these northern enclaves are becoming more gentrified and attractive even to some trendies.
Those factors are pluses for 6030, an iffy rental building, with some previous tenants on month-to-month rather than long-term leases and with seemingly little done in the way of upkeep.
However, the windows were replaced about five years ago, according to Sussex & Reilly sales associate Ken Dooley, who noted that some tuckpointing was completed about the same time.
A new canopy over the entry will spruce up the exterior. Hanging original air conditioners, though, do more to age a building than deep wrinkles do to age a face. (One-bedroom units have one new and one old air conditioner.)
Inside, there’s revamping activity in the lobby (at drywall and concrete floor stages during my visit) and hallways; elevator cabs and doors will be redone, unit doors replaced.
The model units show rather well (even though oversized furniture cramps the small spaces), particularly the lakeside one-bedroom, one bathroom with its kitchen open to the living area via a curved kitchen counter/breakfast bar.
Windows nearly fill the east walls of both the living/dining area and the bedroom, giving each room two full side walls for bookshelves, storage units and varied furniture placement.
Visitors have to get their bearings in the end units with balconies. These units are set far back from the front of the building. Other than the three windows and the door of the balcony, plus a very small side wall window, there are no other windows (daylight) in the long expanse (nearly 26 feet deep) of combined dining/living room.
However, the west facing bedroom, bathroom and kitchen have nearly full walls of windows/daylight. I’d stay in these rooms most of the time, I’d bet.
The studio’s a cute little thing with its smaller-sized appliances fitting snugly across one kitchen wall.
A room’s space and layout, not the furniture, are important to me. But, particularly in a 400-square-foot studio, size and function and placement of furnishings are rather essential. And the decorator didn’t do any favors for this unit, nor for the prospective buyer, in visualizing what could work in this mini-spot.
The model has two barstools at the kitchen’s pass-through counter. An over-sized sofa and a tall, wood two-door armoire are scrunched awkwardly together against one wall.
The bathroom is updated, the walk-through closet/storage spot is nicely outfitted by California Closets (not standard), but buyers will have to be sure to measure their essentials and treasures before committing to a studio.
6030 North Sheridan
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Address: 6030 N. Sheridan Rd., Chicago
Developer: Sixty Thirty LLC, Chicago
Phone: 773-524-4343
Description: A 22-story 1950s rental building being rehabbed and converted to 261 condominium units.
Prices: Base-priced from $89,900 and $94,900 for 1-bath studio with 400 square feet. Base-priced from $124,900 to $179,900 for one-bed, 1-bath unit with 725 and 775 square feet, respectively, including balcony. Valet parking. Estimated monthly association fees, studios, $110; one-bedrooms, $170-220. Prices as of July 22.
Amenities: Fitness center, laundry room, storage lockers, 24-hour doorman, upgraded electric service, overhauled heating and plumbing systems, renovated lobby and halls. Units carpeted. Maple kitchen cabinetry, laminate counters, white kitchen appliances. Original tub, toilet and tiled bathroom floors.
Neighborhood: In Far North Edgewater, a block from Thorndale Beach. Near Loyola University, CTA rapid transit and buses.
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Sunday in Real Estate: Buyers are flocking to Edgewater, between Devon and Foster Avenues near Lake Michigan, because of its affordability.
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More House Hunters: Past column by Genevieve Buck are available at CHICAGOTRIBUNE.COM/HOMES