2628 N Central Park Ave, Chicago, IL 60647
This property was purchased by an investor/builder in January 2011 and resold in May 2012. The property was initially repossessed by the bank through judicial sale foreclosure then resold on the open market in 'as is' condition.
This property is a little off the beaten path in Logan Square but still in a decent area just north of Wrightwood Ave. There is a lot of demand for owner-occupied 2-4 unit buildings in this area but most sales are in the $300K range and below. In fact, there were only three recent sales in 2012 within half a mile that sold for $400k or above. It would be interesting to find out what the investor originally thought he would resell the property for considering he closed in early 2011 near market lows. Assuming total development costs for the project were $275K-325K, this would have provided a return in the range of 27-50%. That's a big range but there was a long hold period between sales that could have reduced profits significantly.
Purchased for $74,500 in January 2011 (2 unit building w/ 2 level top floor unit)
Resold for $450,000 in May 2012 (2 unit building w/ 2 level top floor unit)
Listing broker's notes for resale:
Extra wide lot, full gut rehab 2 unit luxury building. Features: custom int/ext lighting, contemporary tile, espresso 42" cabinets, level 2 granite, high end SS appliances, Toto toilets, hardwood, 2 car garage, prof landscaping & security system. Top unit (3bd/2ba) w/ grand master bath, walk in closets. Bottom level (2bd/1ba).
Post-rehab pictures (VHT):