South Loop, Chicago property investment

Asked by Louise, Ireland, WV Wed Jan 21, 2009

I have purchased a condon in the south loop, what is the average rent I can expect to get in the south loop,S.Wabash Ave, for a 2 bed condo (it is new and full of mod-cons)? Also what approx are the property taxes in this area - i understand this is a complicated issue!!

Help the community by answering this question:

+ web reference
Web reference:

Answers

6
Robert, Home Buyer, Chicago, IL
Sat Jan 24, 2009
I recently rented my two bedroom for $2,400. Good luck!

My taxes are $4,300/yr.
1 vote
Ken Dooley, Agent, Chicago, IL
Fri Jan 23, 2009
Hi Louise,

The Lexington? The S Loop is a big area with a lot of new construction projects completed and more to come. Many owners that can't sell are looking to rent their units so you'll have a fair bit of competition.

Call me to discuss in more detail.
http://www.kendooley.com/my-blog/
Web Reference:  http://www.KenDooley.com
1 vote
Tom McCarey, Agent, Chicago, IL
Wed Jan 21, 2009
Louise,

Expect taxes to be somewhere between 1.5%-2% of your purchase price. As far as rental, it will be hard to outpace what's typical in the area which is roughly a range of $1600-$2400 per month.

Good luck with renting your place.

Thomas McCarey
Luxury Home Marketing Specialist
Accredited Buyers Representative
@properties and The Real Estate Lounge Chicago
1 vote
Kale Realty, Agent, Chicago, IL
Wed Jan 21, 2009
Hi Louise-

I would be happy to help. What is the exact address of the property?

I work in the South Loop and know these buildings well

You can contact me at nick@kalerealty.com

Thanks!

Nick
Web Reference:  http://www.kalerealty.com
1 vote
Ken Dooley, Agent, Chicago, IL
Mon Jan 26, 2009
Hi Louise,

In addition to checking with Robert, you should connect with any of the Realtors that have answered your questions to date. All very competent, professional and only too willing to provide FREE advice.

Best of Luck, Ken Dooley.
http://www.kendooley.com/my-blog/2009/1/26/existing-home-sal…
Web Reference:  http://www.KenDooley.com
0 votes
Louise, Home Buyer, Ireland, WV
Mon Jan 26, 2009
Hi - I posted this question - thanks for all the answers - Robert you seem to know a good bit about the area - would you recommend renting it thru an agency -can you recommend a particular one? Thx
0 votes
Search Advice
Search
Ask our community a question

Email me when…

Learn more