Is 4180 n marine Dr finally upgraded and remodeled?

Asked by Buy Cheap To Rent, Uptown, Chicago, IL Mon Apr 4, 2011

Has this building Polo Towers finally upgraded and converted no more green hallways, nasty lobby ceiling or basement ceiling collapsing or water damage? New professional management? I saw 4 foreclosures and a short sale go from 63k-128k. There is 189 units I have seen 88 on sale for 13 million on loop net.com on sale from 1-11-10 to present with a breakdown of 156k based on that price. I believe the assessments are $200. Would it be a good time to buy as a rental? And at what price...909 is listed at 99k foreclosure? 720 F Gordon Terrace and 4170 N Marine Dr have some their buildings are why nicer and presentable hallways etc.... My lender told me cash for sure in Polo Tower because of the ratio of rentals to owners. I was also told the reserves were like $25k which 4170 were near a million. The lender said that reserve is to low for a building with 189 units. I guess 4180 has had some burglaries and 4170 none and 720 had no comment. Would it be worth buying in the cheaper Polo Tower f

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5
Evelyn S. Fr…, Agent, Chicago, IL
Tue Apr 5, 2011
Hi there,

Sounds like you've done your homework.

In the last 12 months only 3 units have sold in that building, all 3/rooms 1/bed 1/bath and all distressed properties.

Is it worth buying in that building? It depends on you & how much you want to invest and the time it will take to recoup your money and don't forget the time you will spend as a landlord. There are always unforeseen expenses no matter where you buy, i.e. special assessments, that includes new/newer construction. But if you already know it has a strong probability of incurring then factor that into your plans.

Rentals for a 1/bed 1/bath during the last 12/months have a median of $900/month in that building. Does that work for you?

Hope this helps. Good luck!
1 vote
Philip Sencer, Agent, Chicago, IL
Mon Apr 4, 2011
I will not repeat what I said on zillow, but I am not sure you can make money at 4170 if you get a mortgage and at cash not sure if it is worth it.
4180 is just a dumpy building which is partly why the prices are so low. However, in 5-6 years it will still be a dumpy building because that is how the developer treated it. You can make a better cash flow by paying cash, but not sure it would be worth the potential headaches (specials) in the coming years and no clue what prices might be then.
1 vote
Matt Laricy, Agent, Chicago, IL
Mon Apr 4, 2011
I would say that this building has been really hurting. I would stay away and look at the other options that are available right now. The rental rate is also so high, that it will be very tough to get a loan in it as well.

Matt Laricy
Americorp Real Estate
Brokers Associate, e-PRO
mlaricy@americorpre.com
708-250-2696
1 vote
GiGi Property…, , Chicago, IL
Sun Apr 24, 2011
I think that 83 of 189 units are for sale in this building 4180 according to loopnet.com. Is it an apartment building that is now getting converted?? Maybe one of the other 4 below can give more info on this.

I provided the link it looks like it was verified on April 18th and has more information about the property as well. Good Luck!

http://www.loopnet.com/Listing/16521278/4180-N-Marine-Drive-…
0 votes
Buyers Market, Both Buyer And Seller, Chicago, IL
Sun Apr 24, 2011
These 3 realtors are always on here and are very knowledgeable about this area. I would contact one of them if you don't have a realtor. They always share great information. That being said I have a friend that lives in 720 Gordan Terrace and I have been in 4180 N Marine Dr as well as 4170 N Marine Dr. 720 is a beautiful property with a nice lobby, doorman, parking garage, workout room, hallways, tennis court, pool. The unit is a one bedroom the assessment was $300 plus covered all that plus trash,water, heat. They have bay type windows with nice views of course the building had its issues with the market like everyone else but the units in foreclosure were selling pretty fast. I would say that is your best choice. 4180 has been a building where the developer did a Ponzi Scheme in 2004? And it went bankrupct then they started selling them again starting at $165k but the building needs a lot of work it had green carpet, horrible hallways where there were not even vents covering the walls, nasty lobby with the ceiling having hanging paint chips and the laundry room looked out dated. The assessment when I looked were $200 and all it covered was trash,water,heat and I think a building manager. Not sure if the assessment has gone up but why spend $200 when you can spend $300 in 720 and get all those ammenties? If the lender says cash only that is probably as Matt said ratio of renters to owners. Plus if you have a special assessment that could create a loss for a while on having a renter. I would avoid it even if the cheap cost per unit is tempting. 4170 is nice I have seen that property as well love the balaconies and pool! Remember its a buyers market look around call one of these three. I hope that helps. Good Luck!
0 votes
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