Super Profitable! One of Top 5 Most Wishlisted Units in Chicago!

sq. ft.
per sq ft
Heated sq ft: 1,175 sq ft
Avg Nightly Rate: $138
Home Legally Sleeps: 5
Occupancy Rate: 49 weeks
Annual Gross Income : 48000
Annual Net Operating Income : 23740
Property Type: Condo (high rise or low rise)
Ownership Type: Full (100%)
Seasoned Short Term Rental: Yes
Furnishings Included: Yes
For Sale By: Owner
Seller Financing: No
Niche: City Life
New Construction: Inquire
Days on Vrolio: 198

Property Description

This place has the history and the "wow" factor that make it worth adding to (or starting) your portfolio. Gorgeous & unique unit. Great lighting with a skylight and windows on all 4 sides--so it photographs well! Annual revenue listed conservatively at $48k, which does NOT include the fees we collect to pay cleaning people--that number is just from the nightly rate that we collect. The cleaning fees collected from guests generally cover cost of paying cleaning people and it nets out to zero. I am NOT interested in leasing to you, just selling. UNIT DETAILS: 2 floors. 1200 sq ft. 1.5 bathrooms. Vaulted ceilings (2-story ceiling in living room). 2-story exposed brick wall in living room. 2 outdoor decks. Coach House. Unit does not come with parking. Permit-free street parking is available on the East side of Noble Street as well as all of Crystal Street. AirBnB LISTING: for ml=true HOA: 5 units, 3 units in front building, two 2-story units in coach house. Unit D is top 2 floors of coach house. HOA fees are $199.50/mo for Unit D. HOA fees cover water, trash, recycling & building insurance. HOA knows about Apt D being a short term vacation rental and is on board with that. I am the current President of HOA. HOA has a balance of $12,477.17 as of Nov 24, 2021. In 2020, decks were reinforced, metals steps were repaired & gutters were repaired. All current owners are up to date on dues and are actively involved at HOA meetings. When I sell, the HOA will elect a new president—you won’t automatically become president! LOCATION: 7 minute walk to Division Blue Line stop. 1 block from 90/94 highway. 1 block from Pulaski Park. 1 mile from 606 elevated walking/bike path. Many restaurants and shops within walking distance. WHAT DOES THE SALE PRICE INCLUDE? Sale price includes the unit itself as well as all the furnishings, art (minus select few sentimental items), kitchen supplies, etc. You are also welcome to be added to the listing as a co-host (and made primary host) to keep operating the unit using existing reviews and photos. I also have another set of professional photos I will give you. I have a property manager in place if you’d like to continue working with him. I will add you to the listing as a co-host & update the host contact info to only yours and change the photo to yours. IS THERE SELLER FINANCING? No, I am looking to cash out. I am selling because I live in Puerto Rico now and am looking to exit real estate to get more into crypto investing. UPGRADES: I redid the upstairs bathroom and installed hardwood on the upper stairs as well as the entire upstairs level in Feb 2017. The furnace was also replaced at the end of 2020. Closet organizers were installed end of 2019. AirBnB HISTORY: The unit has been an AirBnB since October 2015. In Dec 2018, it was featured by the Chicago Tribune as one of the top 5 (of about 7,000) most wishlisted units in Chicago. There is currently a management company (Spotlessly) in place. The unit currently has SuperHost status. Current nightly rates are as high as pre-COVID. Typically, January and February are losing months in terms of profit, but we already have a longer term renter in place for Jan and Feb 2022 and the loss will be limited to few hundred dollars a month for those two months. March and April are usually about break-even. May - December are typically quite profitable months, with October being the top month historically (Chicago Marathon helps). In the past, when I ran the unit year-round as a short-term vacation rental and it was listed just on AirBnB, the revenue was about $48-54k/year as you can see in the 2017-2019 financial payouts below. It is now listed on VRBO and as well and that is helping with nightly rate and occupancy. Variations in the revenue from year to year are typically due to competition (number of total units listed in Chicago). COVID IMPACT: The unit was taken off AirBnB in March 2020 and had a 3-month renter in place April - June 2020. In July 2020, I (seller) moved in there myself through end of March 2021. April 2, 2021, the unit went back on AirBnB with a long-term guest through early September. Because of the longer-term renters and the 9 months where I lived there, the short-term rental revenue is lower for those years. SEE GDOC FOR AIRBNB SCREENSHOTS OF REVENUE HISTORY --> v8Vm5vw1Zrv OHolu-G4IQ/edit?usp=sharing (Sorry, can't figure out how to save them as photos!) INTERESTED IN MAKING AN OFFER? This place tends to generate buzz, so reach out to me now if you're interested or have any questions. I will also add that because it is so unique, finding accurate comps is tough and therefore appraisal can be difficult. In short, cash offers are highly valued. With no mortgage, you should be profiting $30k+/yr which is 8.8% CAP rate on your initial investment--and that's with a property manager in place. Without the property manager, you're at $37k profit and 10.6% CAP rate.

Presented by:
melissa wesling
Seller Financing
Distress Sale
Seller Financing Terms
Seasonal Nightly Rates
High: 200
Low: 90
Peak: 400
Special Event: 400
Avarage: 138.00
Furniture Age
Est Value of Furnishings
Peak & High Seasons
May, June, July, August, September, October
Ownership Percentage
Full (100%)
Qualifies for foreign national visa
Not sure
Reason for Selling
I moved to Puerto Rico in March 2021 and don't wish to be in Chicago real estate anymore. I am selling to invest in cryptocurrency instead.
Foreign national buyer restrictions from government?
Not sure
Gross Annual Income
Net Operating Income
Additional Indoor Rooms
Living Room
Dishwasher, Dryer, Full stove, Gas appliances, Microwave, Oven, Refrigerator, Washer
Central A/C (gas or electric), Central Heat (gas or electric)
Floor Coverings
Real Hardwood
Security Description
Half Baths
Master Suite(s)
Energy Efficiency
Energy Star appliances, Programmable thermostat
Year built
Outdoor Features
Backyard Exposure
Lot Size
Extra deep lot with a front building and coach house. This unit is in the coach house.
Community Features
Tax Amount/Year
CDD Amount
Deed Restricted Community
Interview Required
Neighborhood Amenities
Mandatory HOA
Home Legally Sleeps:
Onsite Parking
No parking is included with this unit. However, there is street parking available that does not require a permit. Free street parking is available within 1 block of the unit on Crystal Street or the East side of Noble Street.
Neighborhood Association STR Rules
HOA allows STR
Municipality STR Rules
No restrictions documented by owner. Verification recomended
Transferrable Permit or License
Yes, Municipality Issuing New Permits
Rental Tax Info
Minimum Nightly Rental
No Minimum
Rental Length Requirement
No Restriction
Has Rental History
Established Rental History
5 Years
Occupancy Rate
Being Sold with Bookings
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InquireCaretaker cannot stay and oversee the property
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