Lakewood Balmoral corner homes are rarely available – and this historic property -4000+ square feet on a wide lot for ony $825,000 – is a wonderful opportunity for today’s buyers!
5359 N Magnolia has stood grandy at the corner of Magnolia and Balmoral since 1911. It has a rich and wonderful history, with a marvelous future ahead. Download the brochure here.
Each of the two floors offers 2000 square feet, and the rooms are uncommonly large. The first floor owners’ unit includes new Craftsman cabinets, millwork, doors, and hardware. Wonderful materials were used in the renovation – quartersawn oak, rough-hewn slate, granite, and onyx to name a few. The chef’s kitchen includes 2 convection ovens, a warming drawer and 6 burner gas stove. The windows are custom oak (Weather Shield), and unless you step in to view it, you wouldn’t imagine how much natural light streams in!
There are far too many improvements in decorating, mechanicals, and structure to detail here. It’s important to know, however, that as lovely as this home is, it has also been meticulously cared for and maintained. From new tear-off roof to new water line from the city, it’s ready for a new owner!
As part of the Lakewood Balmoral Historic District, the property qualifies for a property tax freeze through the Illinois Preservation Society when rehab work is completed and the appropriate paperwork is approved. Tax assessments can then be frozen for 8 years! Download this fact sheet about the property tax assessment freeze.
This home is a terrific opportunity on many levels — obviously, as a 2flat, one can defray living expenses by renting out the second floor. (Download financing sheets to see projected monthly expenses) Others are considering this property to deconvert into a single family home. With recent corner brick home sales of $ 1.3MM (5459 N Lakewood) and $ 1.6MM (5456 N Lakewood), there is certainly room to make improvements to this property without over-improving it. Finally, we have plans to add a 3rd unit in the garden, if one is inclined to keep this as an investment property.
To view this home, for information on how to use the property tax assessment freeze to save money, or to view historic homes on Chicago’s north side, contact Anne Rossley of Prudential Rubloff.