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What Can I Get for… $500K in the West Loop?

Only four two-bedroom lofts are listed under a half million dollars in this hot neighborhood right now.

111 S. Morgan St. #901   Photo: Peyote

With some of the best food and beverage offerings in the entire city and major new companies like Google, SRAM, and McDonald’s moving in, the West Loop is currently witnessing rapid changes and growth. Food distributors are cashing out on the construction boom, selling older industrial facilities to developers who want to remake them for residential or office use. All that new activity brings increased demand—and asking prices follow suit. 

What can $500,000 get in the area? There are a handful of—literally, just four—two-bedroom lofts currently on the market under half a million dollars. Here’s a look at what’s available.

111 S. Morgan St. #901

Two bedroom, two bathroom (1,302 square feet); $500,000

This West Loop unit, pictured above, blends an open floor plan with finished, private bedrooms. Fans of the industrial look will dig the raw concrete ceilings, but light sleepers will also appreciate having proper bedrooms. The loft features granite counters and stainless steel appliances, but the best amenity is the large outdoor balcony. There’s enough room to entertain seated guests while cooking dinner outside on the grill. The monthly assessment is $771, and two garage parking spaces are available for $35,000 per vehicle.

1000 W. Washington Blvd #540

Photo: VHT Studios

Two bedroom, two bathroom (1,500 square feet); $499,000

Located on Washington Boulevard across the street from the under-construction future home of McDonald’s, this spacious two-bedroom loft is well within walking distance of the West Loop’s famous Restaurant Row and numerous new corporate outposts. Highlights include tall windows, a fireplace, and a small private roof deck space. Described as a duplex unit in the description, the property does feature a lofted bedroom space. The $720 monthly assessment covers virtually every utility and building amenity, while garage parking will cost an additional $30,000.

1260 W. Washington Blvd #405

Photo: Exit Strategy Realty

Two bedroom, two bathroom (1,235 square feet); $479,000

This nice two-bedroom corner loft on Washington illustrates that if you skip the bells and whistles, you can get a great place and location at a solid value. And unlike a lot of other lofts in the area, this one has finished walls and ceilings. The huge windows are a boon during parts of the year when sunlight is sparse. To make the deal even sweeter, heated garage parking is included in the $479,000 asking price and the monthly assessment is a relatively reasonable $406.

1301 W. Washington Blvd #206

Photo: Berkshire Hathaway HomeServices KoenigRubloff

Two bedroom, two bathroom (1,346 square feet); $475,000

This two-bedroom corner unit on Washington Boulevard is unique in the sense that it is the only one of its kind at this price currently listed. Otherwise, you’re getting a mostly blank canvas here—the listing agent notes in all-caps that this one is going to need a rehab. If you’re handy, here’s a chance to score a spacious loft near Restaurant Row for well under $500K. Noteworthy extras include a large outdoor terrace and included garage parking. The monthly assessment for this one is $516.

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