Gut renovation at 715 West Belmont in East Lake View

715 West Belmont, Chicago IL 60657. Photo Eric Rojas, Kale Realty

We had some business last week on West Belmont near the lake. I noticed a gut renovation of a good sized multi-unit building at 715 West Belmont in East Lake View is underway.  The nine unit rental building last sold is 2013 for $1,250,000 according to public records.  It is unclear to me if this will remain an apartment building or will be converted to condos for sale. My guess is it will remain rentals unless they are creating larger, more luxurious units.

What is clear is the continued renewal of older housing stock around Lake View and other nearby North Side neighborhoods. It is extremely common to see large tear downs and gut renovations of these standard old multi-units. Brand new gut rehab units can catch a good 30%  more than the old units.