474 N. Lake Shore Drive is a condo building located at Illinois and Lake Shore Drive by Navy Pier and Lake Point Tower. The Condos for sale at 474 N. Lake Shore Drive vary from Studios to large Three Bedroom units. 474 N. Lake Shore was originally built as apartments but converted to condos in the early 2000’s. 474 Lake Shore is located in the Streeterville neighborhood and specifically in the area of “River East” within Streeterville.
Condos For Sale in 474 N. Lake Shore Drive
474 N. Lake Shore Drive has a handful of different floor plans and therefore different pricing. It is important to note that due to the relatively high amount of investors and poor timing of the building’s delivery there have been a handful of short sales and foreclosures in 474 N. Lake Shore Drive.
Studios: One of my favorite floor plans in the building is actually the studio floor plan. The reason is because it is just a big wide open space that feels bigger than it actually is. Some studios have sold in foreclosure and short sale for around $140,000 to $165,000. Right now there are a couple on the market in the $189,000 range.
Convertibles: 474 Lake Shore has convertible units which are my least favorite. They feature a separate sleeping area but the living area is not very large and feels cramped even though the overall square footage is larger than the studio. The convertibles sell for around $180,000 to $200,000.
One Bedrooms: The One Bedroom units at 474 N. Lake Shore are 741 square feet. The floor plans are basic and typical of a smaller 1 Bedroom in Chicago. These sell for between $220,000 on the low end for something that is basic and not updated to just over $300,000 on the high end for an upgraded unit, best view and with parking included.
Two Bedrooms: The Two Bedroom floor plan is my second favorite plan in the building. The 2 Bedrooms are all corner units which will give you the best view. The square footage is 1250sf and the use of the space is well thought out. It is how 1250sf should be used. Plain and simple Pricing on the Two Beds will run in the $400s though a couple have sold in the high 300’s in foreclosure / short sale.
Three Bedrooms: Three Bedrooms are available on the higher floors and from my experience have been highly upgraded. Some have been a combination of units but you’re typically looking around 1600sf with a price tag in the $500s at a minimum to over $600,000 for the larger 3 Bedrooms which can run around 1900+ square feet.
Building Amenities for 474 N. Lake Shore Drive
474 N. Lake Shore Drive does have an expansive fitness center that actually used to be a health club that you could join. It is a large lap pool and a nice sundeck as well. 24hr Doorstaff, well appointed lobby and a few vending machines round things out at 474 Lake Shore.
My Thoughts on 474 Lake Shore Drive
From the outside, I’ll be honest, the building is an eye sore. I’m surprised that the building actually got approval to be built int he 90s. But hey, this is Chicago. The amenities of the building are great, particularly the fitness center. It is a “real fitness center” in the respect that you can give up your gym membership and be fully satisfied no matter how much you work out.
The views from the units are great. My favorite views are the West views as you get the entire city skyline and of course the Chicago River. It is a not high end building by any means but it is well updated, fairly priced and in a high profile location near Navy Pier and most importantly on Lake Shore Drive.
Paul Blackburn is an Illinois Licensed Realtor and Broker with @ Properties in Streeterville Chicago. For more information about 474 N. Lake Shore Drive or other buildings in the area please contact Paul at anytime via e-mail at Paul@PKBlackburn.com For general information about buying a condo in Chicago visit www.BuyingInChicago.com