Sunday, January 17, 2010

Proximity to Rapid Transit

Not a good location for a residential property
These are some two flats in Chicago's Archer Heights neighborhood that were built along the tracks for the CTA Orange Line. When they built the tracks there was space left over so they sold the lots and built apartments. Who knows some of these may be condo's.

What a poor location this is. Think about the noise of passing trains 18 hours a day, no early to bed and definitely its early to rise.

With this type of external obsolescence rents will be lower, the landlord will have trouble keeping tenants for a long term and the apartment will stay vacant longer than a building with a normal location. When it comes to selling these turkeys, expect much longer marketing times & lower prices, all the effect of a bad location.

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