HYDE PARK — A building that offers short-term rentals is going on the market for $2.8 million.
The Beadle Inn, a 19-unit building at 5140 S. Kenwood Ave., is one of those rare complexes that offers leases of less than a year, which can be a saving grace for patients — or their families — at the nearby University of Chicago Medicine’s hospital who are in town for a few months for treatment.
“A lot of chemotherapy patients need to be close by for three to four months of extensive treatment,” said Lee Kiser, managing broker of the Kiser Group, which is handling the sale of the property.
Kiser said the building of mostly one-bedroom units filled a niche for renters who needed a place to stay for a few months but couldn’t afford a hotel. He said the average stay was between two and four months.
He said there were potential buyers interested in keeping the building as it was, but the complicated leasing also means the building is on the market at a lower cost than what more traditional apartment buildings sell for, according to Kiser, which could make it attractive to a buyer who wants to convert it to standard apartments.
“With this there are 19 different lease terms,” Kiser said. “If it was straight-up apartments with annual leases, frankly, we would have been able to ask for more.”
He said the building was renovated 10 years ago and also includes nine off-street parking spots.
The Beadle Inn is a 19-unit building that now could return to being just regular apartments without the flexible leases that benefited patients at the nearby hospital. [Courtesy of the Kiser Group]
The Beadle Inn is getting interest from potential buyers that want to keep it how it is and others considering converting it, according to the broker. [Courtesy of the Kiser Group]
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