What This Building Is
Lake Point Tower sits at 505 N. Lake Shore Drive, the only residential building east of Lake Shore Drive. That isn’t a marketing line: a citywide ordinance protecting the lakefront prohibits development east of the drive, and the tower exists there because its original developers found a loophole before it closed, per Chicago’s Property Shop. Completed in 1968–1969 to a design by Schipporeit and Heinrich, working with Graham, Anderson, Probst and White and landscape architect Alfred Caldwell, the 70-story, 645-foot tower was the tallest apartment building in the world at completion, a claim independently documented in the Society of Architectural Historians’ SAH ARCHIPEDIA entry, which traces to the AIA Guide to Chicago and the Windhorst & Harrington design-history monograph. The building marked its 50th anniversary in 2018, per an independent architectural retrospective at e-a-a.com.
Recent Sales and What They Show
| Unit | Beds/Baths | Sq Ft | Sold Price | $/Sq Ft* | Sale Date |
|---|---|---|---|---|---|
| #6208 | 1 / 1 | 1,100 | $465,000 | $423 | May 2024 |
| #4609 | 2 / 2 | 1,450 | $557,000 | $384 | Dec 2024 |
| #5006 | 2 / 2 | 1,450 | $675,000 | $465 | Aug 2024 |
| #3704 | 2 / 2 | 1,450 | $695,000 | $479 | May 2024 |
| #5202 | 3 / 2 | 1,800 | $750,000 | $417 | Oct 2025 |
| #6806 | 3 / 3.5 | 3,650 | $2,345,000 | $642 | Feb 2017 |
*$/sq ft calculated from the sold price and square footage each listing discloses.
Three of these units carry the identical 1,450-square-foot, 2-bed/2-bath floor plan, yet they closed $557,000 to $695,000: a $138,000 spread on the same footprint within roughly a year. Renovation level and floor height account for more of that gap than square footage does.
Why do HOA fees vary so much between units at Lake Point Tower?Chicago condo boards set fees by dividing operating costs and reserve contributions across owners, so unit size, whether a fee bundles a parking space, and the building’s reserve-funding needs all move the number, per FCM’s Chicago HOA fee guide. At Lake Point Tower that produces a published $600 to $5,001 monthly range; ask for the specific unit’s assessment history and what it bundles before comparing it to another listing’s fee.
What It Costs to Own Here
A 58-year-old, 70-story tower carries real capital-repair exposure: curtain wall, mechanical systems, and common areas all age on their own schedule, independent of any single unit’s condition. Lake Point Tower’s board has already funded large work of this kind: a full corridor and elevator-lobby remodel across floors 4 through 65, completed by Bulley & Andrews in phased stages to limit disruption to residents. That kind of project is exactly what reserve funds and the wider end of the HOA range are supposed to cover.
What Isn’t Published
No public source discloses the association’s current reserve-fund balance or a special-assessment history, and one independent brokerage page from 2021 describes the building as self-managed with no outside management company, a detail that may no longer be current. Before making an offer, request the condo declaration, the latest reserve study, and the association’s most recent budget directly.
Who This Building Suits
| Buyer type | Recommended unit tier | Key consideration |
|---|---|---|
| Investor | Studio or 1-bed, roughly 700 to 1,100 sq ft | Lower price-to-HOA ratio and faster turnover, but conflicting pet rules (below) narrow the tenant pool for anyone with a pet |
| Downsizer | 2-bed corner units, 1,000 to 1,800 sq ft | Full amenity access justifies the mid-range fee; confirm whether parking is bundled into the listed HOA |
| Family | 3-bed+ units | More room, but check the HOA at the top of the published range and verify the current pet policy for the specific unit |
| Pied-à-terre owner | High-floor 1 to 2 bed units | On-site staff reduce upkeep during vacancy; confirm any minimum-stay or rental caps with the association directly |
How It Compares to Similar Buildings
| Building | Completed | Height/Stories | Units | HOA range | Notable distinction |
|---|---|---|---|---|---|
| Lake Point Tower | 1968 | 645 ft / 70 | ~750 | $600 to $5,001/mo | Only residential building east of Lake Shore Drive |
| Olympia Centre | 1985 | 725 ft / 63 | ~291 | $700 to $4,749/mo | Chicago’s tallest mid-block building, per Homes by Marco |
| 100 E. Bellevue | 1971 | 33 stories | 171 | up to $1,500 to $1,600/mo for the largest units | Boutique Gold Coast scale, smallest unit count of the four |
| Plaza on Dewitt | 1966 | 43 stories | 407 | $300 to $2,300/mo | Structural prototype for the tubular systems later used in the John Hancock Center and Willis Tower, per Chicago Metro Area RE |
Plaza on Dewitt’s HOA ceiling runs less than half of Lake Point Tower’s, largely because its units skew smaller and it carries a lighter amenity package with no private park and no full health club. Olympia Centre’s HOA range sits closest to Lake Point Tower’s, tracking its similarly large unit sizes and comparable service level.
Is Lake Point Tower a good investment right now?The building’s median closed price of $597,500 and average $487 a square foot sit within the range of its closest comparables, but no aggregator publishes a multi-year price trend specific to this building. Ask an agent to pull three to five years of sold comps in the building itself before treating any single snapshot as a trend.
Renting vs. Buying Here
No public source compiles Lake Point Tower’s own rental rates. The best available context is the Near North Side neighborhood average of roughly $2,735 a month for a one-bedroom, per Rent.com. Applied to the #6208 sale above, $465,000 for a 1,100-square-foot one-bed, that rent implies a gross yield near 7% before HOA, taxes, and vacancy: an illustrative estimate, not a documented building figure.
Can I rent out my unit at Lake Point Tower?No source in this research states a minimum-lease term or an owner-occupancy cap for the building. Confirm the association’s current rental policy directly, since restrictions can be added or tightened after a purchase.
Known Limitations and Things to Check
Two independent listings disagree on the building’s pet policy: one gives a limit of two pets under 55 pounds combined, per Apartments.com; another states one dog under 30 pounds, excluded from the private park, per Chicago Metro Area RE. That gap alone is reason enough to get the current rule in writing from the association before buying with a pet.
Is Lake Point Tower pet-friendly?Published sources disagree, ranging from a 55-pound combined limit for two pets to a single 30-pound dog excluded from the park. Confirm the current rule with the association directly rather than relying on either figure.
Neighborhood Context
Lake Point Tower sits in Streeterville, next to Navy Pier and a short walk from Michigan Avenue’s shopping corridor. The Red Line’s Grand Avenue station is about a 15-minute walk away. Most of what a buyer needs to know about the surrounding area is already covered by the building-specific sections above.
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