Description
Seven figure multi-million-dollar investment opportunity for a savvy and capable developer looking to break ground in Chicagoland's red hot Washington Park neighborhood! Located in an appreciating Washington Park territory, this sizable lot is prime for development! Totaling .56 acres or 24,311 square feet (150x162)! Zoned B3-3 allowing for both residential and commercial development (Residential apartments/condos are permitted above the ground floor)! This lot has enough square footage to build 24-26 residential rental or condo units on top of 8 ground level commercial spaces. Residential condo units are selling for $250,000+ within a mile radius of the subject property! If you prefer rentals, 26 units would generate $500,000+ in annual revenue! With the right development strategy and the continuing upward trends in this neighborhood, there is a $7M+ valuation to be achieved! As a result of this lot being zoned B3-3, retail spaces should be developed on the ground level and residential apartments or condo units should be built on top of the commercial spaces to achieve maximum valuation potential. Proximity to Washington Park, the University of Chicago, public transportation, and interstate access! Please act swiftly - the opportunity to build is becoming more scarce as this Chicagoland neighborhood is a hotbed for development!
-
0BEDS
-
0.56ACRES
-
0BATHS
-
01/2 BATHS
Description
Seven figure multi-million-dollar investment opportunity for a savvy and capable developer looking to break ground in Chicagoland's red hot Washington Park neighborhood! Located in an appreciating Washington Park territory, this sizable lot is prime for development! Totaling .56 acres or 24,311 square feet (150x162)! Zoned B3-3 allowing for both residential and commercial development (Residential apartments/condos are permitted above the ground floor)! This lot has enough square footage to build 24-26 residential rental or condo units on top of 8 ground level commercial spaces. Residential condo units are selling for $250,000+ within a mile radius of the subject property! If you prefer rentals, 26 units would generate $500,000+ in annual revenue! With the right development strategy and the continuing upward trends in this neighborhood, there is a $7M+ valuation to be achieved! As a result of this lot being zoned B3-3, retail spaces should be developed on the ground level and residential apartments or condo units should be built on top of the commercial spaces to achieve maximum valuation potential. Proximity to Washington Park, the University of Chicago, public transportation, and interstate access! Please act swiftly - the opportunity to build is becoming more scarce as this Chicagoland neighborhood is a hotbed for development!
© 2023 Midwest Real Estate Data LLC. All rights reserved. IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Information is deemed reliable but is not guaranteed accurate by MTP, MRED or Keller Williams Realty.
Based on information submitted to the MRED as of 2023-03-28T23:57:42.06 UTC. All data is obtained from various sources and has not been, and will not be, verified by broker or MRED. MRED supplied Open House information is subject to change without notice. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the
office/agent presenting the information.
Some properties which appear for sale on this website may subsequently have sold and may no longer be available. NOTICE: Many homes contain recording devices, and buyers should be aware they may be recorded during a showing.
Digital Millennium Copyright Act