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Listed by Michael Applegateof Straight-A Realty, LLC
$ 389,900
Est. payment | /mo
0.28 Acres Lot
$ 389,900
Est. payment | /mo
0.28 Acres Lot
Key Details
Property Type Vacant Land
Sub Type Land
Listing Status Active
Purchase Type For Sale
MLS Listing ID 12283811
Annual Tax Amount $2,298
Tax Year 2022
Lot Size 0.280 Acres
Lot Dimensions 100 X 127
Property Sub-Type Land
Property Description
Multi-million-dollar investment opportunity for a savvy and capable developer looking to break ground in Chicagoland's smoking hot Woodlawn neighborhood! Located less than a mile away from the Obama Presidential Center, this sizable lot is prime for development! Totaling .29 acres or 12,687 square feet! Zoned B3-3 allowing for both residential and commercial development (Residential apartments are permitted above the ground floor)! This lot has enough square footage to build 8-12 residential rental or condo units on top of the first level commercial space. Residential rental units are valued at approximately $90,000 per unit and condos with at least 2-bathrooms are selling for $250,000+ within a half mile radius of the subject property! With the right development strategy and the continuing upward trends in this neighborhood, there is a $4M - $5M valuation to be achieved! As a result of this lot being zoned B3-3, a retail building should be developed and residential apartments or condo units should be built on top of the commercial structure to achieve maximum upside). A laundromat/cleaners combo would be an excellent proposed use of the commercial space as mid-sized laundromats have the potential to net $10,000 - $25,000 in monthly profit! Proximity to the University of Chicago, public transportation, and the LakeFront! ***Fun facts, Chicago broke ground on the Obama Presidential Center on 9.28.21 and a similar larger lot just a few blocks away located at 1318 E 67th St, Chicago, IL 60637 sold 9.19.22 for $975,000, (MLS#11292420)*** Please act swiftly as this opportunity will not last long!
Location
State IL
County Cook
Zoning MULTI
Interior
Fireplace N
Exterior
Utilities Available Electricity Nearby, Natural Gas Nearby, Water Nearby
View Y/N true
Schools
School District 299, 299, 299
Others
Ownership Fee Simple
Special Listing Condition None
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2600 S. Michigan Avenue, Suite 102, Chicago, IL, 60616, United States