Michael Applegate
Straight-A Realty, LLC
630-288-2446
Eight figure multi-million-dollar investment opportunity for a savvy and capable developer looking to break ground in Chicagoland's smoking hot East Garfield Park neighborhood! Located just 10 minutes away from the Chicago Loop, this three-quarter of an acre lot is prime for development! Multiple pins totaling .7522 acres or 32,768 square feet, this parcel of land stretches an entire city block! Zoned PD999 allowing for both residential, campuses, mixed-use, tall buildings, and commercial development with city approval. Partner with the City of Chicago to secure millions in TIF funds in the effort to develop similar East Garfield Park projects such as, The Garfield Green Affordable Housing Development (82 units), the Affordable Housing Project (43 units), and the Garfield Green Apartments (81 units). These are all local development projects that secured millions in TIF funding! The subject parcel and lots have enough square footage to build 60+ residential units! A renovated 6-unit within a 1-mile radius just sold for $1,400,000 - there is enough square footage to build 10 of these structures on this block! There is also upside to build 30+ sizable condo units! 3-bedroom condos sell for $250,000 - $275,000 within a square mile radius. With the right development strategy and the continuing upward trends in this neighborhood, there is a $10M-$16M valuation upside and seven figures in annual revenue to be achieved. With city approval, retail space can be built on the ground level and taller structures can be developed which would allow for more residential units - all strategies detailed above assume a standard 3 story building structure. This land sits on excellent strategic location for development - proximity to downtown, the interstate, public transportation and walking distance to the Chicago Police Department. Property is located in a Tax Increment Financing (TIF) District! Please act swiftly as this opportunity will not last long!
Lot Dimensions: 264X125
Lot Size: .50-.99 Acre
Property Type: Land
Sub Type: Land
Original List Price: $1000000
Annual Tax: $15908
Tax Year: 2022
Parcel Number: 16144070420000
Tax Exemption: None
Electric Nearby, Gas Nearby, Sanitary Sewer, Sewer-Storm Available, Water-Municipal
City: Chicago
Direction: Harrison to Kedzie, South to Property
Address | Estimate | Bed | Bath | Sq. Ft | Lot Size |
---|---|---|---|---|---|
2904 W Madison Street, Chicago, IL,60612 | $250,000 | -- | -- | -- | -- |
2906 W Madison Street, Chicago, IL,60612 | $550,000 | -- | -- | -- | -- |
2650-2662 W Madison Str.., Chicago, IL,60612 | $599,000 | -- | -- | -- | 0.28 Acre |
324-330 S California Av.., Chicago, IL,60612 | $210,000 | -- | -- | -- | 0.07 Acre |
2229 W Washington Boule.., Chicago, IL,60612 | $349,000 | 3 | 2 | 1,430 | -- |
2622 W Adams Street, Chicago, IL,60612 | $60,000 | -- | -- | -- | 0.07 Acre |
512 N Leavitt Street, Chicago, IL,60612 | $525,000 | 3 | 2 | 1,402 | 0.0908 Acre |
2832 W Flournoy Street, Chicago, IL,60612 | $29,000 | -- | -- | -- | 0.07 Acre |
2505 W Lexington Street, Chicago, IL,60612 | $699,000 | 3 | 4 | -- | 2.2856 Acres |
2501 W Lexington Street, Chicago, IL,60612 | $750,000 | 3 | 4 | -- | 2.2856 Acres |
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Based on information submitted to the MLS GRID as of 05/26/2024 @ 06:20. All data is obtained from various sources and may not have been verified by the broker or MLS GRID. 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.
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ByOwner last updated this listing 05/26/2024 @ 06:20
MLS: MRED #11920447
LISTED BY: Michael Applegate, Straight-A Realty, LLC
SOURCE: Midwest Real Estate Data LLC (MRED)
Buyer Agency Compensation: 2.5% - $250
Buyer Agency Description: The listing broker's offer of compensation is made only to participants of the MLS where the listing is filed and if applicable, to participants of reciprocating MLS's as set forth in Association/MLS reciprocal agreements.