Description
Multi-million-dollar investment opportunity for a savvy and capable developer looking to break ground in Chicagoland's smoking hot Woodlawn neighborhood! Located just 1-mile away from the Obama Presidential Center, this half acre lot is prime for development! Two pins totaling .5529 acres or 22,400 square feet! Zoned RM-5 and B3-3 allowing for both residential and commercial development (Residential apartments are permitted above the ground floor for the lot zoned B3-3)! These lots have enough square footage to build 14+ condo units, a similar development within a 1-mile radius was completed in 2021 - units are selling for $514,000+! New construction townhomes are selling for $638,000+ within walking distance of the subject location. New construction 3-units are selling for $820,000+ within a 1-mile radius! A renovated 6-unit within a 1-mile radius just sold for $1,655,000 - there is upside available to build 3 on these available lots! With the right development strategy and the continuing upward trends in this neighborhood, there is a $6M-$8M valuation to be achieved. Proximity to the University of Chicago, public transportation, and the Lake Front! Please act swiftly as this opportunity will not last long! There is a vacant commercial retail style building located on the 1318 E. 67th lot - zoned B3-3 (this retail building should be renovated and residential apartments should be built on top of the commercial structure to achieve maximum upside). The additional plot of land address is 6646 S. Kenwood Ave, Chicago, IL 60637 (Zoned RM-5). ***Fun facts, Chicago broke ground on the Obama Presidential Center on 9.28.21 and this property is located in a Tax Increment Financing (TIF) District!***
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Description
Multi-million-dollar investment opportunity for a savvy and capable developer looking to break ground in Chicagoland's smoking hot Woodlawn neighborhood! Located just 1-mile away from the Obama Presidential Center, this half acre lot is prime for development! Two pins totaling .5529 acres or 22,400 square feet! Zoned RM-5 and B3-3 allowing for both residential and commercial development (Residential apartments are permitted above the ground floor for the lot zoned B3-3)! These lots have enough square footage to build 14+ condo units, a similar development within a 1-mile radius was completed in 2021 - units are selling for $514,000+! New construction townhomes are selling for $638,000+ within walking distance of the subject location. New construction 3-units are selling for $820,000+ within a 1-mile radius! A renovated 6-unit within a 1-mile radius just sold for $1,655,000 - there is upside available to build 3 on these available lots! With the right development strategy and the continuing upward trends in this neighborhood, there is a $6M-$8M valuation to be achieved. Proximity to the University of Chicago, public transportation, and the Lake Front! Please act swiftly as this opportunity will not last long! There is a vacant commercial retail style building located on the 1318 E. 67th lot - zoned B3-3 (this retail building should be renovated and residential apartments should be built on top of the commercial structure to achieve maximum upside). The additional plot of land address is 6646 S. Kenwood Ave, Chicago, IL 60637 (Zoned RM-5). ***Fun facts, Chicago broke ground on the Obama Presidential Center on 9.28.21 and this property is located in a Tax Increment Financing (TIF) District!***
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