$499,000
1510 E 67th Street
Chicago, IL, 60637
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!
Property Details
Price:
$499,000
MLS #:
MRD11609888
Status:
Active
Beds:
0
Baths:
0
Address:
1510 E 67th Street
Type:
Land
City:
Chicago
Listed Date:
Nov 4, 2022
State:
IL
ZIP:
60637
Schools
School District:
299
Interior
Exterior
Financial
Buyer Agent Compensation
2.5% – $250% of Gross Sale Price
Tax Year
2021
Taxes
$2,298
Debra Dobbs is one of Chicago’s top realtors with more than 39 years in the real estate business.
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1510 E 67th Street
Chicago, IL
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