$199,000
5165 S Michigan Avenue
Chicago, IL, 60615
Residential developers don’t miss out on this excellent opportunity to purchase an .19-acre lot in Chicagoland’s Washington Park neighborhood. Zoned RM-5, this sizable lot is prime for development. Totaling 8,372 square feet – there is upside to develop an 8-unit residential building! An 8-unit residential building recently sold for $1,152,575 within 1-mile of the subject property within the past 12 months. The subject parcel also has the square footage to build two 4-unit residential buildings! A new construction 4-unit sold for $975,000 within a square mile of the subject property within the past 12 months! Build two of these 4-units to achieve a $2M+ valuation upside. Condo conversion is also an excellent strategy, 3-bedroom condos in Washington Park sell for $250,000+. This plot sits in an excellent territory on Chicago’s famous Michigan Ave, proximity to George Washington Park, Provident Hospital, and interstate access!
Property Details
Price:
$199,000
MLS #:
MRD11948000
Status:
Active
Beds:
0
Baths:
0
Address:
5165 S Michigan Avenue
Type:
Land
City:
Chicago
Listed Date:
Dec 16, 2023
State:
IL
ZIP:
60615
Schools
School District:
299
Interior
Exterior
Financial
Buyer Agent Compensation
2.5% – $250% of Gross Sale Price
Tax Year
2021
Taxes
$2,870
Debra Dobbs is one of Chicago’s top realtors with more than 39 years in the real estate business.
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Courtesy of Straight-A Realty, LLC. Disclaimer: All data relating to real estate for sale on this page comes from the Broker Reciprocity (BR) of the Chicago, IL. Detailed information about real estate listings held by brokerage firms other than Compass / The Debra Dobbs Group include the name of the listing broker. Neither the listing company nor Compass / The Debra Dobbs Group shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. The Broker providing this data believes it to be correct, but advises interested parties to confirm any item before relying on it in a purchase decision. Copyright 2024. Chicago, IL. All rights reserved.
5165 S Michigan Avenue
Chicago, IL
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