5165 S Michigan AVE Active Save Request In-Person Tour Request Virtual Tour
Chicago,IL 60615
Key Details
Property Type Vacant Land
Sub Type Land
Listing Status Active
Purchase Type For Sale
MLS Listing ID 11948000
Annual Tax Amount $2,870
Tax Year 2022
Lot Size 8,276 Sqft
Property Description
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!
Location
State IL
County Cook
Area Chi - Washington Park
Zoning MULTI
Exterior
Utilities Available Electric Nearby,Gas Nearby
Waterfront false
Building
Dwelling Type Land
Schools
School District 299 ,299, 299
Others
Special Listing Condition None