5147 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 11947999
Annual Tax Amount $1,005
Tax Year 2022
Lot Size 0.370 Acres
Property Description
Residential developers don't miss out on this excellent opportunity to purchase an .37-acre lot in Chicagoland's Washington Park neighborhood. Zoned RM-5, this sizable lot is prime for development. 16,000+ square feet - There is REAL multifamily development upside! 5432 S Michigan Ave and 5434 S Michigan Ave recently sold for $1,055,000 each, within the past 3 months!! These two, new construction, buildings have only 3-units and within walking distance of the subject property! This available parcel also has the square footage to build four 3/4-unit residential buildings! Build your own collection of four luxury 3-units and achieve a $4M+ valuation upside, achieve potentially higher values with 4-unit building! 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
Interior
Heating None
Cooling None
Exterior
Utilities Available Electric Nearby,Gas Nearby,Sanitary Sewer,Water Nearby
Waterfront false
Building
Dwelling Type Land
Schools
School District 299 ,299, 299
Others
Special Listing Condition None