$ 1,000,000
700 S Kedzie AVE Chicago, IL 60612
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REQUEST A TOUR If you would like to see this home without being there in person, select the "Virtual Tour" option and your agent will contact you to discuss available opportunities.
In-PersonVirtual Tour
$ 1,000,000
Est. payment /mo
Active
700 S Kedzie AVE Chicago, IL 60612
UPDATED:
10/07/2024 06:18 PM
Key Details
Property Type Vacant Land
Sub Type Land
Listing Status Active
Purchase Type For Sale
MLS Listing ID 11920447
Annual Tax Amount $15,908
Tax Year 2022
Lot Dimensions 264X125
Property Description
Eight figure multi-million-dollar investment opportunity for a savvy and capable developer looking to break ground in Chicagoland's smoking hot East Garfield Park neighborhood! Located just 10 minutes away from the Chicago Loop, this three-quarter of an acre lot is prime for development! Multiple pins totaling .7522 acres or 32,768 square feet, this parcel of land stretches an entire city block! Zoned PD999 allowing for both residential, campuses, mixed-use, tall buildings, and commercial development with city approval. Partner with the City of Chicago to secure millions in TIF funds in the effort to develop similar East Garfield Park projects such as, The Garfield Green Affordable Housing Development (82 units), the Affordable Housing Project (43 units), and the Garfield Green Apartments (81 units). These are all local development projects that secured millions in TIF funding! The subject parcel and lots have enough square footage to build 60+ residential units! A renovated 6-unit within a 1-mile radius just sold for $1,400,000 - there is enough square footage to build 10 of these structures on this block! There is also upside to build 30+ sizable condo units! 3-bedroom condos sell for $250,000 - $275,000 within a square mile radius. With the right development strategy and the continuing upward trends in this neighborhood, there is a $10M-$16M valuation upside and seven figures in annual revenue to be achieved. With city approval, retail space can be built on the ground level and taller structures can be developed which would allow for more residential units - all strategies detailed above assume a standard 3 story building structure. This land sits on excellent strategic location for development - proximity to downtown, the interstate, public transportation and walking distance to the Chicago Police Department. Property is located in a Tax Increment Financing (TIF) District! Please act swiftly as this opportunity will not last long!
Location
State IL
County Cook
Area Chi - East Garfield Park
Zoning PUD
Interior
Fireplace N
Exterior
Utilities Available Electric Nearby, Gas Nearby, Sanitary Sewer, Sewer-Storm Available, Water-Municipal
Waterfront false
Building
Dwelling Type Land
Schools
School District 299 , 299, 299
Others
Ownership Fee Simple
Special Listing Condition None
© 2024 Listings courtesy of MRED as distributed by MLS GRID. All Rights Reserved.
Listed by Michael Applegate • Straight-A Realty, LLC
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