1510 East 67th Street, Chicago, IL

$499,000

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0.28

Acres

About 1510 East 67th Street

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!

Features of 1510 East 67th Street

MLS® # 11609888
Price $499,000
Bathrooms 0.00
Acres 0.28
Type Land
Sub-Type Land
Status Active

Community Information

Address 1510 East 67th Street
Area CHI - Woodlawn
City Chicago
County Cook
State IL
Zip Code 60637

Amenities

Is Waterfront No
Has Pool No

Interior

Fireplace No
Has Basement No

School Information

District 299

Additional Information

Days on Market 484
Zoning MULTI
Foreclosure No
Short Sale No
RE / Bank Owned No

Listing Details

OfficeStraight-A Realty, LLC

Listing Map

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