1512 Maplewood Avenue, West Town, Chicago, Illinois 60622
$649,000
|
For Sale
|
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| Status: | Active |
| Sqft: | 0 |
| Cost/Sqft: | — |
| Beds: | 4 |
| Baths: | 0 |
| Year Built: | 1889 |
| Property Taxes: | $9,607 |
| Days On Market: | 48 |
| Lot Size: | 0,00 |
Description
1512 N Maplewood is a 2-unit building on a 3,024 SF parcel with favorable RT-4 zoning. The 2 Bed / 1 Bath units have central air conditioning, common-area laundry, and generate $48,430 in annual gross revenue. Ownership previously engaged Hanna Architects to design a 3-unit, 3,900 SF building on the site, and drawings are available for review in the additional information tab. The building offers a buyer two distinct paths for value creation: a long-term covered land play or immediate redevelopment. Long-Term Covered Land Play: In-place income reflects $31,487 of NOI, a 4.87 cap rate, and 13.4x GRM. In-place rents are well below the $2,224 market average, a 21.8 percent mark-to-market opportunity. This allows a new owner to stabilize the building at a 6.01 cap rate while awaiting future redevelopment. Redevelopment: The parcel is zoned RT-4, Chicago's low-to-medium-density multiunit zoning. This allows development of a 1.2 FAR building up to 42 feet tall where 25 percent of units are Type A accessible. These entitlements support the development of up to 3 units by right. The land is listed at $179 per buildable SF against an average land sale of $181 per buildable SF. In addition, the 2-unit building produces interim income of $31,631 per year as a developer finalizes architecture and permits.
Property Specifics
| Multi-unit | |
| — | |
| — | |
| 1889 | |
| None | |
| Brick | |
| — | |
| — | |
| No | |
| — |
| Cook | |
| — | |
| — / — | |
| — | |
| Lake Michigan | |
| Public Sewer | |
| — | |
| Forced Air | |
| 12753481 | |
| 16012040410000 |
Property History
| DATE: | EVENT: | PRICE: | SOURCE: |
|---|---|---|---|
| 25 May, 2018 | Sold | $375,000 | MRED MLS |
| 12 Apr, 2018 | Under contract | $395,000 | MRED MLS |
| — | Last price change | $399,900 | MRED MLS |
| 2 Jan, 2018 | Listed for sale | $415,000 | MRED MLS |
| 8 Sep, 2026 | Listed for sale | $649,000 | MRED MLS |
Room Specifics
Total Bedrooms: 4
Bedrooms Above Ground: 4
Bedrooms Below Ground: 0
Full Bathrooms: 2
Bathroom Amenities: —
Bathroom in Basement: 0
Rooms: —
Other Specifics
| 2 | |
| — | |
| Detached, Garage | |
| — | |
| — | |
| — | |
| — | |
| — | |
| 3024 SF | |
| — | |
| — | |
| — | |
| — | |
| Not in DB | |
| — | |
| — | |
| — |
Tax History
| Year | Property Taxes |
|---|---|
| 2018 | $4,668 |
| 2026 | $9,607 |
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Listing Provided By
Essex 312, LLC
