518 Western Avenue, Near West Side, Chicago, Illinois 60612
$699,000
|
For Sale
|
|
| Status: | Active |
| Sqft: | 0 |
| Cost/Sqft: | — |
| Beds: | 0 |
| Baths: | 0 |
| Year Built: | — |
| Property Taxes: | $8,558 |
| Days On Market: | 46 |
| Lot Size: | 0,04 |
Description
518-522 S Western Avenue is a rare 3-parcel assemblage totaling 6,132 SF strategically positioned within one of Chicago's most dynamic and rapidly evolving corridors, benefiting directly from the transformational growth surrounding the United Center and the multi-billion-dollar 1901 Project. This large-scale redevelopment will introduce new residential density, retail, hospitality, entertainment venues, and activated public spaces, fundamentally reshaping the immediate area and driving sustained increases in foot traffic, consumer demand, and long-term property values along the Western Avenue corridor. The surrounding neighborhood continues to experience meaningful mixed-use and residential new developments, reinforcing its transition toward higher-density, transit-oriented growth. Ongoing land sales and redevelopment activity in the immediate vicinity further validate investor confidence and signal continued capital inflow into the submarket. The property's mixed-use positioning and zoning capacity, allowing for up to 15 residential units above a retail unit, creates a highly flexible opportunity to capitalize on this growth trajectory. The site is well-suited for a thoughtfully designed mixed use redevelopment that leverages strong residential demand driven by proximity to the Illinois Medical District, surrounding employment hubs, and expanding neighborhood amenities. Simultaneously, its prominent Western Avenue frontage, strong traffic counts, and existing outdoor space provide the ability to incorporate a highly visible retail or restaurant component that benefits from daily workforce demand and event-driven traffic from the United Center.
Property Specifics
| Lot/Land | |
| — | |
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| — | |
| — | |
| — | |
| No | |
| 0.04 |
| Cook | |
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| — / — | |
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| — | |
| 12581957 | |
| 16132340410000 |
Nearby Schools
| NAME: | DISTRICT: | DISTANCE: | |
|---|---|---|---|
|
Grade School
Jensen Elementary School Olastic |
299 | — | |
|
Middle School
Jensen Elementary School Olastic |
299 | Not in DB | |
|
High School
Manley Career Academy High Schoo |
299 | Not in DB | |
Property History
| DATE: | EVENT: | PRICE: | SOURCE: |
|---|---|---|---|
| 3 Apr, 2026 | Listed for sale | $699,000 | MRED MLS |
Room Specifics
Total Bedrooms: —
Bedrooms Above Ground: 0
Bedrooms Below Ground: —
Dimensions: —
Floor Type: —
Dimensions: —
Floor Type: —
Dimensions: —
Floor Type: —
Full Bathrooms: 0
Bathroom Amenities: —
Bathroom in Basement: —
Rooms: —
Basement Description: —
Other Specifics
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| 73X84 | |
| — | |
| — | |
| — | |
| — | |
| Not in DB | |
| — | |
| — | |
| — | |
| — |
Tax History
| Year | Property Taxes |
|---|---|
| 2026 | $8,558 |
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Listing Provided By
Essex 312, LLC
