Courtesy of Straight-A Realty, LLC

700 S Kedzie Avenue

Chicago, IL, 60612

$1,000,000

$1,000,000
Active
Active
 - For Sale
property_type
Land
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!
MLS® ID:
11920447
Listed:
10/30/23
Updated:
11/28/23
Berkshire Hathaway HomeServices
Michael Rosenblum
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School Information

High School
299
Elementary School
299

Other Property Details

Area Name
CHI - East Garfield Park
Taxes
$15908
Tax Frequency
per YEAR
Garage
No
Parking
N
View
N
County
Cook
Utilities
Electric Nearby, Gas Nearby, Sanitary Sewer, Sewer-Storm Available, Water-Municipal
Pool
No
Zoning
PUD
Buyer Agency Compensation
2.5% - $250

Courtesy of Straight-A Realty, LLC, Michael Applegate,
Listing Contact:  

The data relating to real estate for sale on this website comes in part from the Broker ReciprocitySM Program of Midwest Real Estate Data. Real estate listings held by brokerage firms other than Michael Rosenblum are marked with the Broker ReciprocitySM logo or the Broker ReciprocitySM thumbnail logo (a little black house) and detailed information about them includes the name of the listing brokers.

Based on information submitted to the  MLS GRID for MRED 11/28/23. All data is obtained from various sources and has not been, and will not be, verified by broker, MRED or MLS GRID. MLS Grid and MRED supplied Open House information is subject to change without notice. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information. IDX information is provided exclusively for consumers’ personal non-commercial use, and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Data is deemed reliable but is not guaranteed by MTP or MRED. The use of the MRED Data may be subject to an end-user license agreement prescribed by the Member Participant’s applicable MLS if any and as amended from time to time.

©2023 Listings Courtesy of MRED as distributed by MLS GRID. All rights reserved.

Data last updated 4:25 PM UTC, 11/28/23

 

 

Berkshire Hathaway HomeServices
Michael Rosenblum
By providing your contact information, you acknowledge and agree to ourPrivacy Policyand consent to receiving marketing communications, including through automated calls, texts, and emails, some of which may use artificial or prerecorded voices. This consent isn’t necessary for purchasing any products or services and you may opt out at any time. To opt out from texts, you can reply, ‘stop’ at any time. To opt out from emails, you can click on the unsubscribe link in the emails. Message and data rates may apply.
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