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5147 S Michigan Avenue , Chicago IL, 60615
$399,000
MLS #11712198
Bed: - | Bath: 0 | Tax: 1828.10 | HOA: -
For Sale: $399,000
Payment Estimate: $0/month Payment Calculator
Residential developers don't miss out on this excellent opportunity to purchase an .37-acre lot in Chicagoland's Washington Park neighborhood. Zoned RM-5, this sizable lot is prime for development. 16,000+ square feet - there is upside to develop two 8-unit residential buildings! An 8-unit residential building recently sold for $1,152,575 within 1-mile of the subject property within the past 12 months. The subject parcel also has the square footage to build four 4-unit residential buildings! A new construction 4-unit sold for $975,000 within a square mile of the subject property within the past 12 months! Build four of these 4-units to achieve a $4M+ valuation upside. Condo conversion is also an excellent strategy, 3-bedroom condos in Washington Park sell for $250,000+. This plot sits in an excellent territory on Chicago's famous Michigan Ave, proximity to George Washington Park, Provident Hospital, and interstate access!
Based on information submitted to the MLS GRID as of 3/21/2023 5:32 AM. All data is obtained from various sources and may not have been verified by broker or MLS GRID. 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.
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