For Sale
$1,799,000

1511-1519 Devon AveChicago, IL 60660

Chicago Mixed-Use Development Site

Overview

Added:
Dec 11, 2024
Days on market:
117
This exceptional mixed-use property at 1511-1519 W. Devon Ave. in Chicago's Edgewater neighborhood presents a compelling redevelopment opportunity. Currently featuring 100% occupancy with retail space on the first floor and three apartments on the second, this two-story building sits on a substantial 14,125 square foot lot. The property is zoned B1-1, offering potential for future zoning adjustments. With a current pro-forma NOI of $161,454 and a pro-forma cap rate of 8.97%, this $1,799,000 listing presents a strong return on investment. The "as-is" sale allows for immediate redevelopment, capitalizing on the area's westward development trend and high demand for housing. The property includes 22 parking spaces. The land value is $156.45 per square foot. Month-to-month leases provide flexibility for developers. This prime location offers proximity to amenities, schools, and public transportation, making it ideal for affordable housing or SRO development. The substantial land area allows for a significant development project, maximizing return on investment. This is a chance to contribute to the neighborhood's evolution while securing a strong financial return.

Highlights

  • Prime Edgewater location: Redevelopment opportunity in Chicago's Edgewater neighborhood, near amenities, schools, and public transit.
  • Large 14,125 SF lot: Ample space for substantial development project.
  • Zoning potential: B1-1 zoning with potential for B3-2 conversion, allowing for a 4-story building.
  • Flexible lease terms: Month-to-month leases allow for immediate redevelopment.
  • Westward development trend: Surrounded by recent multifamily and mixed-use projects.
  • As-is sale: Allows for immediate redevelopment, reflecting current condition and future potential.

Property Details for 1511-1519 Devon Ave

Property type
Retail properties, Restaurants
Class
C
Stories
2

Location Insight

City
Chicago
County
Cook
State
Illinois
Latitude
41.9980027
Longitude
-87.6683909
1511-1519 Devon Ave, Chicago, Illinois

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1511-1519 Devon Ave
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