1550 Indiana AveChicago, IL 60605

This exceptional Chicago investment property, located at 1550 S Indiana Ave, offers 109,000 square feet across eight units within a six-story building. Built in 1880 and renovated in 1996, 2002, and 2005, the property boasts a 77% occupancy rate and a strong net operating income (NOI) of $280,563, resulting in a 7.00% cap rate. Currently zoned DX-7 with a 4.5 FAR bonus (total 11.5 FAR), and designated as an Equitable Transit-Oriented Development (ETOD) site in July 2022, this property presents significant redevelopment potential. The ETOD designation provides parking benefits, including 100% abatement of parking requirements for new development. The offering includes the basement, floors 1-3, and roof rights, totaling approximately 38,260 square feet of rentable building area (RBA), plus an additional ~13,000 SF of basement space, 14,593 SF of Roof Rights, and 7,369 SF of Air Rights over the parking lot, on a 21,984 square foot lot. This allows for as-of-right development of an additional 44,367 square feet. The property includes 20 deeded parking spaces. Short-term opportunities include multifamily conversion, while mid-term prospects include full site redevelopment, potentially supporting up to 254,000 square feet without parking requirements. The property is situated in a desirable location near Mark Twain Park, a dog park, and Jeffery A Key Park. Rent bumps are set at 3%. The property is currently occupied by five tenants. This presents a compelling opportunity for investors seeking high-return potential in a prime Chicago location.