615 5Th AveMaywood, IL 60153

Property Details for 615 5Th Ave

Year built

1944

Lot size

0.08 AC

Property type

Retail space

APN

15-11-344-003

APU

1511344003

Description

This exceptional retail property at 615 S 5th Avenue, Maywood, IL, presents a significant investment opportunity. The 22,000 square foot building sits on a substantial 61,000+ square foot lot, offering ample space for expansion or redevelopment. The property boasts an impressive 200 feet of frontage on 5th Avenue, ensuring high visibility and accessibility. Its strategic location at the busy intersection of Washington Boulevard and 5th Avenue places it in the heart of Maywood. The building's history as a grocery store is evident in the presence of still-functional refrigeration equipment, offering potential for a variety of food-related businesses or easy adaptation for other uses. Extensive paved parking is available on the west and north sides of the structure. This property benefits significantly from its proximity to a new residential development currently under construction directly across the street and one block south. This new development will comprise a five-story building featuring 4,500 square feet of ground-level retail space and 68 residential units above, creating a substantial increase in foot traffic and potential clientele for the property. The three contiguous lots provide flexibility for future development or expansion. This is a rare opportunity to acquire a large, well-located retail property with significant upside potential in a rapidly developing area. The asking price is $450,000.

• CAP approach

  CAP return

  Valuation

  6%

  $1,460,231

  6.5%

  $1,347,906

  7%

  $1,251,627

• Comparable approach

  Method

  Valuation

  Relative Method

  $1,083,159

  Geo Method

  $1,083,159

• Alternative Use

  Use

  Valuation

  Residential

  $1,137,009

  Hospitality

  $1,041,494

  Educational

  $866,511

  Medical

  $896,311

  Retail

  $1,347,906

Location Insight

City

Maywood

County

Cook

State

Illinois

Latitude

41.8811

Longitude

-87.8386

CBSA code

16980

CBSA name

CHICAGO-NAPERVILLE-JOLIET, IL-IN-WI METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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