3240 Lawrence AveChicago, IL 60625

Property Details for 3240 Lawrence Ave

Year built

1920

Lot size

0.14 AC

Property size (Sq ft)

28,000 SF

Property type

Office buildings

APN

13-11-430-027

APU

1311430027

Description

This 28,860 square foot, five-story warehouse building at 3240 W Lawrence Avenue in Chicago's Albany Park neighborhood presents a compelling redevelopment opportunity. Currently vacant, this mixed-use property sits on a 6,250 square foot lot with 50 feet of frontage on Lawrence Avenue. The first floor offers approximately 5,000 square feet of retail space with a loading dock, while floors two through five provide approximately 5,772 square feet of raw space per floor, ideal for conversion. The building features two loading docks, two dock-high doors, and a 12-foot ceiling height. A freight elevator is centrally located. The B1-2 zoning permits ground floor retail and up to six residential units as-of-right, while a potential rezoning to B3-5 could allow for up to 34 residential units (subject to the Affordable Requirement Ordinance). The property's location within a Transit Oriented Development (TOD) zone near the Kimball Brown Line CTA station offers benefits such as reduced parking requirements and increased floor area for qualifying developments. Additionally, its location within the Lawrence/Kedzie Tax Increment Financing District (TIF) provides access to public funds for eligible projects. Seller financing is available. The asking price is $1,279,000 ($44.32/sq ft). This property offers a unique chance to capitalize on the strong demand for residential and mixed-use developments in a rapidly growing area.

• CAP approach

  CAP return

  Valuation

  6%

  $8,428,463

  6.5%

  $7,780,120

  7%

  $7,224,396

• Comparable approach

  Method

  Valuation

  Relative Method

  $3,647,000

  Geo Method

  $3,647,000

• Alternative Use

  Use

  Valuation

  Residential

  $9,647,348

  Hospitality

  $8,836,919

  Educational

  $7,352,212

  Medical

  $7,605,066

  Retail

  $11,436,775

Location Insight

City

Chicago

County

Cook

State

Illinois

Latitude

41.9687

Longitude

-87.7101

CBSA code

16980

CBSA name

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

Property Tax & Assessments

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