1511 W. Devon Ave.

1511 West Devon Avenue, Chicago, IL

$2,200,000

Price

6,295 sqft

Building Size

14,125 acres

Lot Area

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Street
Map
Overview
Building Size
6,295 sqft
Lot Area
14,125 acres
Occupancy
100%
Year Built
1910
Zoning
B1-1
Floors
2
Description

Opportunity knocks for developers and investors at 1511-1519 W. Devon Ave. in the vibrant Edgewater neighborhood of Chicago, IL! Presenting a prime development site listed at $2,200,000, this property currently features retail on the 1st floor and 3 apartments on the second floor, over an expansive land area of 14,125 SF, and is zoned B1-1. Perfectly positioned for a transformative project, it's an ideal locale for affordable housing or an SRO development, catering to the community's growing needs. With the area's developments migrating westward, the potential for growth and value appreciation is significant. The current setup of retail and residential units underscores the versatility and immediate revenue-generating capability of the property, while also presenting a canvas for redevelopment. Note: The property is sold "as-is," reflecting its condition and the opportunity for a fresh start.


Prime Location in Edgewater: Situated in the dynamic and culturally rich neighborhood of Edgewater, Chicago, this redevelopment site offers a unique opportunity to capitalize on a community with a growing demand for housing and mixed-use developments. Its proximity to amenities, schools, and public transportation makes it a highly desirable location for future residents.

Expansive Land Parcel: Featuring a substantial land size of 14,062 SF, the property presents ample space for a significant development project. This large footprint provides flexibility in design and development scope, ideal for creating a landmark residential or mixed-use building.

Zoning Change in Process: With a proactive approach to facilitating development, potential to convert the zoning from B1-1 to B3-2. This adjustment will allow for the construction of a 4-story building, expanding the development potential and enabling a higher density project that can maximize return on investment.

Flexible Lease Terms: With month-to-month leases currently in place, the property offers flexibility for developers to begin the redevelopment process shortly after acquisition. This ease of transition is a significant advantage for keeping project timelines on track.

Surrounded by Recent Developments: The property is strategically located in an area experiencing a westward migration of development activity. Recent projects in the vicinity, including multifamily apartments and mixed-use buildings, highlight the neighborhood's growth trajectory and investment appeal.

"As Is" Offering: The opportunity to purchase the property "as is" allows investors to acquire the site at a value that reflects its current condition and potential for transformation. This approach offers a clear pathway for developers to reimagine the space and contribute to the neighborhood's evolution.

Proven Market for Multifamily and Mixed-Use Projects: The recent conversion of a nearby funeral home into multifamily apartments and the development of mixed-use buildings at key intersections underscore the demand and success of similar projects in the area. This trend provides a positive outlook for new developments aiming to meet the community's housing and commercial needs.

Investment Supportive of Community Needs: By focusing on affordable housing or SRO development, investors have the chance to address critical housing shortages and support community goals. This socially responsible investment aligns with broader objectives of enhancing urban living spaces and providing quality housing solutions.

Location
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