1512 N Maplewood Avenue,Chicago, IL 60622
Chicago, IL 60622
Description
1512 N Maplewood is a 2-unit building on a 3,024 SF parcel with favorable RT-4 zoning. The 2 Bed / 1 Bath units have central air conditioning, common-area laundry, and generate $48,430 in annual gross revenue. Ownership previously engaged Hanna Architects to design a 3-unit, 3,900 SF building on the site, and drawings are available for review in the additional information tab. The building offers a buyer two distinct paths for value creation: a long-term covered land play or immediate redevelopment. Long-Term Covered Land Play: In-place income reflects $31,487 of NOI, a 4.87 cap rate, and 13.4x GRM. In-place rents are well below the $2,224 market average, a 21.8 percent mark-to-market opportunity. This allows a new owner to stabilize the building at a 6.01 cap rate while awaiting future redevelopment. Redevelopment: The parcel is zoned RT-4, Chicago's low-to-medium-density multiunit zoning. This allows development of a 1.2 FAR building up to 42 feet tall where 25 percent of units are Type A accessible. These entitlements support the development of up to 3 units by right. The land is listed at $179 per buildable SF against an average land sale of $181 per buildable SF. In addition, the 2-unit building produces interim income of $31,631 per year as a developer finalizes architecture and permits.
Details
| MLS # | 12753481 |
|---|---|
| Listing Type | For Sale |
| Sub-Type | Resale |
| Status | Active |
| Year | 1889 |
| Days On Site | 10 |
| Listing Provided By | Essex 312, LLC | Quinn Evans |
Features
| Bed(s) | 4 |
|---|---|
| Bath(s) | 2 |
| Garage | 2 |
Interior
| Rooms Total | 10 |
|---|---|
| Heating | Forced Air |
Exterior
| Construction Materials | Brick |
|---|
Parking
| Parking Features | Yes, Detached, Garage |
|---|---|
| Garage Spaces | 2 |
Utilities
| Sewer | Public Sewer |
|---|
Taxes
| Tax Year | 2025 |
|---|---|
| Tax Annual Amount | 9607 |
Area Information
| State | IL |
|---|---|
| County | Cook |
| City | Chicago |
| Zip Code | 60622 |
| Area | CHI West Town |
| Listing VS Median (in 60622) | |
Price: $649,000 low | high Med: $382,000 On site: 10 low | high Med: 21.5 | |
Market Activity 60622
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Learn More About This Property
| State | IL |
|---|---|
| County | Cook |
| City | Chicago |
| Zip Code | 60622 |
| Area | CHI West Town |
| Listing VS Median (in 60622) | |
Price: $649,000 low | high Med: $382,000 On site: 10 low | high Med: 21.5 | |
