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516 W. Arlington Pl.
- Price: $3,600,000
- Property Type: Land/Development
- Lot Size: 5,000 SF
- Re-Development Opportunity in Lincoln Park
- Highly Desirable Location
- No Landmark or Orange Rating
- Lot Dimensions: 50' X 100'
- Zoning: RM-6
- FAR: 4.4
516-518 W. Arlington Pl. is a rare opportunity in the Lincoln Park neighborhood of Chicago, IL. The offering provides an investor the ability to complete a re-development project or renovate the existing units and increase the rental and parking income.
The total land square footage is 5,000 (50’ X 100’), current zoning is RM-6 with a floor area ratio (FAR) of 4.4.
Currently, the front building includes a combination of 1, 2, and 3 bedroom units with 3 parking spaces. Additionally, there’s a 3Bdr/2.5Ba single-family house (SFH) in the rear which is appx. 2,000 SF and includes 2+ parking spaces. The annual income for the apartment building plus parking totals $102,180 and there is an ability to rent out the SFH for additional income.
The following renovations/repairs in the apartment building have taken place during 2015-2018: tuckpointing, roof, updated units, porches, laundry room, gutters & porches.
The property is within walking distance to Lake Michigan, Diversey Harbor, Lincoln Park Zoo and several retailers and restaurants.