516 W. Arlington Pl.

Sales Overview

  • Price: $3,600,000
  • Property Type: Land/Development
  • Lot Size: 5,000 SF

Highlights

  • 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

Description

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.


Location

Contact the Brokers

Brad Feldman

Managing Partner

312-477-0195

Adam Saxon

Director

312-724-7014