526 Western Ave Chicago, IL 60612
- Industrial properties
- 21,700 SF
- 0.19 lot acres
Current Use by Public Records
- Rapid Circular Press Inc / Professional Services / Commercial Printer
- Pleasent Grove Baptist Church In Christ / Baptist Church
Property Details for 526 Western Ave
- Year built
- 1918
- Lot size
- 0.19 lot acres
- Property size
- 21,700 SF
- Property type
- Industrial properties
- APN
- 16-12-218-014
- APU
- 1612218014
Description
This exceptional 10,500-square-foot flex building, completely renovated in 2024, presents a unique investment opportunity in Chicago's vibrant West Town neighborhood. Located on Western Avenue, this property boasts 8,220 square feet of ground-floor warehouse space, featuring a drive-in door (11'2"H x 9'W), 75 feet of street frontage, and abundant natural light. The second floor comprises approximately 2,280 square feet of adaptable space, perfect for offices or creative studios. The building's brick and heavy timber construction retains historic charm while incorporating contemporary upgrades, including a new TPO roof (2023), tuckpointing (2023), updated HVAC and distribution (2023), and cosmetic improvements to the second floor (2023). C1-2 zoning allows for significant redevelopment potential, including up to eight residential units with ground-floor commercial space. Its strategic location near the Western Metra Station qualifies it for Transit Oriented Development (TOD) incentives, enhancing its appeal. The property's proximity to downtown, major highways, and public transit ensures seamless connectivity. This versatile space is ideal for owner-users seeking a headquarters or investors looking for a high-potential redevelopment project in a thriving area. The asking price is $1,800,000.
Value Estimation
-
AI approach
- CAP return
- Estimation
- Estimation
- $930,000
-
CAP approach
- CAP return
- Estimation
- 6%
- $1,130,000
- 6.5%
- $1,085,000
- 7%
- $1,170,000
-
Comparable approach
- Method
- Estimation
- Relative Method
- $1,215,000
- Geo Method
- $1,205,000
-
Alternative Use
- Use
- Estimation
- Distribution
- $1,285,000
- Retail
- $1,185,000
- Mixed-Use
- $1,060,000
- Hospitality
- $1,255,000
- Educational
- $1,005,000
- Residential Income
- $1,295,000
- Energy
- $1,360,000
- Income-Based Land
- $1,260,000
- Food Service
- $1,245,000
Location Insight
- Map
- Local Demand
- City
- Chicago
- County
- Cook
- State
- Illinois
- Longitude
- -87.6871
- Latitude
- 41.8916
- CBSA code
- 16980
- CBSA name
- CHICAGO-NAPERVILLE-JOLIET, IL-IN-WI METROPOLITAN STATISTICAL AREA
