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    5426 Lockwood Ave Chicago, IL 60638

    Sponsored
    For Sale
    $2,490,000

    2.94-acre site, 44,000 SF, Chicago

    Property size:
    44,000 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    394
    This exceptional 2.94-acre commercial property presents a unique redevelopment opportunity in Chicago's vibrant landscape. The site, located at 5426 S Lockwood Ave, 60638, Cook County, IL, boasts a total of 44,000 square feet of existing buildings, comprised of three structures measuring approximately 21,500, 17,000, and 5,600 square feet respectively. Currently zoned RS-3, the property offers potential for rezoning, subject to further investigation. Its strategic location provides easy access to major transportation arteries, including I-55 and is situated conveniently near Midway Airport and Southwest Airlines, as well as I-294 and I-90/94 interchanges. The property's proximity to downtown Chicago further enhances its appeal. While the buildings are vacant, this presents a blank canvas for a variety of development projects. Potential uses include educational facilities, multifamily, single-family, or mixed-use developments. Note that deed restrictions apply

    Property Features for 5426 Lockwood Ave

    General Information

    Property type
    Land
    Square Feet
    44,000 SF
    Lot Size
    128,066 SF

    Building Details

    Year Built
    1922

    HighLights

    • 2.94‑acre land parcel.
    • ±44,000 SF of existing buildings (three structures totaling 21,500, 17,000, and 5,600 SF).
    • Currently zoned RS‑3; rezoning potential available.
    • Prime location directly across from Midway International Airport and Southwest Airlines headquarters.
    • Excellent access to I‑55 via Cicero and Central interchanges.
    • Convenient proximity to Downtown Chicago and I‑294 and I‑90/94 interchanges.
    Property Profile Location Intelligence

    Current Use by Public Records

    Commercial real estate

    Suggested Use

    Realty agency Law Firm Restaurant Spa & Massage Dental Office Hair Salon Nail Salon Clothing Store Building Supply Gym & Fitness

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Chicago
    County
    Cook
    State
    Illinois
    Longitude
    -87.7553533
    Latitude
    41.7938872

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    FAQs

    What type of property is this?
    Land - 2.94-acre site, 44,000 SF, Chicago
    Where is this land located?
    The property is located at 5426 Lockwood Ave Chicago, IL.
    What is the asking price?
    The asking price for this property is $2,490,000.
    What are key features of this property?
    This property features: 2.94-acre land parcel.; ±44,000 SF of existing buildings (three structures totaling 21,500, 17,000, and 5,600 SF).; Currently zoned RS-3; rezoning potential available.
    Request Owner's contact information
    5426 Lockwood Ave Chicago, IL 60638
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    Chicago, IL 60638
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    Realmo Value Estimation

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.

    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.

    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    5426 Lockwood Ave Chicago, IL 60638
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