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    4058 Karlov Ave Chicago, IL 60632

    Sponsored
    For Sale
    Contact for pricing

    Chicago, IL: 88,672 SF Redevelopment Opportunity

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    394
    This exceptional Chicago, Illinois development opportunity encompasses three contiguous vacant land parcels totaling 88,672 square feet, situated in the Kilbourn Park/Irving Park neighborhood (zip code 60632). The property is zoned PD 462 and offers significant flexibility for redevelopment, allowing for the purchase of individual parcels or the entire assemblage. One parcel, located at 4058 W. Melrose Street (42,807 SF), occupies the northeast corner of Melrose Street and Karlov Avenue. Previously a hospital campus, all structures have been demolished, presenting a clean slate for new construction. Two additional parcels, situated at 3240 N. Karlov Avenue (33,220 SF) and 3301 N. Karlov Avenue (12,645 SF), are located on the west side of Karlov Avenue. These parcels feature existing paved and gated parking lots, offering immediate utility or potential for repurposing. The 3240 N. Karlov parcel extends a full city block from Melrose Street to School Street. The 3301 N. Karlov parcel sits at the northeast corner of Karlov Avenue and School Street. Zoning contingencies will be considered. This prime location presents a rare chance to acquire a substantial land holding in a rapidly developing area of Chicago. Contact for pricing and further details.

    Property Features for 4058 Karlov Ave

    General Information

    Property type
    Land

    HighLights

    • 88,672 SF assemblage of three contiguous vacant land parcels in Chicago's Kilbourn Park/Irving Park neighborhood (60632).
    • PD 462 zoning allows flexible redevelopment; individual parcels or entire assemblage available.
    • Demolished former hospital site (42,807 SF) at 4058 W. Melrose St.
    • Two additional parcels with existing paved parking lots: 33,220 SF at 3240 N. Karlov Ave. and 12,645 SF at 3301 N. Karlov Ave.
    • Prime location in a rapidly developing area.
    Property Profile Location Intelligence

    Current Use by Public Records

    Commercial real estate

    Suggested Use

    Restaurant Realty agency Law Firm Building Supply Spa & Massage Dental Office Wholesale Shop Hair Salon Auto Repair Shop Clothing Store

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

    Location Insight

    • Map
    • Local Demand
    City
    Chicago
    County
    Cook
    State
    Illinois
    Longitude
    -87.7074089
    Latitude
    41.8074687

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    FAQs

    What type of property is this?
    Land - Chicago, IL: 88,672 SF Redevelopment Opportunity
    Where is this land located?
    The property is located at 4058 Karlov Ave Chicago, IL.
    What are key features of this property?
    This property features: 88,672 SF assemblage of three contiguous vacant land parcels in Chicago's Kilbourn Park/Irving Park neighborhood (60632).; PD 462 zoning allows flexible redevelopment; individual parcels or entire assemblage available.; Demolished former hospital site (42,807 SF) at 4058 W. Melrose St.
    (312) 275-3113
    Request Owner's contact information
    4058 Karlov Ave Chicago, IL 60632
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    Chicago, IL 60632
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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
    4058 Karlov Ave Chicago, IL 60632
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