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    1236 Melrose St Chicago, IL 60657

    Sponsored
    For Sale
    $1,599,900

    Prime Chicago Lot: 5,050 SF, R4 Zoning

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    399
    This exceptional 5,050 square foot commercial lot presents a rare development opportunity in Chicago's desirable Southport Corridor. Located at 1236 W. Melrose St, in Cook County, IL, zip code 60657, this property is zoned R4, offering significant potential for a variety of projects. The lot, designated as Lot 12 on the attached survey, is ideally situated just steps from Margaret Donahue Park and the vibrant shops and restaurants of Lakeview. The property is within the highly sought-after Burley elementary school district. This oversized lot provides ample space for a substantial build, creating a dream home or significant development. An adjacent parcel of 6,350 square feet is also available for purchase, expanding the total buildable area to 11,400 square feet, allowing for a truly expansive project. The asking price for this remarkable opportunity is $1,599,900. Properties of this size and location in the Southport Corridor are exceptionally rare, making this a truly unique investment prospect. Don't miss this chance to acquire a prime piece of Chicago real estate with exceptional potential.

    Property Features for 1236 Melrose St

    General Information

    Property type
    Land

    HighLights

    • $1,599,900 asking price.
    • 5,050 square foot commercial land parcel.
    • R4 zoning.
    • Located at 1236 W Melrose St, Chicago, IL 60657.
    • Adjacent 6,350 sq ft parcel available for purchase (total 11,400 sq ft).
    • Burley Elementary School District.
    Property Profile Location Intelligence

    Current Use by Public Records

    Commercial real estate

    Suggested Use

    Law Firm Restaurant Realty agency Spa & Massage Dental Office Hair Salon Clothing Store Nail Salon Food Market Grocery Store

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

    Location Insight

    • Map
    • Local Demand
    City
    Chicago
    County
    Cook
    State
    Illinois
    Longitude
    -87.6605127
    Latitude
    41.9408892

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    FAQs

    What type of property is this?
    Land - Prime Chicago Lot: 5,050 SF, R4 Zoning
    Where is this land located?
    The property is located at 1236 Melrose St Chicago, IL.
    What is the asking price?
    The asking price for this property is $1,599,900.
    What are key features of this property?
    This property features: $1,599,900 asking price.; 5,050 square foot commercial land parcel.; R4 zoning.
    (312) 929-1562
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    1236 Melrose St Chicago, IL 60657
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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
    1236 Melrose St Chicago, IL 60657
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