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    3243 California Ave Chicago, IL 60618

    Sponsored
    For Sale
    Contact for pricing

    2+ Acre Site, High Development Potential

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    397
    This exceptional 2.09-acre vacant land parcel presents a remarkable development opportunity in Chicago's vibrant Avondale neighborhood. Located at 3229-3243 N. California Avenue, this property boasts approximately 91,019 square feet of buildable land, offering significant frontage of roughly 378 feet on California Avenue and 125 feet on Melrose Street. Currently unimproved, the site is zoned M1-1 and M2-2, allowing for a diverse range of development possibilities. Ideal for projects encompassing multifamily residential (townhomes, apartments, condos, or single-family homes), retail, or industrial uses, this high-profile location sits amongst existing retail and multifamily properties, reflecting the neighborhood's ongoing transformation. The property's strategic location and zoning regulations create a compelling investment opportunity for developers seeking a prime site in a rapidly evolving area of Chicago. Flexible deal structures are available, including outright sale, built-to-suit arrangements, and joint venture partnerships. This is a rare chance to acquire a substantial development site in a dynamic and desirable Chicago neighborhood. The Cook County location and 60618 zip code further enhance the property's appeal. This property is situated at latitude 41.9411167 and longitude -87.6973915.

    Property Features for 3243 California Ave

    General Information

    Property type
    Land

    HighLights

    • Multifamily, retail, or industrial development potential.
    • Sale, Build‑to‑Suit, or Joint Venture options available.
    • Located in a mixed‑use, up‑and‑coming neighborhood.
    • High‑visibility site with diverse development opportunities.
    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
    -87.6973915
    Latitude
    41.9411167

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    FAQs

    What type of property is this?
    Land - 2+ Acre Site, High Development Potential
    Where is this land located?
    The property is located at 3243 California Ave Chicago, IL.
    What are key features of this property?
    This property features: Multifamily, retail, or industrial development potential.; Sale, Build-to-Suit, or Joint Venture options available.; Located in a mixed-use, up-and-coming neighborhood.
    (312) 275-3113
    Request Owner's contact information
    3243 California Ave Chicago, IL 60618
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    Chicago, IL 60618
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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
    3243 California Ave Chicago, IL 60618
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