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    5451 Western Ave Chicago, IL 60625

    Sponsored
    For Sale
    $17,256,645

    11-Acre Commercial Land, Chicago

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    399
    This exceptional 11.318-acre commercial land site presents a unique development opportunity in Chicago's desirable Andersonville/Lincoln Square neighborhood. Zoned RM-5, the property boasts significant frontage on Western Avenue (536 feet) and Bowmanville (700 feet), ensuring high brand visibility. The site is deed-restricted to specific uses, including schools (public or private), retirement homes, nursing homes, healthcare facilities, and places of worship. With a permitted floor area ratio (FAR) of 2.0, a potential 986,094 square feet of buildable area is possible. Conveniently located 0.88 miles from the CTA Brown Line Western stop, this property benefits from excellent transit access. Currently tax-exempt, the land is level and above grade, including two large sheds and a 2,500-square-foot house. The property is divisible into parcels of approximately 3 acres or more. Located within the Devon/Western Tax Increment Financing (TIF) district (expiring in 2023), this site offers significant potential for developers seeking a prime location in a thriving community. The asking price is $17,256,645, or $35 per square foot. APN: 14-07-100-002, 14-07-104-001, 14-07-104-015, 14-07-104-016. The property is situated in the 40th Ward (Alderman Andres Vasquez).

    Property Features for 5451 Western Ave

    General Information

    Property type
    Land
    Lot Size
    493,012 SF

    HighLights

    • 11.318‑acre commercial land site divisible into parcels of 3+ acres.
    • Located in Chicago's Andersonville/Lincoln Square neighborhood.
    • RM‑5 zoning.
    • Deed restrictions allow schools, retirement homes, nursing homes, healthcare facilities, and places of worship.
    • 2.0 FAR, permitting 986,094 square feet of buildable area.
    • 0.88 miles from the CTA Brown Line Western station.
    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 Building Supply Clothing Store Auto Repair Shop

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

    Location Insight

    • Map
    • Local Demand
    City
    Chicago
    County
    Cook
    State
    Illinois
    Longitude
    -87.6892651
    Latitude
    41.980463

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    FAQs

    What type of property is this?
    Land - 11-Acre Commercial Land, Chicago
    Where is this land located?
    The property is located at 5451 Western Ave Chicago, IL.
    What is the asking price?
    The asking price for this property is $17,256,645.
    What are key features of this property?
    This property features: 11.318-acre commercial land site divisible into parcels of 3+ acres.; Located in Chicago's Andersonville/Lincoln Square neighborhood.; RM-5 zoning.
    Request Owner's contact information
    5451 Western Ave Chicago, IL 60625
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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
    5451 Western Ave Chicago, IL 60625
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