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    1240 Melrose St Chicago, IL 60657

    Sponsored
    For Sale
    $1,999,900

    Prime Chicago land, R4 zoning, build your dream.

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    399
    This exceptional 6,350 square foot commercial land parcel presents a rare development opportunity in Chicago's coveted Southport Corridor. Located at 1240 W Melrose, in the desirable Burley school district, this property boasts R4 zoning, allowing for a wide range of development possibilities. The expansive lot, measuring approximately 50 feet by 127 feet, provides ample space for a substantial project. Its prime location offers unparalleled convenience, placing residents within easy walking distance of Margaret Donahue Park and the vibrant shops and restaurants that define the Lakeview neighborhood. This is an ideal site for an end-user seeking to construct a custom home or for a developer looking to capitalize on the area's high demand. Note that an adjacent 5,050 square foot parcel is also available for purchase, potentially expanding the total buildable area to 11,400 square feet. Properties of this size and location in the Southport Corridor are exceptionally rare. The asking price for this remarkable opportunity is $1,999,900. Don't miss this chance to acquire a truly exceptional piece of Chicago real estate.

    Property Features for 1240 Melrose St

    General Information

    Property type
    Land

    HighLights

    • 6,350 SF commercial lot available for development in Chicago's Southport Corridor.
    • Located at 1240 W Melrose in the Burley school district with R4 zoning.
    • 50' x 127' lot size provides ample space for a substantial project.
    • Prime location near Margaret Donahue Park and Lakeview amenities.
    • Adjacent 5,050 SF lot also available for purchase (total 11,400 SF potential).
    • Asking price: $1,999,900.
    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
    -87.66067
    Latitude
    41.9408877

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    FAQs

    What type of property is this?
    Land - Prime Chicago land, R4 zoning, build your dream.
    Where is this land located?
    The property is located at 1240 Melrose St Chicago, IL.
    What is the asking price?
    The asking price for this property is $1,999,900.
    What are key features of this property?
    This property features: 6,350 SF commercial lot available for development in Chicago's Southport Corridor.; Located at 1240 W Melrose in the Burley school district with R4 zoning.; 50' x 127' lot size provides ample space for a substantial project.
    (312) 929-1562
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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
    1240 Melrose St Chicago, IL 60657
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