1511-1519 Devon Ave Chicago, IL 60660
- Retail properties
Current Use by Public Records
- Retail properties
Property Details for 1511-1519 Devon Ave
- Property type
- Retail properties
- Property subtype
- Restaurants
Description
This exceptional mixed-use property at 1511-1519 W. Devon Ave. in Chicago's Edgewater neighborhood presents a compelling redevelopment opportunity. Currently featuring 100% occupancy with retail space on the first floor and three apartments on the second, this two-story building sits on a substantial 14,125 square foot lot. The property is zoned B1-1, offering potential for future zoning adjustments. With a current pro-forma NOI of $161,454 and a pro-forma cap rate of 8.97%, this $1,799,000 listing presents a strong return on investment. The "as-is" sale allows for immediate redevelopment, capitalizing on the area's westward development trend and high demand for housing. The property includes 22 parking spaces. The land value is $156.45 per square foot. Month-to-month leases provide flexibility for developers. This prime location offers proximity to amenities, schools, and public transportation, making it ideal for affordable housing or SRO development. The substantial land area allows for a significant development project, maximizing return on investment. This is a chance to contribute to the neighborhood's evolution while securing a strong financial return.
Value Estimation
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Chicago
- County
- Cook
- State
- Illinois
- Longitude
- -87.6684
- Latitude
- 41.998
