5451 Western Ave Chicago, IL 60625

Property Details for 5451 Western Ave

Lot size

11.32 lot acres

Property type

Commercial real estate

APN

14-07-100-002, 14-07-104-001, 14-07-104-015, 14-07-104-016

Description

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).