507 63Rd St Chicago, IL 60637

Property Details for 507 63Rd St

Lot size

0.51 lot acres

Property type

Land

Description

This exceptional 0.51-acre commercial land parcel, located at 507 E 63rd St in Chicago, IL, presents a unique investment opportunity. The property boasts 22,000 square feet with 200 feet of frontage on 63rd Street, offering significant visibility and accessibility. Zoned B3-3, it's perfectly suited for new medical, retail, or office development. The site benefits from a densely populated trade area and proximity to the University of Chicago, ensuring high traffic and potential customer base. With an average daily traffic count of 9,300 vehicles, this location offers unparalleled exposure. The lot dimensions are approximately 200 feet by 110 feet. The seller is open to exploring various development options, including a ground lease or build-to-suit arrangement. Furthermore, an adjacent 60' x 110' city-owned parcel offers potential for expansion, creating a larger site with frontage on two city streets and extending the 63rd Street frontage to 260 feet. The land is priced at $24.75 per square foot. This is a rare chance to acquire a strategically located property in a thriving Chicago neighborhood poised for continued growth. Don't miss this opportunity to capitalize on the area's revitalization and strong market demand.