3550 Peterson Ave Chicago, IL 60659

This exceptional redevelopment opportunity presents a prime 20,760 sq ft lot at 3550 W Peterson Ave, Chicago, IL 60659. The property includes two existing buildings totaling 19,000 rentable square feet, currently 80% occupied by twelve tenants on month-to-month leases. The buildings, constructed in 1971, are classified as Class B and offer 30 parking spaces. The asking price is $1,799,770, representing a $94.72 price per square foot and a 4.17% cap rate with a current NOI of $75,000. The property boasts B2-1 zoning, permitting a mix of retail, apartments, and commercial uses, ideal for a significant development project. The location is a hard corner at Peterson and Central Park Avenues, offering excellent visibility and accessibility. The existing buildings, while needing significant work, provide immediate income potential. This combined land area of approximately 207.6 x 100 feet presents a unique chance to create a substantial new development in a vibrant Chicago neighborhood. The property features twenty units across two, two-story buildings. This is a gross lease with no tenant credit rating.