5345 University Ave Chicago, IL 60615

This 12,954 sq ft, three-story brick building in Chicago's Hyde Park presents a unique redevelopment opportunity. Currently zoned RS-3, it offers flexibility for various uses, including a single-family home, group home, or community center. Potential rezoning to RT-4 could allow for approximately eight units. The property boasts 10 bedrooms, 6 bathrooms, 3 sun porches, 2 large common areas, and a 3-car garage with a 2-bedroom/1-bathroom apartment above. Extensive renovations since 2008, totaling over $2 million, include roof upgrades (2017, garage 2023), tuckpointing (2016), window replacements, landscaping (2022), and a complete electrical system upgrade (2024). Located steps from the University of Chicago, the lakefront, and downtown Hyde Park amenities, this property is also a short drive from the Loop. The property is eligible for federal and state tax incentives. The asking price is $1,606,000, with a pro-forma NOI of $112,905 and a pro-forma cap rate of 7.03%. The building was constructed in 1909 and extensively renovated in 2024. The 0.22-acre lot is situated at 5345 S University Ave, Chicago, IL 60615 (APN: 20-11-319-028-0000). The property is currently vacant, with an occupancy date of September 11, 2024. The building features two structures and three stories. Utilities include a single electric, water, and gas meter with a boiler heating system. The garage apartment has separately metered utilities and window air conditioning.