1512 N Maplewood Avenue, Chicago, Illinois 60622
- $649,000
- 4
- BD
- 2
- BA
- List Price
- $649,000
- MLS#
- 12753481
- Status
- NEW
- Type
- Multifamily
- Subtype
- Residential Income
- Bedrooms
- 4
- Bathrooms
- 2
- County
- Cook
- City
- Chicago
- Neighborhood
- Humboldt Park
- Days On Market
- 2
Property Description
1512 N Maplewood is a 2-unit building on a 3,024 SF parcel with favorable RT-4 zoning. The 2 Bed / 1 Bath units have central air conditioning, common-area laundry, and generate $48,430 in annual gross revenue. Ownership previously engaged Hanna Architects to design a 3-unit, 3,900 SF building on the site, and drawings are available for review in the additional information tab. The building offers a buyer two distinct paths for value creation: a long-term covered land play or immediate redevelopment. Long-Term Covered Land Play: In-place income reflects $31,487 of NOI, a 4.87 cap rate, and 13.4x GRM. In-place rents are well below the $2,224 market average, a 21.8 percent mark-to-market opportunity. This allows a new owner to stabilize the building at a 6.01 cap rate while awaiting future redevelopment. Redevelopment: The parcel is zoned RT-4, Chicago's low-to-medium-density multiunit zoning. This allows development of a 1.2 FAR building up to 42 feet tall where 25 percent of units are Type A accessible. These entitlements support the development of up to 3 units by right. The land is listed at $179 per buildable SF against an average land sale of $181 per buildable SF. In addition, the 2-unit building produces interim income of $31,631 per year as a developer finalizes architecture and permits.
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Additional Information
- School District
- 299
- Corporate Limits
- Chicago
- Tax Year
- 2025
- Year Built
- 1889
- Lot Dimensions
- 3024 SF
- Lot Size Range
- Less Than .25 Acre
- Units
- 2
- Garage Spaces
- 2
- Parking Spaces
- 2
- Parking Details
- Yes, Detached, Garage
- Heating
- Forced Air
- Sewer
- Public Sewer
Mortgage Calculator
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