Value-add Multifamily Redevelopment

712 West 19th Street Chicago, IL 60616

712 West 19th Street, Chicago, IL, 60616
712 West 19th Street, Chicago, IL, 60616 712 West 19th Street, Chicago, IL, 60616 712 West 19th Street, Chicago, IL, 60616 712 West 19th Street, Chicago, IL, 60616 712 West 19th Street, Chicago, IL, 60616 712 West 19th Street, Chicago, IL, 60616 712 West 19th Street, Chicago, IL, 60616 712 West 19th Street, Chicago, IL, 60616 712 West 19th Street, Chicago, IL, 60616 712 West 19th Street, Chicago, IL, 60616 712 West 19th Street, Chicago, IL, 60616
FOR SALE
Property Type:
MultiFamily Apartments
Amount:
$475,000
Last Verified:
Nov 21, 2024

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Highlights

  • Large Brick Building
  • 3 Floors
  • Three Car Garage
  • Outdoor Space
  • Prime East Pilsen Location
  • Walking Distance to CTA & Metra
  • Easy Access to I-90/94, I-55 & I-290
  • 1/2 Mile to 88 Marketplace & Restaurants
  • Located in TOD
  • 4 Units by Right - Up to 7 W/Zoning Change

Description

This former convent building offers exceptional potential for various redevelopment opportunities, including multifamily housing, a hostel, a single-family home conversion, or office space. With current zoning you can convert to a 4 unit building or up to 7 units with a zoning change, or redevelop into a single family home. The property features two above-grade floors, each approximately 2,020 square feet, and an additional 2,000 square feet of garden-level space. The rear of the property includes a spacious three-car garage and outdoor area.

The property is situated in a Transit Oriented Development Zone, enhancing its appeal and accessibility.

Located in Chicago's East Pilsen neighborhood, this building boasts a prime location with convenient access to Chicago's Business District and major interstates, including I-90/94, I-55, and I-290. Commuters will appreciate the short walking distance to CTA and Metra stations.

Tenants can take advantage of the nearby amenities, such as spas, grocery stores, restaurants, and art galleries. Additionally, the property is close to the University of Illinois at Chicago (UIC) and the Illinois Medical District, ensuring a consistent rental stream from students and medical personnel.

Building Size: 6060sq ft
Lot Size: 0.11 acres


Documents

712 W 19th Street | OM

Map of 712 West 19th Street, Chicago, IL, 60616

What are Real Estate Incentives?

Real Estate incentives range widely and have been overlooked by the Commercial Multiple Listing Services (MLS) for decades. Real estate incentives is a generic term used to group any number of programs, such as tax incentives, that are designated by an agency for a geographic area."

Why are Real Estate Incentives Important and to Whom?

"Incentives" are vital today and in the future because:

  • U.S. Public: Many incentives focus on job creation and Affordable Housing
  • Investors and Commercial Developers use incentives to reduce financial risk, obtain gap financing, etc. Investors and developers look for property listings with incentives available.
  • Commercial Real Estate Brokers, in mass, unfortunately do not know about incentives tied to their listings
  • Entire Supply Chain of Real Estate Development such as small and large companies who will provide goods and services to new and revitalized properties.