Tuesday, November 25, 2014

Pockets of development along Lincoln Square's Western Avenue

The commercial zoned property 5100 N Western Avenue, Chicago IL 60625 is listed under contract in the MLS asking $699,000.  The former Karaoke bar and restaurant sits on a 75' wide x 112' deep lot. I have inquired to the 40th Ward Alderman's office if there are development plans in the works. (All photos Bob DePalma, Broker, Kale Realty)

Western Avenue is Chicago's longest continuous street.  It's effectively a four lane highway from the South Side to Evanston.  While mostly an industrial and retail thoroughfare with some spotty underdeveloped areas some buyers and developers have turned to the cheaper property prices to meet demand in hotter neighborhoods.

Four blocks of North Western Avenue from 4800 North to 5200 North (Lawrence to Foster) in Lincoln Square/ Ravenswood has been active.  19 properties have either sold of are currently under contract over the last 12 months. Two are currently for sale. 5100 N Western Avenue shown in the above photo is under contract asking $699,000. My guess is it will be torn down to build a new apartment building mirroring several successful new construction buildings along Western Ave.

This frame renovated two-flat at 5141 N Western Avenue, Chicago IL 60625 on the left closed just two weeks ago for $415,000 (sold previously in 2011 for $215,000). 

The former Fruit Market at 5131 N Western Ave, Chicago IL 60625 (on pictured on the right) has been in development for over a year.  I have an update request in to the Alderman's office on the hold up.  The house on the left at 5139 N Western Avenue, Chicago, IL 60625 on a 37' wide and 103' deep lot is currently offered for sale at $649,000.

Another notable property sold is 5009 N Western Avenue, Chicago, IL 60625 for $560,000.  The renovated three-flat building fronts the sidewalk has a stated rent roll of $3,700 on the MLS listing. The property is two blocks to the main shopping and entertainment district of Lincoln Square.

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