Tuesday, May 19, 2015

More major investment in Ravenswood: Newark building sold for $6.5 million gets $8 million gut rehab

Metra riders wait at the old station platform in front of a gutted 4801 North Ravenswood, Chicago IL 60640.  The Newark electronics company sold the large property in 2013 for $6.5 million. Photo Eric Rojas, Broker, Kale Realty
The whole Mariano's/ Metra hub in the Ravenswood neighborhood (Lincoln Square/ Uptown) is home to continued major investment.  The large former Newark building sold for $6.5 million is now undergoing a gut renovation to attract new tenant leases.  The renovation is estimated at over $8 million according to a Crain's Chicago Business.

The new Ravenswood Metra station sitting just to the south of the building opened last week.  At least 10 new projects that come to mind (restaurant/ shops/ new construction buildings) have been recently completed or approved along or near West Lawrence Avenue from Ashland to Western since the Newark building sale. This includes the 150 unit Ravenswood Terrace apartments, Roots Pizza, The Sixth Bar, Ampersand Wine Bar, District, a 21 unit new apartment building, a 27 unit condo development and several 3 unit new construction condo buildings. Wow.

Show me the money:
The median price of a condo within a 4 block radius of the the West Lawrence and North Ravenswood intersection is about $275,000 over the last 12 months.  That's a pretty good value for a very hot neighborhood on the verge of exploding.  About 99 condo units have sold over the last 12 months in the four block radius.  The highest condo sale was a new construction three bedrooms, two baths unit for $595,000 at 4835 N Damen Avenue (Unit PH South) Chicago, IL 60625. 

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