5131 N Western Ave , Chicago, Illinois 60625 is shown under contract in the MLS (MREDLLC.com) with an asking price of $475,000.
|5131 N Western Avenue in Lincoln Square. The former produce market property has been in flux for many years. Most recently a small retail building was under renovation and ultimately had to be torn down. (All photos Eric Rojas, Broker, Kale Realty).|
The approximately 60' x 102 lot has been an eyesore to the desirable residential area just to the east. This 5100 block of North Western Avenue near West Foster Avenue has seen less development than many blocks just a bit south. I'd like to see a condo or rental apartment development to increase housing options and continue the areas positive growth. Rentals are probably unlikely due to the smaller number of units that could be built.
Median price of a single family home within four blocks radius of this property is about $680,000. Median condo price is about $260,000 and median rent price for an attached unit is roughly $1,400 per month. Sales and rent numbers approximates from MREDLLC.com data.
|Corner of North Western and West Winona (Winona is one way west feeding onto North Western Avenue).|
The property allows for many uses. It could conceivably be offices, a car lot, auto repair shop, small strip mall etc...
Considering Western has many commercial buildings (including said auto related businesses) I feel we can use more residential units built upward. I could see mixed use (condos and retail on the ground floor). Maybe some sort of town house or row house configuration could work facing Winona with a garage on the east side of the lot.
It remains to be seen if the property will close and what it will become. However thoughtful mixed use or strictly residential would be a big improvement. There are very few residential vacancies in this location. Home, condo and apartment units are at relatively low inventory.
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