Two Adjacent Properties For Sale In Lakeview
About The Properties
Introducing an unparalleled real estate opportunity in the heart of Chicago's vibrant Lakeview neighborhood – two adjacent properties ready to be transformed into a stunning development of condos or an expansive double single-family lot. Located at 2832 and 2834 N Racine, this prime real estate offers a canvas for innovative development.
Ideal Location: Nestled in Lakeview, a highly sought-after neighborhood known for its eclectic charm, cultural amenities, and proximity to Lake Michigan, these properties are strategically situated for those seeking the best of city living.
Development Potential: Zoned for mixed-use development (RT-4), these properties are an opportunity for the construction of modern condominiums or spacious double single-family residences. The options are limitless, allowing for a tailored project that aligns with market demands and trends. RT-4 zoning has a floor to area ratio multiplier of 1.2, meaning you can build 1.2 times the lot area, or up to 6,834 sq. ft. of a single family home or multi-family condominiums.
Expansive Lot: With both properties combined, totaling 5,695 sq ft, enjoy an expansive lot that allows for creative landscaping, communal areas, or generous green spaces. This is a rare opportunity to create an oasis in the heart of the city.
2834 Area: 25 ft. wide, 125 ft. North lot line, 113.9 ft. South lot line, Approx. lot area: 2,986.25 sq. ft.
2832 Area: 25 ft. wide, 113.9 ft. North lot line, 102.8 ft. South lot line, Approx. lot area: 2,708.75 sq. ft.
Fire-Damaged Property: While 2834 experienced fire damage on October 24, 2023, the silver lining lies in the chance to rebuild and revitalize. The property is primed for a fresh start, allowing developers to showcase their vision and expertise in restoration.
Investment Potential: Lakeview continues to attract discerning buyers, making this development opportunity an astute investment. Take advantage of the strong demand for quality residences in this thriving neighborhood.
Location
Address
2832 & 2834 N Racine Ave, Chicago, IL