Current zoning for the 21,000-sf site, acquired for $4.3 million, allows for a building of 46,000 sf. The property consists of seven lots from 1521-47 N. Cleveland Ave.
"This site is one of the largest, if not the largest, piece of contiguous R-5 property in Old Town," says Inland Real Estate senior associate Joe Esselman. "The buyer made an excellent investment with this purchase."
A lender agreed. The buyer immediately got a mortgage for $7.05 million from Bank of Lincolnwood, according to property records.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.