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.
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