6943 North Western Avenue
6943 North Western Avenue
$1,800,000
9,900 / 0.23
Description
Excited to offer the unique redevelopment opportunity located at 6943 N. Western Ave. in Chicago's vibrant West District neighborhood. This property spans 9,975 square feet and is zoned C1-2, providing various commercial development possibilities. Property Details: Location: 6943 N. Western Ave. is situated in a bustling commercial corridor, offering great visibility and accessibility. The surrounding neighborhood is a blend of residential and commercial spaces, ensuring a steady flow of potential...Excited to offer the unique redevelopment opportunity located at 6943 N. Western Ave. in Chicago's vibrant West District neighborhood. This property spans 9,975 square feet and is zoned C1-2, providing various commercial development possibilities. Property Details: Location: 6943 N. Western Ave. is situated in a bustling commercial corridor, offering great visibility and accessibility. The surrounding neighborhood is a blend of residential and commercial spaces, ensuring a steady flow of potential clients and customers. Zoning: The C1-2 zoning allows for a diverse range of potential business uses, making the site versatile for various development visions. Land Area: The property has 9,975 square feet of prime land, offering ample space for creative redevelopment projects. Cell Tower Lease: Lease Terms: The cell tower lease, located on the southeast portion of the property, provides a reliable revenue stream. It began in January 1997 and was renewed in May 2015 for 28 years. As of June 2023, the lease has 20 years remaining, ensuring a stable and long-term source of income. Current Rent: The current annual rent is $39,675. According to the lease terms, the rent is upgraded every five years, with the next increase scheduled for June 2028. At that point, the rent will increase to $45,626 per year, providing a consistent and growing income for the new owner. Investment Opportunity: Land Purchase Price: The property is available for a competitive price of $900,000, offering significant potential for a high return on investment through strategic redevelopment. Cell Tower Lease Purchase Price: The cell tower lease can be acquired separately for an additional $900,000. This allows investors to secure an immediate revenue stream with predictable increases in the future. Overall, 6943 N. Western Ave. is a prime investment opportunity for savvy developers and investors. It offers versatility, a strategic location, and a consistent source of revenue through the existing cell tower lease.
- Listed by Anthony Hardy • Keller Williams ONEChicago
- Listed by Johnathan Sloat • Keller Williams ONEChicago
Property Details for 6943 North Western Avenue
Area
CHI - West Ridge
TownshipRogers Park
OwnershipFee Simple
Num Of Parking Spaces0.0
Location
LISTING UPDATED: 05/13/2024 04:20 PM
Property Details for 6943 North Western Avenue
Status | Active |
---|---|
MLS # | 12049149 |
Days on Market | 21 |
Taxes | $6,693 / year |
HOA Fees | - |
Condo/Co-op Fees | - |
Compass Type | Land |
MLS Type | Land |
Year Built | - |
Lot Size | 0.23 AC |
County | Cook County |
Location
Building Information for 6943 North Western Avenue
Lot Size0.23 AC
Payment Calculator
$10,381 per month
The Payment Calculator is for illustrative purposes only.
Property Information for 6943 North Western Avenue
Property History for 6943 North Western Avenue
Date | Event & Source | Price | Appreciation |
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Date | Event & Source | Price |
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For completeness, Compass often displays two records for one sale: the MLS record and the public record.
Public Records for 6943 North Western Avenue
Taxable ValueLand$17,737Additions$14,804Total$32,541
Tax Record2022$6,693 ($558 / month)
Home Facts
Total Finished SqFt1,227 SqFtAbove Grade Finished SqFt1,227 SqFtStories1Lot Size9,975 SqFtStyleService StationYear Built1895CountyCOOKAPN11-31-113-015
Schools near 6943 North Western Avenue
This home is within City Of Chicago School District 299.
Rating | School | Type | Grades | Distance |
---|---|---|---|---|
Charter - | K to 12 | |||
Public - | 9 to 12 | |||
Public - | K to 7 | |||
Charter - | 6 to 12 |
Rating | School | Distance |
---|---|---|
Acero Chtr Sor Juana Ines de la CharterK to 12 | ||
Sullivan High School Public9 to 12 | ||
Decatur Classical Elementary School PublicK to 7 | ||
Chicago Math & Sci Elementary Charter Charter6 to 12 |
School ratings and boundaries are provided by GreatSchools.org and Pitney Bowes. This information should only be used as a reference. Proximity or boundaries shown here are not a guarantee of enrollment. Please reach out to schools directly to verify all information and enrollment eligibility.
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