Old Town Development Site


Old Town
Development Site

1516 North Orleans Street


Chicago, IL

Main

Land Area: 0.94 acres

Status: Available

Offers Due: March 31, 2017



Property Type

Multifamily /
Land Development

Neighborhood

Old Town

Land Area

0.94 acres



Old Town Development Site


The KIG team is excited to present this rare development opportunity at 1516 N. Orleans, a 0.94-acre parcel in the heart of Chicago’s Old Town neighborhood. Located just steps away from the Sedgwick ‘L’ station, a new development would qualify for increased density and reduced parking minimums under the TOD ordinance. The site provides a future owner the opportunity to develop on a highly desirable, in-fill location while maintaining a positive cash flow from the existing 106,000-square-foot self-storage facility.

Old Town Facts:


  • 7.5% rent growth in 2016
  • $139k — average income of residents
  • 23.5% five-year rent growth
  • 1923 — average year built of all apartment buildings
  • 10% of units built after 2010
  • $450,000 in-place net income


Area Photos




Map


Contact Sales Team



Susan Tjarksen


Principal, Managing Broker

Susan Tjarksen
Phone: 312.477.7006
Mobile: 312.523.7617
Email: susan@kigcre.com

Todd Stofflet


Managing Partner

Todd Stofflet
Phone: 312.477.7004
Mobile: 312.622.2339
Email: todd@kigcre.com

Jason Stevens


Senior Director - Sales

Jason Stevens
Phone: 312.477.7012
Mobile: 312.608.6188
Email: jason@kigcre.com