1716 W Webster Avenue,Chicago, IL 60614
Chicago, IL 60614
Description
Pleased to present the land and redevelopment opportunity of 1716 W Webster Ave, Chicago, IL 60614. The subject site contains approximately 48,879 SF of land and is being positioned at a land value of $6,950,000 ($142.19 per land SF). The valuation conclusion is supported by (i) the site's scale and redevelopment flexibility, (ii) demonstrated demand for newly delivered multifamily product in the immediate micro-location, (iii) corridor-level fundamentals that can support mid-rise density, and (iv) the depth of the buyer pool for well-located infill development sites. A newly delivered peer project directly across the street-Triangle Square Apartments (1701 W Webster Ave, completed 2025)-provides immediate real-world evidence of what this corridor can support. Triangle Square was executed as a mid-rise luxury apartment building and has reported rent bands indicating the submarket supports premium pricing across multiple unit types, including meaningful demand beyond entry-level studio/1BR. The competitive amenity set typical of current Class A delivery (fitness, roof terrace/sundeck, bike storage, pet-focused features, modern in-unit finishes) reinforces that tenants in this corridor respond to contemporary lifestyle product and that developers are underwriting and building accordingly. From a highest-and-best-use standpoint, the subject site is well-suited for a mid-rise residential redevelopment strategy. Market participants typically evaluate the opportunity through a developer feasibility lens-specifically entitlement path, achievable FAR, design efficiency (net rentable yield), parking/loading solutions, and the ability to deliver an amenity package that supports lease-up velocity and durable stabilized rents. While zoning and entitlement requirements must be confirmed as part of buyer due diligence, the immediate surroundings demonstrate that a mid-rise format can be executed successfully in the corridor. Zoning / Entitlement Consideration: The subject is currently zoned C3-3 (Commercial, Manufacturing and Employment District), which is intended to support business and employment uses and does not permit housing by-right. A residential or mixed-use redevelopment incorporating dwelling units would likely require a zoning map amendment to a residential-allowing district and/or a Planned Development depending on final program intensity and design. This should be validated via zoning counsel and a preliminary massing study.
Details
| MLS # | 12699197 |
|---|---|
| Listing Type | For Sale |
| Sub-Type | Resale |
| Status | Active Under Contract |
| Days On Site | 102 |
| Listing Provided By | Keller Williams ONEChicago | Anthony Hardy |
Features
| Acreage | 1.12 |
|---|---|
| Water Front | Yes |
Utilities
| Utilities | Electric to Site, Natural Gas Available, Water Available |
|---|
Taxes
| Tax Year | 2024 |
|---|---|
| Tax Annual Amount | 232421.9 |
Area Information
| State | IL |
|---|---|
| County | Cook |
| City | Chicago |
| Zip Code | 60614 |
| Area | CHI Logan Square |
| Listing VS Median (in 60614) | |
Price: $6,950,000 low | high Med: $612,500 On site: 102 low | high Med: 117 | |
Market Activity 60614
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Learn More About This Property
| State | IL |
|---|---|
| County | Cook |
| City | Chicago |
| Zip Code | 60614 |
| Area | CHI Logan Square |
| Listing VS Median (in 60614) | |
Price: $6,950,000 low | high Med: $612,500 On site: 102 low | high Med: 117 | |