Commercial Land for Sale in Chicago, Illinois
6943 N Western Ave Chicago, IL 60645
![0.227 Acres of Commercial Land for Sale in Chicago, Illinois](https://cdn.landsearch.com/listings/4zxZS/large/chicago-il-119504019.jpg)
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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.
Directions
Turn right onto N Ridge Ave Continue straight to stay on N Ridge Ave Slight left to stay on N Ridge Ave Turn right onto N Ravenswood Ave/N Ridge Ave Continue to follow N Ridge Ave Pass by McDonald's (on the right in 0.4 mi) Turn left onto W Pratt Blvd Turn right onto N Western Ave Turn right onto W Coyle Ave Destination will be on the right
Property details
- County
- Cook County
- Community
- CHI - West Ridge
- Elevation
- 600 feet
- MLS Number
- MRED 12049149
- Date Posted
Parcels
- 11311130150000
Property taxes
- 2022
- $6,693
Detailed attributes
Listing
- Type
- Lots And Land
- Franchise
- Keller Williams Realty
Listing history
Date | Event | Price | Change | Source |
---|---|---|---|---|
May 7, 2024 | New listing | $1,800,000 | — | MRED |