USAILChicago1512 N Maplewood Avenue
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$649,000

For Sale

3 hours ago

1512 N Maplewood Avenue, Chicago, IL

House

MLS® 12753481

4 Bed

2 Bath

--

2 Parking

  • Key Facts
  • Description
  • Map

Key Facts

Type Multi Family
Levels Residential Income
Size -
Garage Yes
Taxes $9,607
Days Active 0
Lot Size 
Approx. Age 1889
MLS® Number 12753481

Property Address: 1512 N Maplewood Avenue, Chicago, IL, 60622

Average square foot calculated using Size range provided by listing agent.

Description

1512 N Maplewood is a 2-unit building on a 3, 024 SF parcel with favorable RT-4 zoning. The 2 Bed / 1 Bath units have central air conditioning, common-area laundry, and generate $48, 430 in annual gross revenue. Ownership previously engaged Hanna Architects to design a 3-unit, 3, 900 SF building on the site, and drawings are available for review in the additional information tab. The building offers a buyer two distinct paths for value creation: a long-term covered land play or immediate redevelopment. Long-Term Covered Land Play: In-place income reflects $31, 487 of NOI, a 4.87 cap rate, and 13.4x GRM. In-place rents are well below the $2, 224 market average, a 21.8 percent mark-to-market opportunity. This allows a new owner to stabilize the building at a 6.01 cap rate while awaiting future redevelopment. Redevelopment: The parcel is zoned RT-4, Chicago's low-to-medium-density multiunit zoning. This allows development of a 1.2 FAR building up to 42 feet tall where 25 percent of units are Type A accessible. These entitlements support the development of up to 3 units by right. The land is listed at $179 per buildable SF against an average land sale of $181 per buildable SF. In addition, the 2-unit building produces interim income of $31, 631 per year as a developer finalizes architecture and permits.
MLS® Number12753481
Laundry Level
Central VacNo
FireplaceNo
Acreage
Exterior
GarageYes
Approx. Age1889
BasementNone
DrivewayYes, Detached, Garage
Garage Spaces
HeatForced Air
A/C

Extras

Price History

-End Date
Not Sold YetSold Price

For Sale

Sep 8, 2026List Date
$649,000List Price

Home Appraisal

This property is estimated to sell between: $649,000 and $1,265,000.
Similar properties in this area sold on average for: $1,059,500
Expect to pay over asking. 100% of similar properties sold for more than the asking price.
Expected to sell in 11 days. Similar properties sold in 11 days. This home has been on eXp Realty for 0 days.

The estimated sale price does not take into account many variables such as recent renovations, type of appliances, school district etc. To get a more accurate estimate please contact agent.

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1512 N Maplewood Avenue, Chicago, IL

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