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4 Beds
2 Baths

$649,000

1512 N Maplewood Avenue, Chicago IL, 60622

Built in1889
Property typeMulti-family
Listed by Quinn Evans with Essex 312, LLC 224-244-3098

Overview

Active

Listed Sep 8, 2026

Updated 3 weeks ago

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.

$4,318/mo

Est. mortgage payment based on a $649,000 home price.

All estimates are provided by Luxury Presence for informational purposes only. Actual amounts may vary.

Additional information

MLS® ID
12753481

Interior Features

Bedrooms
4
Bathrooms
2
Heating
Yes
Basement
No

Other Property Details

Taxes
$9,607
Tax Frequency
Annually
Maintenance Expense
$3,000
Garage
Yes
MLS provider logo

Listed by Quinn Evans with Essex 312, LLC 224-244-3098

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Data is refreshed every 3 hours. Listing last updated 4:24 AM UTC on 9/15/2026. 

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