Listed by CBRE - Chicago, CBRE - Oak Brook
Unpriced
6935 North Sheridan Rd & 1156-62 W Farwell Ave
Details
APN 11-32-201-031; 11-32-201-002; 11-32-201-001
Property Type Multifamily
Sub Type Apartment Building
Units 80
Stories 5
Lot Size (SqFt) 30,493
Zoning B2-5 (5.0 FAR) (Type-1 Zoning Change)
Parking Spaces 41 spaces
Fully Entitled Development Site | 80 Units
Marketing description
CBRE is pleased to offer for sale a fully entitled 80-unit multifamily development opportunity on 21,963 SF of land at 6935 N Sheridan Rd in East Rogers Park. The approved plans call for 80 residential units in a 5-story, wood frame building. The offering also comes with an additional 8,500+ SF land site for surface parking, reducing costs by not having to build structured parking.
Location Located at the hard corner of Morse Avenue and Sheridan Road in East Rodgers Park, the property is steps from Loyola University, Loyola Park & Beach, and the Morse CTA Red Line. Ideally suited for student or staff housing, it is positioned along a vibrant retail corridor and within 1.5 miles of four major grocers (Target, Aldi, Whole Foods, Jewel Osco).
Zoning This site presents zero entitlement risk, having recently secured a Type-1 zoning change to a B2-5 zoning. The property is currently entitled for 80 apartment units, within a 5-story wood frame structure. The entitlements include 3,621 SF of first floor commercial space. Additionally, the project benefits from a 8,530 SF surface parking lot with at least 25 parking spaces just to the south at 1156 W Farewell.
Investment highlights
- Ask Price: Subject to Offer
- Address: 6935 North Sheridan Rd, Chicago, IL 1156-62 W Farwell Ave, Chicago, IL Submarket/Neighborhood: East Rogers Park
- Property Type: Urban Development Site
- Total Land Size: 30,493 SQ. FT.
- Current Zoning: B2-5 Ward/Alderman: Ward 49, Bill Morton
- PINs: 11-32-201-031, 11-32-201-002, 11-32-201-001
- Property Tax: $41,408 (2023 Full Year)
- Lot Frontage: 150 FT Along West Morse Ave 150 FT Along North Sheridan Road
- For greater detail on site conditions, zoning, and all due-diligence documents please visit the Virtual Deal Room
- Premier Rogers Park location at the high-visibility hard corner of Morse Avenue & Sheridan Road.
- No entitlement risk: the site has successfully gone through a Type-1 zoning change to a B2-5, with approval secured for an 80-unit multifamily development project. B2-5 with all approvals and entitlements already secured.
- Steps from Loyola University Chicago, Loyola Park & Beach, and the Morse CTA Red Line Station.
- Loyola University has student population of 17,000+. Ideally suited for student or university staff housing. Located approximately five blocks north of Loyola University Chicago’s Lake Shore Campus.
- Renderings and site plan available.
- Significant cost savings with 16 existing parking spaces along the alley plus 25 additional spaces off Farwell Avenue, reducing sitework and construction expenses and appealing to a wide range of developers.
Listing Contacts
Listed by CBRE - Chicago, CBRE - Oak Brook
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