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6943 N Western Avenue, Chicago, IL 60645
$1,800,000
6943 N Western Avenue, Chicago, IL 60645View this property at 6943 N Western Avenue, Chicago, IL 60645
6943 N Western AvenueChicagoIL60645
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Property Description
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.
Full Property Details
Full Property Details for 6943 N Western Ave
General
- Price: $1,800,000
- Taxes: $6,693 (2022)
- Status: Active
- Type: Lots/Land
- MLS ID: 12049149
- Updated: 5/13/2024
- Added to Site: 12 day(s) ago
Location
- Area: CHI - West Ridge
- County: Cook
- Township: Rogers Park
- Driving 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
School Information
- School District: 130
- Elem School District: 130
- Midd School District: 130
- High School District: 130
Utilities
- Onsite: Electricity to Site, Gas to Site, Sanitary Sewer, Water to Site
Structural Information
- Current Bldg. Use: Single Family
Lot Features
- Lot Size Range: Less than .25 Acre
- Lot Dimensions: 75 x 132
- Frontage: City Street
- Frontage Feet: 75
- Street/Road Desc.: Asphalt
Financial Considerations
- Tax Amount: $6,693.1
- Tax Year: 2022
Disclosures and Reports
- Ownership: Fee Simple
- Property ID: 11311130150000
Listed by Keller Williams ONEChicago
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Schools
Schools serving 6943 N Western Ave
School District:Chicago Public Schools
Rating | Name | Grades | Distance |
---|---|---|---|
2110 W Greenleaf Ave, Chicago, IL 60645 | K-8 | 0.3 mi | |
6631 N Bosworth Ave, Chicago, IL 60626 | 9-12 | 1.1 mi |
Disclaimer: School ratings provided by
GreatSchools. Ratings are on a scale of 1-10.
Learn more about GreatSchools ratings.
School attendance boundaries provided by Pitney Bowes and are for reference only. Contact the school directly to verify enrollment eligibility.
Price & Sales History for 6943 N Western Ave
Date
Details
Price
Change
Source
5/07/2024
Listed
$1,800,000
—
MLS
Disclaimer: Historical sales information is derived from public records provided by the county offices. Information is not guaranteed and should be independently verified.
Tax History
Tax History for 6943 N Western Ave
Year
Property Taxes
Change
Tax Assessment
Change
2022
$6,693
2%
$32,541
—
2021
$6,544
-41%
$32,541
-35%
2020
$11,177
11%
$50,172
—
2019
$10,080
2%
$50,172
—
2018
$9,911
-3%
$50,172
6%
2017
$10,216
7%
$47,455
—
2016
$9,505
9%
$47,455
—
2015
$8,696
-1%
$47,455
—
2014
$8,805
2%
$47,455
—
2013
$8,631
1%
$47,455
—
2012
$8,516
—
$47,455
—
Disclaimer: Historical tax information is derived from public records provided by the county offices. Information is not guaranteed and should be independently verified.
Estimate the Cost
Estimate the Cost for 6943 N Western Ave
6943 N Western Avenue, Chicago, IL 60645 (MLS# 12049149) is a Lots/Land property with a lot size of acres. 6943 N Western Avenue is currently listed for $1,800,000 and was received on May 07, 2024. Want to learn more about 6943 N Western Avenue? Do you have questions about finding other Lots/Land real estate for sale in West Ridge? You can browse all West Ridge real estate or contact a Coldwell Banker agent to request more information.