Property Description

Approved 6-unit redevelopment opportunity. Estimated 3,700 sq. ft. three-level end-of-block building with approval for a 6-unit apartment building. Seller has invested over $60,000 and completed the difficult early-stage work, including full gut-out, new subfloors on the main, second, and third levels, a new roof, and new rear siding. This property was previously in shell condition — you could stand in the basement and see the sky — and it has now been stabilized and is ready for development. Seller has obtained the Mayor’s Office sign-off for the proposed 6-unit use. Approval letter and architectural drawings are available in the document section. Buyer to verify all permits, zoning, construction costs, unit count, rents, and final use. Seller estimates approximately $350,000 is needed to complete the project, with potential rents around $1,100/month per unit and an after-repair value of $700,000+. Seller previously renovated and sold a nearby 6-unit building at 615 N. Carrollton for $900,000. Act now — seller is currently waiting on permit approval and may likely choose to keep the property once permits are issued. Property is being sold strictly As-Is.

Property Features

Local Schools