301 W 79th Street,Chicago, IL 60620
Chicago, IL 60620
Description
PRIME 1.2 FAR DEVELOPMENT OPPORTUNITY | COVERED LAND PLAY ON 79TH ST Strategically positioned on a high-visibility corner in West Chatham, this 19,625 sq ft lot offers an elite "Covered Land Play" for the sophisticated investor or developer. Zoned C1-1 with a 1.2 Floor Area Ratio (FAR), the site allows for a theoretical buildable density of up to 23,550 square feet. While you secure permits for a vertical mixed-use expansion, the existing 7,600 sq ft structure provides immediate, stable cash flow to cover all carrying costs. The asset is anchored by established neighborhood staples, including Ivy Jerk Hut, which recently committed to a new 3-year lease with a 3-year renewal option. This commitment, combined with a high-visibility pylon sign and 29 dedicated parking spaces, ensures consistent traffic and long-term viability. The Play: Whether you are looking to stabilize the remaining 3 vacancies (950-1,450 sq ft) for a high-yield hold or leverage the full 1.2 FAR for a landmark redevelopment, this property is priced at a significant basis to move. Motivated Seller | Closing available by June 2026. Contact Listing Agent for full development pro-forma and retail leakage data.
Details
| MLS # | 12621976 |
|---|---|
| Listing Type | For Sale |
| Style | Retail/stores |
| Sub-Type | Resale |
| Status | Active |
| Year | 2005 |
| Days On Site | 160 |
| Listing Provided By | Keller Williams ONEChicago | Brittany Ramsey |
Features
| SQ Feet | 7,600 |
|---|---|
| Story(s) | 1 |
| Units | 6 |
| Zoning | COMMR |
Interior
| Cooling | Central Air |
|---|
Exterior
| Foundation Details | Concrete Perimeter |
|---|---|
| Construction Materials | Concrete, Brick |
Utilities
| Utilities | Electric to Site, Natural Gas Available |
|---|---|
| Electric | Circuit Breakers |
Taxes
| Tax Year | 2025 |
|---|---|
| Tax Annual Amount | 45327.62 |
Area Information
| State | IL |
|---|---|
| County | Cook |
| City | Chicago |
| Zip Code | 60620 |
| Area | CHI Chatham |
| Listing VS Median (in 60620) | |
Price: $870,000 low | high Med: $238,950 sqft: 7,600 low | high Med: 1,539 $ / sqft: $114 low | high Med: $163 On site: 160 low | high Med: 5 | |
Market Activity 60620
Request a showing
Request a showing
Contact
Learn More About This Property
| State | IL |
|---|---|
| County | Cook |
| City | Chicago |
| Zip Code | 60620 |
| Area | CHI Chatham |
| Listing VS Median (in 60620) | |
Price: $870,000 low | high Med: $238,950 sqft: 7,600 low | high Med: 1,539 $ / sqft: $114 low | high Med: $163 On site: 160 low | high Med: 5 | |
