1650 W Monterey Ave - Retail FOR SALE


Chicago, IL 60643- Morgan Park
$65,000 USD
708-625-8788
1650 W Monterey Ave, Chicago, IL for Sale
$65,000 USD
Retail - FOR SALE
1/15
null | 7% Cap Rate

1650 W Monterey Ave
Chicago, IL 60643
Morgan Park


HIGHLIGHTS

  • Prime Chicago Location – Situated in Morgan Park, just 3 blocks from the 111th St.–Morgan Park Metra Station and 1 block from the I-57/Dan Ryan
  • Mixed-Use Zoning (B3-1) – Ideal for retail on the first floor with residential apartments above, in line with Chicago’s thriving mixed-use development
  • Proven Multi-Family Viability – The vacant lot behind the church housed multi-family living as recently as June 2023.
  • High Visibility & Foot Traffic – Located on a heavily traveled street, one block from Morgan Park High School, and in a vibrant commercial corridor.
  • TIF District Incentives – Located in the 119th Street/I-57 Tax Increment Financing district (Ref. T-125), offering potential financial benefits
  • Flexible Redevelopment Options – Reuse existing building for community or commercial purposes, or rebuild for retail plus apartments

OVERVIEW

This former church property, located in Chicago’s Morgan Park neighborhood, offers a unique redevelopment opportunity under B3-1 zoning. The site includes a one-story building (currently configured as a sanctuary and dining/kitchen area) and an adjacent vacant lot directly behind the church—where multi-family households were living as recently as June 2023. Key Advantages: Mixed-Use Zoning (B3-1): Allows ground-floor retail or commercial uses with residential units above. While the church is single-story, redevelopment or expansion can accommodate retail and apartments in compliance with zoning (Max. Height: 38ft; Density: 1 unit per 2,500sqft). Proven Multi-Family Viability: The vacant lot previously housed multi-family living, demonstrating the site’s potential for apartment development. Prime Location: Three blocks to the 111th St.–Morgan Park Metra Station (direct rail access to downtown), one block to the Dan Ryan Expressway (I-57), and close proximity to Morgan Park High School. These features ensure high visibility, excellent commuter access, and a steady flow of local pedestrian and vehicular traffic. Development Incentives: The site is within the 119th St/I-57 TIF district (Ref. T-125), which may offer financial incentives to reduce costs and boost returns. Flexible Development Options: Either adaptively reuse the existing building or demolish and construct new retail on the first floor with apartments above, making use of the vacant lot for expansion, new construction, or parking as needed. Buyer Terms: Buyer must handle all closing costs; property will be sold AS IS. No survey provided. This rare site is ideal for developers seeking mixed-use projects—apartments above retail—in a vibrant, transit-oriented Chicago locale.

FOR SALE DETAILS

PRICE

$65,000 USD

PRICE/SF

$50 USD /SF

CAP RATE

7%

% LEASED

-

TENANCY

Single

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Universal Hagars Spiritual Church

PROPERTY TYPE

Retail

ADD'L SUBTYPES

Convenience Store, Freestanding, Storefront Retail/Residential

TOTAL BUILDING SIZE

-

STORIES

1

YEAR BUILT

1888

SPRINKLERS

-

PARKING SPACES

-

LAND DETAILS

LAND ACRES

0.11 AC

LAND SF

4,719 SF

ZONING

B3-1

APN/PARCEL ID

25-19-205-029-0000

ASK ABOUT THIS PROPERTY

Daniel EllingtonEllington Elite RealtyMore Info
708-625-8788

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Daniel EllingtonEllington Elite RealtyMore Info
708-625-8788

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.