1512 N Maplewood Avenue, Chicago, IL 60622

Chicago
Local realty services provided by:ERA Naper Realty
1512 N Maplewood Avenue,Chicago, IL 60622
$649,000
  • 4 Beds
  • 2 Baths
  • - sq. ft.
  • Multi-family
  • Active
Listed by: quinn evans
Office: essex 312, llc.
MLS#:12753481
Source:MLSNI

Price summary

  • Price:$649,000

About this home

1512 N Maplewood is a 2-unit building on a 3,024 SF parcel with favorable RT-4 zoning. The 2 Bed / 1 Bath units have central air conditioning, common-area laundry, and generate $48,430 in annual gross revenue. Ownership previously engaged Hanna Architects to design a 3-unit, 3,900 SF building on the site, and drawings are available for review in the additional information tab. The building offers a buyer two distinct paths for value creation: a long-term covered land play or immediate redevelopment. Long-Term Covered Land Play: In-place income reflects $31,487 of NOI, a 4.87 cap rate, and 13.4x GRM. In-place rents are well below the $2,224 market average, a 21.8 percent mark-to-market opportunity. This allows a new owner to stabilize the building at a 6.01 cap rate while awaiting future redevelopment. Redevelopment: The parcel is zoned RT-4, Chicago's low-to-medium-density multiunit zoning. This allows development of a 1.2 FAR building up to 42 feet tall where 25 percent of...

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Home facts

  • Year built:1889
  • Listing ID #:12753481
  • Updated:September 28, 2026 at 08:07 PM

Rooms and interior

  • Bedrooms:4
  • Total bathrooms:2
  • Full bathrooms:2
  • Rooms Total:10

Heating and cooling

  • Heating:Forced Air

Structure and exterior

  • Year built:1889

Utilities

  • Water:Lake Michigan
  • Sewer:Public Sewer

Finances and disclosures

  • Price:$649,000
  • Tax amount:$9,607 (2025)

Parking

  • Total parking spaces:2
  • Parking description:Detached Garage, Garage
  • Garage:Yes
  • Garage spaces:2
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