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$17,589,548
Est. payment /mo
20.05 Acres Lot
UPDATED:
Key Details
Property Type Vacant Land
Sub Type Land
Listing Status Active Under Contract
Purchase Type For Sale
MLS Listing ID 11608085
Annual Tax Amount $3,949
Tax Year 2023
Lot Size 20.050 Acres
Lot Dimensions 1X1
Property Sub-Type Land
Property Description
This Land Redevelopment Opportunity is located in Itasca, DuPage County, Illinois. Made up of 24 single family homes which offer a total of +/- 20.05 acres of land. These parcels would be included in an annexation into the village of Addison, IL. The subject land is approximately 27 miles northwest of downtown Chicago. It is close to O'Hare International Airport, major expressways, major retailers, and rail transportation. The subject land is more specifically located at the Northeast corner of the intersection of Lake Street, and Route 53. The land sits between Central Road to the West border, Grove St on the North Border, and Prescott Pl., Physician Immediate Care, Dunkin Donuts, Mario's Deli, Bigsby, DeMarco's Restaurant, and Lake Street to the South border. The village does not have a set density, but for single-family development that would generally mean somewhere between 3.6 and 5.7 units per acre. The village is in favor of zoning a multi-story condo or mixed-use building as an R4 planned development, which would allow up to six stories. The R4 district permits the development of 21-33 units per acre depending on the number of bedrooms in the units. The minimum lot size for single-family varies depending on the zoning district. This area abuts residential neighborhoods that are zoned R2 (8,400 square feet per lot) and R3A (7,600 square feet per lot). Currently, the land consists of 24 Single Family Homes which offer a total of +/- 20.05 acres of land. There is potential to acquire an additional 4.76 acres (please call for additional information). This opportunity is an Investor/Developer's Dream! An investor can take full advantage of this real estate opportunity by capitalizing on the usage of the land for redevelopment which is located in an extremely rare location in an already established suburban submarket.
Location
State IL
County Dupage
Area Itasca
Zoning COMMR
Interior
Fireplace N
Exterior
Utilities Available Electric to Site, Natural Gas Available, Sewer Nearby, Water Available
Building
Dwelling Type Land
Schools
School District 4 , 4, 88
Others
Ownership Fee Simple
Special Listing Condition None
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Listed by Rocco Zaccaro of Coldwell Banker Realty
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