1716 W Webster Avenue

Description

Pleased to present the land and redevelopment opportunity of 1716 W Webster Ave, Chicago, IL 60614. The subject site contains approximately 48,879 SF of land and is being positioned at a land value of $6,950,000 ($142.19 per land SF). The valuation conclusion is supported by (i) the site's scale and redevelopment flexibility, (ii) demonstrated demand for newly delivered multifamily product in the immediate micro-location, (iii) corridor-level fundamentals that can support mid-rise density, and (iv) the depth of the buyer pool for well-located infill development sites. A newly delivered peer project directly across the street-Triangle Square Apartments (1701 W Webster Ave, completed 2025)-provides immediate real-world evidence of what this corridor can support. Triangle Square was executed as a mid-rise luxury apartment building and has reported rent bands indicating the submarket supports premium pricing across multiple unit types, including meaningful demand beyond entry-level studio/1BR. The competitive amenity set typical of current Class A delivery (fitness, roof terrace/sundeck, bike storage, pet-focused features, modern in-unit finishes) reinforces that tenants in this corridor respond to contemporary lifestyle product and that developers are underwriting and building accordingly. From a highest-and-best-use standpoint, the subject site is well-suited for a mid-rise residential redevelopment strategy. Market participants typically evaluate the opportunity through a developer feasibility lens-specifically entitlement path, achievable FAR, design efficiency (net rentable yield), parking/loading solutions, and the ability to deliver an amenity package that supports lease-up velocity and durable stabilized rents. While zoning and entitlement requirements must be confirmed as part of buyer due diligence, the immediate surroundings demonstrate that a mid-rise format can be executed successfully in the corridor. Zoning / Entitlement Consideration: The subject is currently zoned C3-3 (Commercial, Manufacturing and Employment District), which is intended to support business and employment uses and does not permit housing by-right. A residential or mixed-use redevelopment incorporating dwelling units would likely require a zoning map amendment to a residential-allowing district and/or a Planned Development depending on final program intensity and design. This should be validated via zoning counsel and a preliminary massing study.