ONCE UPON A TIME, this home was a Grand Lady in her day but the character is still there. There are three lots that are 30' wide each that are being all sold together for the bargain price of $399,000, and that includes this awesome home. This Victorian home with its wrap around porch is situated on one of the lots but also enroaches on the adjacent lot.
The story unfolds and has several scenarios that can take place:
ZONING: RT-4.
FACT: The Victorian House is located at 5051 N. Springfield, which is in the middle of the three lots that are included with this terrific value package.
1) 5053 is vacant land with a lot size of 30 x 124. One could build a SFR home on this lot, if they wanted to and rehab 5051 N. Springfield and bring the Grand Lady back up to her glory, once again and retain the extra lot at 5039 N. Springfield;
2) Or, this Grand Lady can be torn down and three new phenominal Single Family Residences could be built. Now with $133K for each 30 x 124 Lot, we are talking some value here. And of course, one must not forget that we have the demo cost that must be incurred as well, if this option is chosen; or
3) The Grand Lady is torn down and Condominiums or Residential Multi-Family Could be built on this 3 lot parcel of land.
Right now, in the Bowmanville neighborhood (north of Lincoln Square), similar lots are closing out (with the option of gutting and rehabbing or tearing down and building a Single Family Home) at $249,000. So, when one does the math, it makes sense that this property is the Sweet Heart Deal for someone who has experience in rehabbing, who then could sell the extra lot at 5053 N. Springfield and pretty much drop your mortgage committment in half or hold that lot until the market improves and then sell it to reduce your monthly commitment.
This is a rare opportunity and definitely, the seller is serious about selling. Whether you are a rehabber or a developer/builder, this is a great and rare opportunity.
5051 and 5053 N. Springfield, Chicago, Illinois is currently listed at $399,000 and includes The Three Lots and a House. It's up to you to tell us how the story will end.
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