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 units are Type A accessible. These entitlements support the development of up to 3 units by right. The land is listed at $179 per buildable SF against an average land sale of $181 per buildable SF. In addition, the 2-unit building produces interim income of $31,631 per year as a developer finalizes architecture and permits.

Listing Courtesy of MRED as distributed by MLS Grid of Essex 312, LLC



Based on information submitted to the MLS GRID as of 2026-11-04 08:26 AM UTC. All data is obtained from various sources and may not have been verified by broker or MLS GRID. Supplied Open House Information is subject to change without notice. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.
Last checked: 2026-11-04 08:26 AM UTC
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