Base 3 Development Acquires 7,800-SF Development Site In North Center, Chicago For $985,000

A 7,800-square-foot development site located at 2042 Irving Park Rd in the North Center neighborhood of Chicago has been sold for $985,000. The buyer, Base 3 Development, was represented by Steven Rapoport from Chicago Real Estate Resources, Inc. (CRER). The seller was represented by Morgan Sage from Berkshire Hathaway Home Services Chicago. The property is situated in a desirable location in North Center, Chicago.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $985,000
• Square Footage: 7,800
• Price per Square Foot: $126
• Date: 07/29/2022
• Address: 2042 Irving Park Rd
• Market: North Center, Chicago

Steven Rapoport from CRER represented the buyer, Base 3 Development, in the acquisition of the development site. In addition to the purchase, the buyer was able to successfully up-zone the property, allowing for the development of a 20-unit building. The building will consist of a mix of large studio, 1-bed, 2-bed, and 3-bed apartment units, along with 10 indoor parking spaces. This transaction showcases the buyer's ability to add value to the property by maximizing its development potential.