Essex Realty Group, Inc. has been exclusively engaged to market for sale 4654 N. Sheridan Rd. The Subject Property sits on a 50 x 150 SF lot and is zoned B2-5. Situated on the corner of Sheridan Road and Leland Avenue, 4654 N. Sheridan Rd. is conveniently located only 0.3 miles from both the Lawrence and the Wilson Red line train stations, providing easy access to Downtown Chicago. Additionally, the Subject Property is steps away from the Sheridan Road 151 CTA bus stop.
The Subject Property’s B2-5 zoning designation presents a buyer with the unique opportunity to develop a higher density building without seeking a zoning change. The current zoning allows for minimal setbacks, allows for residential on the ground floor, a maximum height of up to 55 feet, and a floor to area ratio equal to 5. Based on the lot size and zoning, we believe a developer would be permitted to build up to 36,500 of buildable square footage. Please check with your zoning attorney regarding these details.
In addition, the Property’s close proximity to public transportation qualifies it for transit oriented development (TOD) incentives, including a reduction in the parking requirement.
- Opportunity to acquire land on a prime corner lot with B2-5 zoning designation
- With a floor area ratio of 5, the B2-5 zoning code allows for ~ 35,550 SF of residential dwelling units (no commercial space requirement)
- Walking distance from the 151 CTA bus stop and the Lawrence & Wilson Red line station (0.3 miles)