1512 N Maplewood Ave

1512 N Maplewood Ave sits on a quiet, tree-lined block in the West Bucktown/East Humboldt Park pocket of Wicker Park, just off North Avenue. The 606 (Bloomingdale Trail) is just north, with access ramps at California and Western Avenues connecting to 2.7 miles of elevated trail. The Western Blue Line station is about 0.7 miles away, with CTA bus service along North, Western, and California Avenues, and the property falls within the Chicago Public Schools attendance system. Local dining and nightlife include Ipsento 606, Green Eye Lounge, and Remedy, with the Milwaukee Avenue corridor a short trip east for Wicker Park's broader restaurant, bar, and retail scene. New multifamily and mixed-use development continues along the Milwaukee Avenue and Division Street corridor, reinforcing steady rental demand in one of Chicago's most consistently in-demand submarkets.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 produce $48,430 of 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. The building offers a buyer two distinct paths for valuecreation: a long-term covered land play or immediate redevelopment. Long-Term Covered Land Play: In-place income reflects $31,487 of net operating income, a 4.87% cap rate, and 13.4x GRM. In-place rents are well below the $2,224 market average, a 21.8% 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% 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.