518 S Western Ave
- Rare 3-parcel assemblage totaling 6,132 SF with scale and flexibility along Western Avenue
- Located near the United Center and 1901 Project, driving major area transformation
- Positioned to benefit from new residential, retail, and entertainment development increasing foot traffic and property values
- Zoning allows for up to 15 residential units above ground-floor retail
- Proximity to the Illinois Medical District supports consistent residential and workforce demand
- Prominent frontage with strong traffic counts offers excellent retail or restaurant potential and event-driven exposure
Property Description
518-522 S Western Avenue is a rare 3-parcel assemblage totaling 6,132 SF strategically positioned within one of Chicago’s most dynamic and rapidly evolving corridors, benefiting directly from the transformational growth surrounding the United Center and the multi-billion-dollar 1901 Project. This large-scale redevelopment will introduce new residential density, retail, hospitality, entertainment venues, and activated public spaces, fundamentally reshaping the immediate area and driving sustained increases in foot traffic, consumer demand, and long-term property values along the Western Avenue corridor. The surrounding neighborhood continues to experience meaningful mixed-use and residential new developments, reinforcing its transition toward higher-density, transit-oriented growth. Ongoing land sales and redevelopment activity in the immediate vicinity further validate investor confidence and signal continued capital inflow into the submarket. The property’s mixed-use positioning and zoning capacity, allowing for up to 15 residential units above a retail unit, creates a highly flexible opportunity to capitalize on this growth trajectory. The site is well-suited for a thoughtfully designed mixeduse redevelopment that leverages strong residential demand driven by proximity to the Illinois Medical District, surrounding employment hubs, and expanding neighborhood amenities. Simultaneously, its prominent Western Avenue frontage, strong traffic counts, and existing outdoor space provide the ability to incorporate a highly visible retail or restaurant component that benefits from daily workforce demand and event-driven traffic from the United Center.
Key Property Information
| Listing Status: | Available |
|---|---|
| Listing Type: | Call for offers |
| Property Types: | 2-4 Units |
| Price: | $699,000 |
| No. of Units: | 2 |
| Year Built: | 1889 |
| Lot Size: | 0.14 Acres |
| Opportunity Zone: | No |
| Price per unit: | $349,500 |
| Property Website | Click Here |
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