1553 Jefferson presents a unique opportunity for the builder or investor. The 7500 SF site contains a Fourplex and a Detached Single Family Home steps from Lincoln Road. Potential upside includes;
Significant Vacant Land; Zoning allows a buildout of 9375 SF. Although the 3,300 SF Fourplex is designated historic, the House at rear is undesignated and can be demo'd or added to for a total additional 6,200 SF of new construction.
Unit Mix; All Fourplex units are ~800 SF. Two have been converted into 2BR units significantly increasing rents and desirability. 2BR rental units are increasingly difficult to find in this area and command a premium price.
Under Market Rents; Rents are currently 25% below market. All MTM. See attached OM for various development scenarios and pro formas.