1553 Jefferson presents a unique opportunity for the investor or homeowner. The 7500 SF site contains a quadruplex and a residence just steps from Lincoln Road. Potential upside includes;
Significant Vacant Land; Zoning allows a buildout of 9375 SF. Although the 2740 SF quadruplex is designated historic, the residence at rear is undesignated and can be demo'd or augmented for a total additional 6635 SF of new construction.
Unit Mix; All Quadruplex units are ~700 SF. Two have already 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.