1457 Talman Ave - 1457-59 N. Talman 3,000 SF Specialty Building Offered at $950,000 in Chicago, IL 60622

Triton Realty Group presents 1457-59 N. Talman Avenue, an adaptive reuse opportunity to convert a historic masonry religious building in Chicago's East Humboldt Park neighborhood into an 8-unit residential asset. Originally constructed as the First Danish Baptist Church in 1892, the property sits on a combined ±6,250 SF lot across two parcels and retains its full masonry brick exterior — a shell featuring arched window openings, decorative brick corbelling, and a prominent street-facing tower, with capacity for three above-grade floors of new residential construction within the existing envelope.
Following Chicago City Council's approval of a rezoning to RM-5, the proposed 8-unit redevelopment is fully permissible by-right. SPACE Architects + Planners has designed a full 8-unit program for the shell: four (4) one-bedroom, one-bath simplex units on the first floor averaging roughly 628 SF, paired with four (4) twobedroom units duplexing from the second floor into the third — two (2) single-bath units averaging 830 SF and two (2) two-bath units averaging 915 SF. Three of the upstairs units include private terraces, and the site plan includes four (4) surface parking spaces along the rear alley plus eight (8) bicycle parking spaces. Seller is finalizing the permit alongside the full architectural plan set, positioning a buyer upon closing, to move directly into construction.
This is a significant value add opportunity with a clear path for execution. With an estimated construction budget of $1,400,000 (roughly $175,000/unit), a developer
can step into a stabilized asset at an all-in basis of approximately $2,350,000. Pro forma projections estimate an average market rent of $2,525/unit ($3.37/SF),
generating gross potential income of roughly $251,630 and a stabilized NOI near $166,079, supporting a 7.07% cap rate and 9.69 gross rent multiplier. With by-right
zoning, an engineered plan set, and a building permit to be delivered alongside it, an incoming buyer can move straight into construction planning — capturing the value of an irreplaceable masonry structure paired with a fully-designed unit mix in an up-and-coming East Humboldt Park corridor.