5944 N Magnolia Ave - 1244 W. Thorndale Ave. 43,565 SF Specialty Building Offered at $2,700,000 in Chicago, IL 60660

Triton Realty Group presents 1244 W. Thorndale, a by-right adaptive reuse opportunity to convert a historic early-20th-century church campus into a 32-unit multifamily asset. Located on a prominent corner site at Thorndale and Magnolia in Chicago’s Edgewater neighborhood, the transit-oriented property is steps from the Thorndale CTA Red Line, local Broadway retail, and Lake Michigan beaches. The preservation-led project maintains the entire historic exterior of the 43,545 gross-square- foot masonry complex—which includes multiple levels, a structural basement, and a detached parsonage—while completely reimagining the interior for residential use.
Designed by Kennedy Mann Architecture, the 32-unit residential program features an efficient mix of studios, junior one-bedrooms, one-bedrooms with dens, and large two- and three-bedroom layouts ranging from roughly 593 to 1,852 square feet. Pro forma projections estimate average effective rents of $2,825 per unit ($3.00 per square foot), driven by premium architectural features like vaulted volumes, exposed masonry, lofted spaces, outdoor patios, and parsonage-style residences that differentiate the asset from conventional infill products.
Critically, the business plan is a fully by-right execution under current zoning, requiring no variances, planned development designations, or aldermanic approvals, and explicitly aligning with the 48th Ward’s adopted path for the site. Core predevelopment risk has been substantially mitigated: an interior demolition permit has been secured and executed, structural clearing is underway, and a near complete permit set has been prepared. This allows an incoming sponsor to skip entitlements and focus capital directly on vertical construction, finishes, and lease up.
The project delivers institutional-grade economics within an irreplaceable, boutique historic structure. With a total capitalization of approximately $10.2 million—covering acquisition alongside a $7.5 million construction and soft-cost budget—the asset is projected to yield a stabilized net operating income in the high-$700,000s and a 7.64% return on cost. Edgewater’s resilient market demand combined with a severe shortage of unique architectural properties ensures strong long-term appreciation.