Property Description
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 nearcomplete permit set has been prepared. This allows an incoming sponsor to skip entitlements and focus capital directly on vertical construction, finishes, and leaseup.
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.
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Property Details
Property Type
Church-to-Residential Conversion
Year Built
1908
Year Renovated
Current Cap-Rate
Pro Forma Cap-Rate
7.64%
Property Highlights
Architectural Foundation & Engineering Flexibility: A near-complete architectural permit set by Kennedy Mann Architecture is in hand, and MEP/structural drawings were intentionally paused to preserve flexibility, allowing a buyer to either pick up where the team left off or transition the plans to their own design consultants.
Shovel-Ready Demo Execution: The interior demolition permit has already been secured and executed. A buyer can mobilize and begin work under this active demo permit immediately upon closing.
Irreplaceable Architectural Character: The 43,565 GSF complex features vaulted sanctuary volumes, exposed heavy timber ceilings, lofted spaces, and private patios, creating a high-character product that standard new construction cannot replicate.
Top-of-Market Economics: The engineered 32-unit mix (studios through 3-bedrooms) is projected to command an average rent of $2,825/month, yielding a stabilized NOI in the high-$700,000s and a 7.64% Return on Cost.
A+ Transit-Oriented Location: At the corner of Thorndale & Magnolia, the property sits steps from the Thorndale CTA Red Line station, Broadway retail, and Lake Michigan.
Immediate In-Place Cash Flow: The property currently generates $10,700 per month from month-to-month tenants, providing risk-mitigating carry income while you prepare for construct. The vacant detached parsonage house can easily be leased asis in the interim for an additional $3,500 per month in immediate revenue.