Property Description
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 ±6,227 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) two-bedroom 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 $242,400 and a stabilized NOI near $166,079, supporting a 7.07% cap rate and 9.69 gross rent multiplier. With byright 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 fullydesigned unit mix in an up-and-coming East Humboldt Park corridor.
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Property Details
Property Type
Church-to-Residential Conversion
Year Built
1892
Year Renovated
Current Cap-Rate
Pro Forma Cap-Rate
Property Highlights
By-right Redevelopment, Plans and Permit Incoming: Zoned RM-5, the 8-unit conversion is by-right. SPACE Architects + Planners has engineered the full plans. Seller is finalizing the building permit letting a buyer skip straight to construction upon closing.
Irreplaceable Masonry Character: The intact brick shell—arched windows, decorative corbelling, a prominent tower—offers character new construction can't replicate, with room for three above-grade floors within the existing envelope.
Compelling Returns on a Modest Basis: At a $950,000 purchase price and a $1,400,000 construction budget, the built asset pencils to a 7.07% stabilized cap rate at an all-in per unit cost of $293,750.
Prime East Humboldt Park Location: Near North, Western, and Division, steps from Paseo Boricua's restaurants and retail, with direct CTA bus access to the broader city.