5317 South Carpenter Street, Chicago, IL 60609

A rare, build-ready parcel on South Carpenter Street offers a compact, straightforward development opportunity in Chicago’s New City neighborhood. This level 3,125-square-foot lot features a 25-foot street frontage and RS-3 zoning—clearly mapped for single-family residential use—making it well suited to a detached home project or an investor hold as the area continues to revitalize.

City utilities are already available at the site: municipal water and sewer, gas and electric connections are listed as accessible, and the lot’s level topography simplifies site preparation. Setbacks under the RS-3 code (approximately 20' front, 2' side, 30' rear) shape realistic build envelopes and reduce surprises during permitting. Recent adjacent vacant-lot transactions give context to pricing: a near-by parcel at 5319 S Carpenter sold recently for about $7,000 and another nearby lot closed at $15,000—supporting the conservative valuation range for in-block land here.

Location is a defining advantage. Sherman Park sits roughly three blocks away, providing open space, recreation fields, and seasonal programming. Public transit access is straightforward: the CTA Green Line is about a mile away, and Kennedy-King College is within easy reach for amenities, classroom traffic and community services. New City is in a gradual redevelopment phase; modest appreciation has been recorded in the broader area, and this parcel is positioned for owners or developers seeking an entry-level land purchase inside Chicago city limits.

Practical facts for decision-making: assessed land value for 2023 was $2,031 (total assessed $2,139) with annual property tax roughly $451. A sales-comparison approach produces an estimated market range of $5,000–$10,000 (midpoint $7,500) given limited vacant-land comps nearby. Prospective buyers should complete due diligence on zoning confirmations, utility tie-in specifics, and exact lot dimensions prior to contract. Reach out to the listing contact below to review the parcel map, setback requirements and next steps toward permitting or acquisition.

This lot is a straightforward, low-entry parcel for an owner-builder or investor who values proximity to parkland and public transit. For details, plat maps, and to schedule a site review, contact Antje Gehrken at A.R.E. Partners Inc.

New City is a working-class Chicago neighborhood undergoing steady, incremental redevelopment. Residents enjoy quick access to Sherman Park’s ballfields, playgrounds and open green space, and community anchors like Kennedy-King College provide educational and cultural assets. Transit access to downtown via the CTA Green Line broadens commuting options. The neighborhood’s character pairs city-block residential streets with new infill activity—appealing to builders, owner-occupiers and investors looking for value within Chicago’s urban core.