The far West Side may be the next big frontier for Chicago real estate developers seeking cheap land and building prices they won't be able to find on the North Side. Case in point: a legendary hotel in West Garfield Park is on the market for a song.

The Guyon Hotel at Washington Boulevard and Pulaski Road has been vacant since the late '90s and has changed ownership several times, but its latest owner is seeking to dispose of the property, according to Crain's. The asking price: $500k. The Guyon may be in the wheelhouse of Chicago's adaptive reuse kings or someone looking to plant stakes in the West Side before the big boys take notice. It was built in Moorish Revival style in 1927 and is bedecked in red terra cotta. It was commissioned by nightclub impresario J. Louis Guyon, who owned a dance hall next door. In the mid-'80s, former President Jimmy Carter and wife Rosalyn stayed at the Guyon while building homes for Habitat for Humanity.

The building has fallen into disrepair, so a new owner would have its work cut out rehabbing the property. But in a neighborhood starving for affordable housing options, the Guyon could add 116 apartments to the pipeline, along with much-needed retail. [Crain's]